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Rh of my beloved people, or be paid out of their national treasury.

"Gentlemen, you may rest assured that when I authorized the acceptance of the indemnity, I had already determined on a plan by which this stupendous sum could be realized without adding to the heavy obligations which the war had already imposed upon us."

Springing to his feet, the Kaiser swept his outstretched arm to the westward, and his voice took on that incisive staccato which indicates in him the deepest feeling: "On yonder side of the Atlantic lies an undefended treasure land, fifty billions of whose one hundred and fifty billions of wealth are to be found on the seaboard, and within easy reach of an expeditionary force and the guns of a hostile fleet. It is my purpose that the German Navy, on whose behalf I have assumed the indemnity, shall be made the instrument for