All Penguinia heard with horror of Pyrot's crime; at the same time there was a sort of satisfaction that this embezzlement combined with treachery and even bordering on sacrilege, had been committed by a Jew. In order to understand this feeling it is necessary to be acquainted with the state of public opinion regarding the Jews both great and small. As we have had occasion to say in this history, the universally detested and all powerful financial caste was composed of Christians and of Jews. The Jews who formed part of it and on whom the people poured all their hatred were the upper-class Jews. They possessed immense riches and, it was said, held more than a fifth part of the total property of Penguinia. Outside this formidable caste there was a multitude of Jews of a mediocre condition, who were not more loved than the others and who were feared much less. In every ordered State, wealth is a sacred thing: in democracies it is the only sacred thing. Now the Penguin State was democratic.

Three or four financial companies exercised a more extensive, and above all, more effective and continuous power, than that of the Ministers of the Republic. The latter were puppets whom the companies ruled in secret, whom they compelled by intimidation or corruption to favour themselves at the expense of the State, and whom they ruined by calumnies in the press if they remained honest. In spite of the secrecy of the Exchequer, enough appeared to make the country indignant, but the middle-class Penguins had, from the greatest to the least of them, been brought up to hold money in great reverence, and as they all had property, either much or little, they were strongly impressed with the solidarity of capital and understood that a small fortune is not safe unless a big one is protected. For these reasons they conceived a religious respect for the Jews' millions, and self-interest being stronger with them than aversion, they were as much afraid as they were of death to touch a single hair of one of the rich Jews whom they detested.

Towards the poorer Jews they felt less ceremonious and when they saw any of them down they trampled on them. That is why the entire nation learnt with thorough satisfaction that the traitor was a Jew. They could take vengeance on all Israel in his person without any fear of compromising the public credit.