This event hastened but did not make the war.
Nevertheless, instead of permitting the French banks to bring out the Balkan loans thereafter, the French authorities allowed Turkey to come into the French market with a loan for 25,000,000 pounds, or 625,000,000 francs.
Some people pleaded with them that this money would be used against France, and that every franc would go to repay the German loans; and they were right.
In this financial situation France was suddenly plunged into war, and while Germany and England have been raising money by the billion, the marvelous thing is that France has made no public issue beyond one-year notes, but continues to pay her bills in gold and has the exchanges all in her favor.

Money is flowing in, and not out.
It was most marvelous to find in France, in the fifth month of the war, prompt payment, no distrust of the government paper issues, gold and paper circulating side by side, and no strain for gold as in Germany.
Nevertheless, the war has been fought thus far for the most part on the paper issues of the Bank of France and with the gold reserve of that bank undiminished.
This is most remarkable.
The first reason I can assign for it is that the French soldier gets twenty-five centimes, or five cents a day, or one fifth the pay of an English soldier.

Kitchener's army is to-day costing far more than the entire French army.

French food is locally abundant and cheap, notwithstanding the _octroi_, or French local tax of one eighth.

The main need of the French from the outside is boots and horses.