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1. To what I reported to you at the last meeting I shall now add a detailed explanation of internal loans. Of foreign loans I shall say nothing more, because they have fed us with the national moneys of the [OTHERPEOPLE], but for our State there will be no foreigners, that is, nothing external.

2. We have taken advantage of the venality of administrators and slackness of rulers to get our moneys twice, thrice and more times over, by lending to the [OTHERPEOPLE] governments moneys which were not at all needed by the States. Could anyone do the like in regard to us? .... Therefore, I shall only deal with the details of internal loans.

3. States announce that such a loan is to be concluded and open subscriptions for their own bills of exchange, that is, for their interest-bearing paper. That they may be within the reach of all the price is determined at from a hundred to a thousand; and a discount is made for the earliest subscribers. Next day by artificial means the price of them goes up, the alleged reason being that everyone is rushing to buy them. In a few days the treasury safes are, as they say, overflowing and there's more money than they can do with (why then take it?) The subscription, it is alleged, covers many times over the issue total of the loan; in this lies the whole stage effect - look you, they say, what confidence is shown in the government's bills of exchange.

4. But when the comedy is played out there emerges the fact that a debit and an exceedingly burdensome debit has been created. For the payment of interest it becomes necessary to have recourse to new loans, which do not swallow up but only add to the capital debt. And when this credit is exhausted it becomes necessary by new taxes to cover, not the loan, BUT ONLY THE INTEREST ON IT. These taxes are a debit employed to cover a debit .... (Hence THE CRY TO BALANCE THE BUDGET!)

5. Later comes the time for conversions, but they diminish the payment of interest without covering the debt, and besides they cannot be made without the consent of the lenders; on announcing a conversion a proposal is made to return the money to those who are not willing to convert their paper. If everybody expressed his unwillingness and demanded his money back, the government would be hoist on their own petard and would be found insolvent and unable to pay the proposed sums. By good luck the subjects of the [OTHERPEOPLE] governments, knowing nothing about financial affairs, have always preferred losses on exchange and diminution of interest to the risk of new investments of their moneys, and have thereby many a time enabled these governments to throw off their shoulders a debit of several millions.

6. Nowadays, with external loans, these tricks cannot be played by the [OTHERPEOPLE] for they know that we shall demand all our moneys back.

As much as one third of English war expenditure would be raised by public loans, and when in 1694 King William asked the London gold-merchants for a loan of £1,200,000 to continue prosecuting war with France, they used a new body called the Bank of England to raise it. When this first loan was used up in war-fighting, the Bank made further loans to the Crown.

In 1695 the Bank of Scotland was founded and immediately became involved in a fierce struggle for island-wide control and regulation of capital and credit disbursement and use.

The financial and political muscle of the largest trading corporation of the time, the East India Company, was heavily involved in this struggle, whose outcome created the conditions in which the Union of the two Parliaments was negotiated in 1707 and post-Union Scotland financed during the first two decades of the new British state. The Bank of England also played a leading part in these transactions.

"In the American Hebrew of June 25, 1920, Herman Bernstein writes thus:

'About a year ago a representative of the Department of Justice
submitted to me a copy of the manuscript
of 'The Jewish Peril' by Professor Nilus,
and asked for my opinion of the work.
He said that the manuscript
was a translation of a Russian book
published in 1905 which was later suppressed.

'The manuscript
was supposed to contain 'protocols' of the Wise Men of Zion
and was supposed to have been read by Dr. Herzl
at a secret conference of the Zionist Congress at Basle.

' He expressed the opinion
that the work was probably that of Dr. Theodor Herzl...
He said that some American Senators
who had seen the manuscript
were amazed to find that so many years ago
a scheme had been elaborated by the Jews
which is now being carried out,
and that Bolshevism had been planned years ago by Jews
who sought to destroy the world'.

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