The German Secretary to the Imperial Treasury, Herr Wermuth, resigned
last Saturday on the ground that new naval and military expenditure is to be met by unsound finance. Herr Wermuth's principle, which was stated in a debate in February, and by which he has had the courage to abide, although the Government has deserted him, was, according to the Times correspondent, expressed in the following words :—" A new and urgent addition to expendi- ture is impending. This can cause us only to abide by the wholesome principle—no expenditure without provision to meet it. And by provision we mean cash provision, not paper provision of any sort." Ever since then the Centre Party has been campaigning against the death duties, which were part of Herr Wermuth's scheme. The result was that the Government gave way, and Herr Wermuth preferred principle to office. It is thought that now the rebate on spirits will be abolished ; but this expedient will not do more than meet a portion of the expenditure, and there is likely to be some juggling with the accounts to make them balance. Herr Wermuth's principle is the only sound one for all finance in all countries.
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