So there was no private capital that dared or could take the place of that of the companies. Elsewhere, in Paris for instance, new districts have been erected and embellishments have been carried out with the capital of the country--the money saved by dint of thrift. But in Rome all was built on the credit system, either by means of bills of exchange at ninety days, or--and this was chiefly the case--by borrowing money abroad. The huge sum sunk in these enterprises is estimated at a milliard, four-fifths of which was French money. The bankers did everything; the French ones lent to the Italian bankers at 3 1-2 or 4 per cent.; and the Italian bankers accommodated the speculators, the Roman builders, at 6, 7, and even 8 per cent. And thus the disaster was great indeed when France, learning o
