The bankers did everything; the French ones lent to the Italian bankers at 3 1-2 or 4 per cent.; and the Italian bankers accommodated the speculators, the Roman builders, at 6, 7, and even 8 per cent.

And thus the disaster was great indeed when France, learning of Italy's alliance with Germany, withdrew her 800,000,000 francs in less than two years.

The Italian banks were drained of their specie, and the land and building companies, being likewise compelled to reimburse their loans, were compelled to apply to the banks of issue, those privileged to issue notes.

At the same time they intimidated the Government, threatening to stop all work and throw 40,000 artisans and labourers starving on the pavement of Rome if it did not compel the banks of issue to lend them the five or six millions of paper which they needed.

And this the Government at last did, appalled by the possibility of universal bankruptcy.