"What also indeed is, in substance, a loan, especially a foreign loan? A loan is an issue of government bill of exchange containing a percentage obligation commensurate to the sum of the loan capital. If the loan bears a charge of 5 percent, then in twenty years the State vainly pays away in interest a sum equal to the borrowed, in forty it is paying a double sum, - sixty-treble, and all the while the debt remains as unpaid debt. From this calculation it is obvious that with any form of taxation per head the State is bailing out the last coppers of the poor taxpayers in order to settle accounts with wealthy foreigners, from whom it has borrowed money instead of collecting these coppers for its own needs without the additional interest. So long as loans were internal the goyim only shuffled their money from the pockets of the poor to those of the rich, but when we brought up the necessary person in order to transfer loans into the external sphere all the wealth of States flowed into our cash- boxes and all the goyim began to pay us the tribute of subjects."