It follows that a state that utilized fi scal austerity to reach budgetary equilibrium demonstrated its fi nancial stability and creditworthiness, and thus fostered savers' confi dence in its capacity to uphold favorable conditions for capital accumulation. In the words of Lord Chalmers: "without paying your way as a Nation, without getting that equilibrium and stability which is at the basis of confi dence, there can be no hope whatsoever" (Verbatim Record, Brussels 1920, vol. 2, 26).

Clara E. Mattei, The Capital Order, loc. 738