thriftiness inaugurated. Railroads, highways, bridges and aqueducts were built, owned and controlled by the state, and the city of Edelweiss rebuilt after the devastation created during the revolt of Count Marlanx and his minions. There seemed to be some prospect of vindication for the ministry and Tullis, who lived in Edelweiss, was fair-minded enough to admit that their action appeared to have been for the best. The people had prospered and taxes were paid in full and without complaint. The reserve fund grew steadily and surely and there was every prospect that when the huge debt came due it would be paid in cash. But on the very crest of their prosperity came adversity. For two years the crops failed and a pestilence swept through the herds. The flood of gavvos that had been pouring into the treasury dwindled into a pitiful rivulet; the little that came in was applied, of necessity, to administration purposes and the maintenance of the army, and there was not so much as a penny left over for the so-called sinking fund.     

       A year of grace remained. The minister of finance had long since recovered from the delusion that it would be easy to borrow from England or France to pay the Russians, there being small prospect of a renewal by the Czar even for a short period at a higher rate of interest. The great nations of Europe made it plain to the little principality that they would not put a finger in Russia's pie at this stage of the game. Russia was ready to go to war with her great neighbour, Austria. Diplomacy—caution, if you will,—made it imperative that other nations should sit tight and look to their own knitting, so to say. Not one could afford to be charged with befriending, even in a round-about way, either of the angry grumblers.     

       It was only too well known in diplomatic circles that Russia coveted the railroads of Graustark, as a means of throwing troops into a remote and almost impregnable portion of Austria. If the debt were paid promptly, it would be impossible, according to international law, for the great White Bear to take over these roads and at least a portion of the western border of the principality. Obviously, Austria would be benefitted by the prompt lifting of the debt, but her own relations with Russia were so strained that an offer to come to the rescue of Graustark would be taken at once as an open affront and vigorously resented. Her hands were tied.     

       The 

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