The Russian Treasury has, it is believed, received a severe
blow, the great financiers of Paris having refused to advance any further loans, including the one for 224,000,000, to which they had partially agreed. The statement is denied; but it is clear from an answer he has given to an inquirer that Lord Rothschild believes it, and thinks revolution in Russia, whether there is peace or not, so inevitable that the precau- tion is only reasonable. Russia already owes to French bankers and the French peasantry three hundred and sixty millions sterling. Stockbrokers calculate that this great blow will compel the Czar to make peace ; but they are probably mistaken, the Russian Finance Ministry having reported to his Majesty that severe pressure will not be felt till the conclusion of the war, when it will be easy to raise loans. The governing group in St. Petersburg have therefore decided to raise one more army and make one more effort before throwing up the sponge. This is said to be " bluff " only ; but we suspect it is a serious determination, which will be carried out unless the conscripts and reservists refuse to serve any longer in Manchuria. Much will depend upon the naval battle which Admiral Togo evidently expects in the Indian Ocean ; but the key of the situation, as is always the case in Russia, rests with the Army. If the soldiers are tired of the war, peace will be made ; but that is a point upon which the opinions of foreigners and of Grand Dukes are about equally valueless. Foreigners know nothing of Russian soldiers' opinion, and Grand Dukes know only what the officers who court them choose to say.
