Loans and indebtedness of the communes Dec.

30, 1886, 3,020,450,528 francs.] [Footnote 4245: De Foville, p.148; Paul Leroy-Beaulieu, "L'Etat moderne et ses fonctions," p.

21.] [Footnote 4246: During the 110 years since Taine wrote his somber previsions the French have had to pay the same penalty as other ill managed Democracies; Bankruptcies direct or indirect with galloping inflation and enormous devaluations with as a consequence impoverishment of naive depositors and credulous pension fund participants, wars for which France was badly prepared with millions of dead and prisoners and with occupation of France as a result.

The culprits, the elected politicians, have either died or anyhow lived out their lives comfortably on the indexed retirements which the oligarchy generally reserves for themselves.

(SR.)] [Footnote 4247: Paul Leroy-Beaulieu, "L'Administration locale en France et en Angleterre," p.28.