d to quote therefrom the figures
relating to the German Empire, as though these covered Germany, as is
often done, is as accurate and helpful to the inquirer, as though one
should take the figures of the New York clearing-house as accurate
descriptions of the total and detailed business of all the New York
banks and trust companies. A clearing-house is merely a piece of
machinery for the adjustment of differences between a host of debtors
and creditors. The comparative cost of the German army and navy can
only be figured properly against the income and expenditure of the
total wealth of all Germany. And all Germany is something more than
the German Empire, which in certain respects is only a book-keeper, an
adjuster of differences.

"Was ist des Deutschen Vaterland?
Ist's Preussenland? Ist's Schwabenland?
Ist's wo am Rhein die Rebe blueht?
Ist's wo am Belt die Moeve zieht?
O nein! O nein! O nein!
Sein Vaterland muss groesser sein.

"Des ganze Deutschland soil es sein!
O Gott vom Himmel, sieh' darein,
Und gib uns rechten deutschen Muth;
Dass wir es lieben treu und gut!
Des soil es sein! des soil es sein!
Des ganze Deutschland soll es sein!"

The official title of the sovereign is not Emperor of Germany, or
Emperor of the Germans, but German Emperor. Thus the territorial
rights of other heads of states are safeguarded. Even the popularity
of the first Emperor, who wished to be named Emperor of Germany and
who disputed with Bismarck for hours over the question, could not
bring this about, and he was proclaimed at Versailles merely German
Emperor.

However heavy the burden of armament may be, we must be careful to put
such expenditure in its proper perspective and in its proper
relations, not only to the German Empire, which for official,
clerical, and statistical matters is quite a different entity, but to
"das ganze Deutschland." The German Empire is the clearinghouse, the
adjutant, the executive officer, the official clerk, the
representative in many social, financial, military, and diplomatic
capacities of Germany; but it is not, and never for a moment should be
confused with, what all Germans love, and what it has cost them blood
and tears and great sacrifices to bring into the circle of the
nations, the German Fatherland!

In 1910 the total funded debt of the empire amounted to 4,896,600,000
marks, and the debt in 1912 had risen to 5,396,887,801 marks. In the
six years ending March, 1911, Germany's debt in