The Caps struck at once at the weak point of their opponents by ordering a budget report to be made; and it was speedily found that the whole financial system of the Hats had been based upon reckless improvidence and c prof the wilful misrepresentation, and that the only fruit of their long rule was an enormous addition to the national debt and a depreciation of the note circulation to onethird of its face value.
A main cause of the cleavage in Germany was the position of ecclesiastical affairs, which - though by no means hopeless - yet stood in urgent need of emendation, and, combined with this, the deeply resented financial system of the Curia.
To accomplish such a feat it was necessary, of course, to expend large sums of money; and as the country could ill bear an increase of taxation, the whole financial system had to be improved and the natural resources of the country had to be developed.
From Bagdad), and to a lesser extent through the plains of Seruj and Harranbeing very sparsely populated, while the financial system adopted offers no inducement to the concessionaire company to work for Specially formed by the Anatolian railway group for the execution, which the Anatolian Railway Company guarantees under the Bagdad Railway Convention, of the Bagdad railway concession.
His literary output at this time, all inspired by a moderate Liberalism, was astounding, and included an essay on the results of the discovery of America, and another, written in French, on the English financial system (Essa y sur l'etat de l'administration des finances de la Grande-Bretagne, London, 1800).
The absence of conviction in regard to British commercial policy naturally had its counterpart in the attitude of many men to the financial system of the country.