The money of France came from the French banks and was loaned to the treasuries of the Balkan States and to Greece--to Bulgaria 350,000,000 francs; to Greece 250,000,000.
The French government said that this could not be financed by public issue after the war until the national budget itself had been arranged, although French bankers were permitted to float a $50,000,000 Servian loan.

With the increasing cost of labor and supplies the French railways had been steadily running behind, and France had to face a deficit in her budget of something like 1,000,000,000 francs, or $200,000,000, per annum.
It was proposed last January that the government should consolidate its indebtedness and put its financial house in order, by an issue of long-term securities; but Caillaux opposed the programme and defeated it for many months.

This postponed the issue of the Balkan States' loans.
To-day Caillaux is about the most hated man in France.

Although he is financially well-to-do, the people believe that his connections and sympathy with Germany were too close.

The German press took his side in the famous Calmette shooting affair and the trial of Madame Caillaux, and all this record now stands forth most threateningly in the French blood.
I may perhaps be permitted to say that M.Caillaux has been under arrest, and that the police of Paris have declared they would not be responsible for his safety.