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352 effects which that interference had on our public and economic life.

A part of the loan was devoted to the sinking fund, and troublesome public debts were paid off. But this was scarcely needed to secure us breathing space and credit on every side; for no sooner was it known, for all the secrecy with which the matter was treated officially, that Samuel Spoelmann had become the State banker, in fact if not in name, than the skies cleared up above us and all our need was changed into joy and rapture. There was an end to the scare-selling of active debts, the customary rate of interest dropped, our written promises were eagerly sought after as investments, and each twenty-four hours saw a rise in the quotation of our high-interest loan from a deplorably low figure up to above par. The pressure, the nightmare which for decades had weighed down our national finances, was removed; Doctor Krippenreuther puffed out his chest and spoke in the Landtag in favour of all-round reduction in taxation. This was adopted unanimously, and the antediluvian meat-tax was finally buried amid the rejoicings of all those who cared for their fellow-men.

A distinct improvement in the pay of the Civil Service, and in the salaries of teachers, clergymen, and all State functionaries was readily voted. Means were now available for restarting the closed-down silver-mines; several hundred workmen were given work, and productive veins were unexpectedly struck. Money, money was forthcoming, the standard of economic morality rose; the forests were replanted, the litter was left in the woods, the stock-owners no longer were compelled to sell their milk, they drank it themselves, and the critics would have sought in vain for ill-nourished peasants in the fields. The nation showed gratitude towards their rulers, who had brought so boundless a blessing to land and people.

Herr von Knobelsdorff needed but few words to induce