racted its eleventh loan with
Rothschild's house; it was a trifle, something under L700,000.
Nevertheless there were quiet issues of stock from 1851 to 1858, to
the tune of L1,320,000. The capital of the debt for which its subjects
are liable, amounts to L14,376,150. 5s. If you will take the trouble
to divide this grand total by the figure which represents the
population, you will find that every little subject born to the Pope
comes into the world a debtor of something like L4. 10s., whereof he
will contribute to pay the interest all his life, although neither he
nor his ancestors have ever derived the least benefit from the outlay.

It is true these fourteen millions and a half (in round numbers) have
not been lost for all the world. The nephews of the Popes have
pocketed a good round sum. About a third has been swallowed up by what
is called the general interests of the Roman Catholic faith. It has
been proved that the religious wars have cost the Popes at least four
millions; and the farmers of Ancona and Forli are still paying out of
the produce of their fields for the faggots used to burn the
Huguenots. The churches of which Rome is so proud have not been paid
for entirely by the tribute of Catholicism at large. There are certain
remnants of accounts, which were at the cost of the Roman people. The
Popes have made more than one donation to those poor religious
establishments, which possess no more than L20,000,000 worth of
property in the world. The expenses lumped together under the head of
Allocations for Public Worship add something short of L900,000
sterling to the national debt. Foreign occupation, and more
particularly the invasion of the Austrians in the north, has burdened
the inhabitants with a million sterling. Add the money squandered,
given away, stolen, and lost, together with L1,360,000 paid to bankers
for commission on loans, and you have an account of the total of the
debt, excepting perhaps a million and a half or so, of which the
unexplained and inexplicable disbursement does immortal honour to the
discretion of the ministers.

Since the restoration of Pius IX., an approach to respect for public
opinion has forced the Pontifical Government to publish some sort of
accounts. It does not render them to the nation, but to Europe,
knowing that Europe is not curious in the matter, and will be easily
satisfied. A few copies of the annual Budget are published; they are
certainly not in everybody's reac