The Belgian bourgeoisie refused a republic to the people fifteen 
days ago; now it is preparing itself to take the initiative in the 
republican movement. It cannot yet be proclaimed out loud, but it is 
whispered everywhere in Brussels: ‘Really, Leopold must go; really, 
only the republic can save us; but what we need is a good solid 
republic, without organisation of labour, without universal suffrage, 
without the workers meddling in it!” 

This is already some progress. The good bourgeoisie of Brussels 
who, only a few days ago, desperately denied any intention of 
wanting to copy the French Republic, have felt the results of the 
financial crisis in Paris. While still decrying political imitation they 
submit to financial imitation. While still singing the praises of 
Belgian independence and neutrality, they found that the Brussels 
Stock Exchange was completely and most humiliatingly dependent 
on the Paris Stock Exchange. The cordon of troops which holds the 
southern frontier has not stopped the lowering of share prices from 
invading, unimpeded, the guaranteed neutral territory of Belgium. 

Indeed, the consternation which reigns in the Brussels market 
could not be more general. Bankruptcy is decimating the middling 
and small traders, shares are finding no buyers, quotations are only 
nominal, money is disappearing more quickly than in Paris, trade is 
completely stagnant, and most manufacturers have sacked their 
workmen. Here are a few examples of the general depression: a few 
days ago a dealer offered to sell one hundred and fifty shares of the 
Dendre railway at one hundred francs each, which were quoted 
above par on the London Stock Exchange before the February 
revolution. The first day he refused 45 francs, the second 35 francs, 

and the third day he sold them at 10 francs per share! Land sold for 
six thousand francs two years ago no longer finds buyers for one 
third this price. 

And now, at this moment of general panic, the government 
demands, firstly, two-thirds of direct taxes in advance, and then a 
forced loan of fifty to sixty millions, measures which terrify the 
tax-payers already dissatisfied with an ever-increasing budget! 

This is a state of affairs which has not failed to persuade our good 
bourgeoisie that, in being enthusiastic for the monarchy, they have 
gained only full and complete participation in the troubles in France 
without having shared any of the advantages. This is the real cause of 
the growing republicanism. 

Meanwhile, the workers are not quiet. Ghent has had several days 
of disturbances; here two days ago there were meetings of many 
workers, ending in a petition to the king, which Leopold in person 
came to receive from the calloused hands which presented it to him. 
More serious demonstrations will soon follow. Every day puts more 
workers out of work. If the industrial crisis continues, if feelings in 
the working class warm up a little, the Belgian bourgeoisie, like that 
of Paris, will make its “mariage de raison” with the republic. 

ausgabe, I. Abteilung, Bd. 6, Berlin, 1932 Translated from the French