1 66 RECOLLECTIONS OF FORTY YEARS. 



The battle in which the Germans lost the most men 

 was Gravelotte, where 4,500 were killed and 16,175 

 wounded or missing. 



Eeverting to the mode in which the two hundred 

 millions were spent, we find that after deducting the 

 various sums laid out as above, the amount remaining 

 for division between the various German States was 

 118,411,550, of which the North German Confeder- 

 ation received 79,114,200, Bavaria 13,468,800, 

 Wurtemburg 4,248,200, Baden 3,050,000, and 

 Southern Hesse, 1,400,000. 



The payment of the war indemnity to Germany 

 constitutes, with the loans which it entailed, the 

 largest financial operation ever carried out. It was 

 part and parcel of the evacuation of the territory, 

 which was conducted concurrently with it. To form 

 an idea of the manifold constructions and contrivances 

 to which the Treasury had to resort in order to effect 

 the payment of the indemnity, one must read the 

 report of the Budget Committee of 1875, which M. 

 Leon Say presented to the National Assembly. The 

 Bank of France rendered invaluable services in this 

 arduous juncture, but the most remarkable feature of 

 the operation was the international character which it 

 assumed, this being quite a novelty in the economical 

 history of Europe. 



All the efforts of all the banking-houses in Europe 

 were concentrated upon this one object. All other 

 business was suspended in order to facilitate the com- 



