The outcome of the transaction is thus as follows: the peasant who formerly paid 5 per cent interest and 1 per cent conveyancing, and renewal and other fees, now only pays 4 per cent and thus gains 2 per cent; the state borrows at 3 per cent and lends at 4 per cent, and thus gains 1 per cent; the former mortgage creditor, who previously received 5 per cent, is obliged by the threatening devaluatio