87 decided to attack Roumania be’fore the common attack of the Allies should take place, so on July the 20 ll ‘ the Hungarian army passes the Tisza and attacks the Roumanian army. The Roumanian army taking a counter offensive beats the Hungarian red army to the satisfaction of the whole healthy public opinion of Hungary, drives them back across the Tisza advances towards Ruda-Pest occu pying it on August the 4 th . The occupation of Ruda-Pest and of the territory West of the Tisza had as its object to disarm the communist army reestablishing order and quiet in Hun gary and obliging her to execute the decisions of the Peace Conference. Roumania’s exceptional military action did not end even when all the Treaties of Peace were concluded, as she was obliged to remain in a permanent state of armed expectancy assisted also by the presence of the troops of the great Allied States. (England, France, Italy). Roumania instituted in this situation the following military zone under martial law. 1. At the Dniestre so as to meet eventual attacks executed by surprise un der diffrent aspects by sovietic Russia. 2. At the South Frontier of the Quadrilatere for assuring order and qniet amongst the population against the bands of Rulgarian comitagis. 3. At the Western Frontier against armed incursions and infiltrations of spies kept up by Hungarian chauvinism, all this after she had cooperated with the Allied army of the East for pacifying sovietie Russia, with Poland, Galicia, and the Allies in Dobroudja. In fact the Interallied command was in Bucarest till August 1920. SECTION II. Financing the period after the Armistice The army worn out and decimated after the severe struggles which it had gone through during the offensive of 1917. The country exhausted on one side by the Russians and totally laid waste, fust by the German occupation and then by the retreat of Mackensen’s troops, the population robbed and lacking even the means of existence, made a supernatural effort which only an unshaken faith in the final triumph gives to nations which are eager to cut out their future existence. The financing of this period and the continuation of the war was done: 1) By issue of the National Bank without any real security other than Trea sury Bonds of the Roumanian State. 2) By internal loans. 3) By advances granted by the Allies in the shape of armamant, war ma terial and supplies for the civil population. 4) By issue of Treasury bonds abroad, for the supply of the Country. 5) By advances granted by the International Committee of Relief bonds.