The various peace treaties regulating the present territorial situation bear the names of the localities near Paris in which they were signed: Versailles, Saint-Germain-en-Laye, Trianon and SÈvres. The first deals with Germany, the second with Austria, the third with Hungary, and the fourth with Turkey. The Treaty of Neuilly, comparatively far less important, concerns Bulgaria alone. But the one fundamental and decisive treaty is the Treaty of Versailles, inasmuch as it not only establishes as a recognized fact the partition of Europe, but lays down the rules according to which all future treaties are to be concluded.

History has not on record a more colossal diplomatic feat than this treaty, by which Europe has been neatly divided into two sections: victors and vanquished; the former being authorized to exercise on the latter complete control until the fulfilment of terms which, even at an optimistic point valuation, would require at least thirty years to materialize.

Although it is a matter of recent history, we may as well call to mind that the Entente Powers have always maintained that the War was wanted and was imposed by Germany; that she alone, with her Allies, repeatedly violated the rights of peoples; that the World War could well be regarded as the last war, inasmuch as the triumph of the Entente meant the triumph of democracy and a more human regime of life, a society of nations rich in effects conducive to a lasting peace. It was imperative to restore the principles of international justice. In France, in England, in Italy, and later, even more solemnly, in the United States, the same principles have been proclaimed by Heads of States, by Parliaments and Governments.

There are two documents laying down and fixing the principles which the Entente Powers, on the eve of that event of decisive importance, the entry of the United States into the War, bound themselves to sustain and to carry on to triumph. The first is a statement by Briand to the United States Ambassador, in the name of all the other Allies, dated December 30, 1916. Briand speaks in the name of all "les gouvernements alliÉs unis pour la dÉfense et la libertÉ des peuples."

Briand's second declaration, dated January 10, 1917, is even more fundamentally important. It is a collective note of reply to President Wilson, delivered in the name of all the Allies to the United States Ambassador. The principles therein established are very clearly enunciated. According to that document the Entente has no idea of conquest and proposes mainly to achieve the following objects:

1st. Restoration of Belgium, Serbia and Montenegro, with the indemnities due to them.

2nd. Evacuation of invaded territories in France, Russia and Rumania and payment of just reparations.

3rd. Reorganization of Europe with a permanent regime based on the respect of nationalities and on the right of all countries, both great and small, to complete security and freedom of economic development, besides territorial conventions and international regulations capable of guaranteeing land and sea frontiers from unjustified attacks.

4th. Restitution of the provinces and territories taken in the past from the Allies by force and against the wish of the inhabitants.

5th. Liberation of Italians, Slavs, Rumanians and Czeko-Slovaks from foreign rule.

6th. Liberation of the peoples subjected to the tyranny of the Turks and expulsion from Europe of the Ottoman Empire, as being decidedly extraneous to western civilization.

7th. The intentions of his Majesty the Emperor of Russia in regard to Poland are clearly indicated in the proclamation addressed to his armies.

8th. The Allies have never harboured the design of exterminating German peoples nor of bringing about their political disappearance.

At that time the autocratic form of government still prevailed in Russia, and the Allies still considered themselves bound to Russia's aspirations; moreover there existed, in regard to Italy, the obligations established by the Pact of London. That is why in the statements of the Entente Powers of Europe the restoration of Montenegro is regarded as an obligation; mention is made of the necessity of driving the Turks out of Europe in order to enable Russia to seize Constantinople; and as to Poland, there are only vague allusions, namely, the reference made to the Tsar's intentions as outlined in his proclamation.

The Entente has won the War, but Russia has collapsed under the strain. Had victory been achieved without the fall of Russia, the latter would have installed herself as the predominating Power in the Mediterranean. On the other hand, to unite Dalmatia to Italy, while separating her from Italy, according to the pact of London, by assigning the territory of Fiume to Croatia, would have meant setting all the forces of Slav irredentism against Italy.

These considerations are of no practical value inasmuch as events have taken another course. Nobody can say what would have happened if the Carthagenians had conquered the Romans or if victory had remained with Mithridates. Hypotheses are of but slight interest when truth follows another direction. Nevertheless we cannot but repeat that it was a great fortune for Europe that victory was not decided by Russia, and that the decisive factor proved the United States.

It is beyond all possible doubt that without the intervention of the United States of America the War could not have been won by the Entente. Although the admission may prove humiliating to the European point of view, it is a fact which cannot be attenuated or disguised. The United States threw into the balance the weight of its enormous economic and technical resources, besides its enormous resources in men. Although its dead only amount to fifty thousand, the United States built up such a formidable human reserve as to deprive Germany of all hopes of victory. The announcement of America's entry in the War immediately crushed all Germany's power of resistance. Germany felt that the struggle was no longer limited to Europe, and that every effort was vain.

The United States, besides giving to the War enormous quantities of arms and money, had practically inexhaustible reserves of men to place in the field against an enemy already exhausted and famine-stricken.

War and battles are two very different things. Battles constitute an essentially military fact, while war is an essentially political fact. That explains why great leaders in war have always been first and foremost great political leaders, namely, men accustomed to manage other men and able to utilize them for their purposes. Alexander, Julius Caesar, Napoleon, the three greatest military leaders produced by Aryan civilization, were essentially political men. War is not only a clash of arms, it is above all the most convenient exploitation of men, of economic resources and of political situations. A battle is a fact of a purely military nature. The Romans almost constantly placed at the head of their armies personages of consular rank, who regarded and conducted the war as a political enterprise. The rules of tactics and strategy are perfectly useless if those who conduct the war fail to utilize to the utmost all the means at their disposal.

It cannot be denied that in the War Germany and Austria-Hungary scored the greatest number of victories. For a long period they succeeded in invading large tracts of enemy territory and in recovering those parts of their own territory which had been invaded, besides always maintaining the offensive. They won great battles at the cost of enormous sacrifices in men and lives, and for a long time victory appeared to shine on their arms. But they failed to understand that from the day in which the violation of Belgium's neutrality determined Great Britain's entry in the field the War, from a general point of view, could be regarded as lost. As I have said, Germany is especially lacking in political sense: after Bismarck, her statesmen have never risen to the height of the situation. Even von BÜlow, who appeared to be one of the cleverest, never had a single manifestation of real intelligence.

The "banal" statements made about Belgium and the United States of America by the men who directed Germany's war policy were precisely the sort of thing most calculated to harm the people from whom they came. What is decidedly lacking in Germany, while it abounds in France, is a political class. Now a political class, consisting of men of ability and culture, cannot but be the result of a democratic education in all modern States, especially in those which have achieved a high standard of civilization and development. It seems almost incredible that Germany, despite all her culture, should have tolerated the political dictatorship of the Kaiser and of his accomplices.

At the Conferences of Paris and London, in 1919 and 1920, I did all that was in my power to prevent the trial of the Kaiser, and I am convinced that my firm attitude in the matter succeeded in avoiding it. Sound common sense saved us from floundering in one of the most formidable blunders of the Treaty of Versailles. To hold one man responsible for the whole War and to bring him to trial, his enemies acting as judge and jury, would have been such a monstrous travesty of justice as to provoke a moral revolt throughout the world. On the other hand it was also a moral monstrosity, which would have deprived the Treaty of Versailles of every shred of dignity. If the one responsible for the War is the Kaiser, why does the Entente demand of the German people such enormous indemnities, unprecedented in history?

One of the men who has exercised the greatest influence on European events during the last ten years, one of the most intelligent of living statesmen, once told me that it was his opinion that the Kaiser did not want the War, but neither did he wish to prevent it.

Germany, although under protest, has been forced to accept the statement of the Versailles Treaty to the effect that she is responsible for the War and that she provoked it. The same charge has been levelled at her in all the Entente States throughout the War.

When our countries were engaged in the struggle, and we were at grips with a dangerous enemy, it was our duty to keep up the morale of our people and to paint our adversaries in the darkest colours, laying on their shoulders all the blame and responsibility of the War. But after the great world conflict, now that Imperial Germany has fallen, it would be absurd to maintain that the responsibility of the War is solely and wholly attributable to Germany and that earlier than 1914 in Europe there had not developed a state of things fatally destined to culminate in a war. If Germany has the greatest responsibility, that responsibility is shared more or less by all the countries of the Entente. But while the Entente countries, in spite of their mistakes, had the political sense always to invoke principles of right and justice, the statesmen of Germany gave utterance to nothing but brutal and vulgar statements, culminating in the deplorable mental and moral expressions contained in the speeches, messages and telegrams of William II. He was a perfect type of the miles gloriosus, not a harmless but an irritating and dangerous boaster, who succeeded in piling up more loathing and hatred against his country than the most active and intelligently managed enemy propaganda could possibly have done.

If the issue of the War could be regarded as seriously jeopardized by England's intervention, it was practically lost for the Central Empires when the United States stepped in.

America's decision definitely crippled Germany's resistance—and not only for military, but for moral reasons. In all his messages President Wilson had repeatedly declared that he wanted a peace based on justice and equity, of which he outlined the fundamental conditions; moreover, he stated that he had no quarrel with the Germans themselves, but with the men who were at their head, and that he did not wish to impose on the vanquished peace terms such as might savour of oppression.

President Wilson's ideas on the subject have been embodied in a bulky volume.[1] Turning over the pages of this book now we have the impression that it is a collection of literary essays by a man who had his eye on posterity and assumed a pose most likely to attract the admiration of generations as yet unborn. But when these same words were uttered in the intervals of mighty battles, they fell on expectant and anxious ears: they were regarded as a ray of light in the fearsome darkness of uncertainty, and everybody listened to them, not only because the President was the authorized exponent of a great nation, of a powerful people, but because he represented an inexhaustible source of vitality in the midst of the ravages of violence and death. President Wilson's messages have done as much as famine and cruel losses in the field to break the stubborn resistance of the German people. If it was possible to obtain a just peace, why go to the bitter end when defeat was manifestly inevitable? Obstinacy is the backbone of war, and nothing undermines a nation's power of resistance so much as doubt and faint-heartedness on the part of the governing classes.

[Footnote 1: "President Wilson's State Speeches and Addresses," New
York, 1918.]

President Wilson, who said on January 2, 1917, that a peace without victory was to be preferred ("It must be a peace without victory"), and that "Right is more precious than peace," had also repeatedly affirmed that "We have no quarrel with the German people."

He only desired, as the exponent of a great democracy, a peace which should be the expression of right and justice, evolving from the War a League of Nations, the first milestone in a new era of civilization, a league destined to bind together ex-belligerents and neutrals in one.

In Germany, where the inhabitants had to bear the most cruel privations, President Wilson's words, pronounced as a solemn pledge before the whole world, had a most powerful effect on all classes and greatly contributed towards the final breakdown of collective resistance. Democratic minds saw a promise for the future, while reactionaries welcomed any way out of their disastrous adventure.

After America's entry in the War, President Wilson, on January 8, 1918, formulated the fourteen points of his programme regarding the finalities of the War and the peace to be realized.

It is here necessary to reproduce the original text of President Wilson's message containing the fourteen points which constitute a formal pledge undertaken by the democracy of America, not only towards enemy peoples but towards all peoples of the world.

These important statements from President Wilson's message have, strangely enough, been reproduced either incompletely or in an utterly mistaken form even in official documents and in books published by statesmen who took a leading part in the Paris Conference.

It is therefore advisable to reproduce the original text in full:

1st. Honest peace treaties, following loyal and honest negotiations, after which secret international agreements will be abolished and diplomacy will always proceed frankly and openly.

2nd. Full liberty of navigation on the high seas outside territorial waters, both in peace and war, except when the seas be closed wholly or in part by an international decision sanctioned by international treaties.

3rd. Removal, as far as possible, of all economic barriers and establishment of terms of equality in commerce among all nations adhering to peace and associated to maintain it.

4th. Appropriate guarantees to be given and received for the reduction of national armaments to a minimum compatible with internal safety.

5th. A clear, open and absolutely impartial settlement of all colonial rights, based on a rigorous observance of the principle that, in the determination of all questions of sovereignty, the interests of the populations shall bear equal weight with those of the Government whose claims are to be determined.

6th. The evacuation of all Russian territories and a settlement of all Russian questions such as to ensure the best and most untrammelled co-operation of other nations of the world in order to afford Russia a clear and precise opportunity for the independent settlement of her autonomous political development and of her national policy, promising her a cordial welcome in the League of Nations under institutions of her own choice, and besides a cordial welcome, help and assistance in all that she may need and require. The treatment meted out to Russia by the sister nations in the months to come must be a decisive proof of their goodwill, of their understanding of her needs as apart from their own interests, and of their intelligent and disinterested sympathy.

7th. Belgium, as the whole world will agree, must be evacuated and reconstructed without the slightest attempt at curtailing the sovereign rights which she enjoys in common with other free nations. Nothing will be more conducive to the re-establishment of confidence and respect among nations for those laws which they themselves have made for the regulation and observance of their reciprocal relations. Without this salutary measure the whole structure and validity of international law would be permanently undermined.

8th. All French territories will be liberated, the invaded regions reconstructed, and the wrong done to France by Prussia in 1871, in the question of Alsace-Lorraine, and which has jeopardized the peace of the world for nearly half a century, must be made good, so as to ensure a lasting peace in the general interest.

9th. The Italian frontier must be rectified on the basis of the clearly recognized lines of nationality.

10th. The people of Austria-Hungary, whose place among the nations we wish to see safeguarded and maintained, should come to an agreement as to the best way of attaining their autonomous development.

11th. Rumania, Serbia and Montenegro are to be evacuated and occupied territories restored: a free and secure access to the sea for Serbia; mutual relations between the Balkan States to be determined on a friendly basis by a Council, following the lines of friendship and nationality traced by tradition and history; the political and economic integrity of the various Balkan States to be guaranteed.

12th. A certain degree of sovereignty must be assigned to that part of the Ottoman Empire which is Turkish; but the other nationalities now under the Turkish regime should have the assurance of an independent existence and of an absolute and undisturbed opportunity to develop their autonomy; moreover the Dardanelles should be permanently open to the shipping and commerce of all nations under international guarantees.

13th. An independent Polish State should be founded, comprising all territories inhabited by peoples of undoubtedly Polish nationality, with a free and secure access to the sea and its political and economic independence and territorial integrity guaranteed by international agreements.

14th. A League of Nations must be formed with special pacts and for the sole scope of ensuring the reciprocal guarantees of political independence and of territorial integrity, in equal measure both for large and small States.

The Peace Treaty as outlined by Wilson would really have brought about a just peace; but we shall see how the actual result proved quite the reverse of what constituted a solemn pledge of the American people and of the Entente Powers.

On February 11, 1918, President Wilson confirmed before Congress that all territorial readjustments were to be made in the interest and for the advantage of the populations concerned, not merely as a bargain between rival States, and that there were not to be indemnities, annexations or punitive exactions of any kind.

On September 27, 1918, just on the eve of the armistice, when German resistance was already shaken almost to breaking point, President Wilson gave it the coup de grÂce by his message on the post-bellum economic settlement. No special or separate interest of any single nation or group of nations was to be taken as the basis of any settlement which did not concern the common interest of all; there were not to be any leagues or alliances, or special pacts or ententes within the great family of the society of nations; economic deals and corners of an egotistical nature were to be forbidden, as also all forms of boycotting, with the exception of those applied in punishment to the countries transgressing the rules of good fellowship; all international treaties and agreements of every kind were to be published in their entirety to the whole world.

It was a magnificent programme of world policy. Not only would it have meant peace after war, but a peace calculated to heal the deep wounds of Europe and to renovate the economic status of nations.

On the basis of these principles, which constituted a solemn pledge, Germany, worn out by famine and even more by increasing internal unrest, demanded peace.

According to President Wilson's clear statements, made not only in the name of the United States but in that of the whole Entente, peace should therefore have been based on justice, the relations between winners and losers in a society of nations being exclusively inspired by mutual trust.

There were no longer to be huge standing armies, neither on the part of the ex-Central Empires or on that of the victorious States; adequate guarantees were to be given and received for the reduction of armies to the minimum necessary for internal defence; removal of all economic barriers; absolute freedom of the seas; reorganization of the colonies based on the development of the peoples directly concerned; abolition of secret diplomacy, etc.

As to the duties of the vanquished, besides evacuating the occupied territories, they were to reconstruct Belgium, to restore to France the territories taken in 1871; to restore all the territories belonging to Rumania, Serbia and Montenegro, giving Serbia a free and secure access to the sea; to constitute a free Poland with territories undoubtedly Polish to which there might be granted a free and secure access to the sea. Poland, founded on secure ethnical bases, far from being a military State, was to be an element of peace, and her political and economic independence and territorial integrity were to have been guaranteed by an international agreement.

After the rectification of the Italian frontier according to the principles of nationality, the peoples of Austria-Hungary were to agree on the free opportunity of their autonomous development. In other terms, each people could freely choose autonomy or throw in its lot with some other State. After giving a certain sovereignty to the Turkish populations of the Ottoman Empire the other nationalities were to be allowed to develop autonomously, and the free navigation of the Dardanelles was to be internationally guaranteed.

These principles announced by President Wilson, and already proclaimed in part by the Entente Powers when they stoutly affirmed that they were fighting for right, for democracy and for peace, did not constitute a concession but a duty towards the enemy. In each of the losing countries, in Germany as in Austria-Hungary, the democratic groups contrary to the War, and those even more numerous which had accepted the War as in a momentary intoxication, when they exerted themselves for the triumph of peace, had counted on the statements, or rather on the solemn promises which American democracy had made not only in the name of the United States but in that of all the Entente Powers.

Let us now try to sum up the terms imposed on Germany and the other losing countries by the treaty of June 28, 1919. The treaty, it is true, was concluded between the allied and associated countries and Germany, but it also concerns the very existence of other countries such as Austria-Hungary, Russia, etc.:

I.—TERRITORIAL AND POLITICAL CLAUSES

Until the payment of an indemnity the amount of which is as yet not definitely stated, Germany loses the fundamental characters of a sovereign state. Not only part of her territory remains under the occupation of the ex-enemy troops for a period of fifteen years but a whole series of controls is established, military, administrative, on transports, etc. The Commission for Reparations is empowered to effect all the changes it thinks fit in the laws and regulations of the German State, besides applying sanctions of a military and economic nature in the event of violations of the clauses placed under its control (Art. 240, 241).

The allied and associated governments declare and Germany recognizes that Germany and her allies are solely responsible, being the direct cause thereof, for all the losses and damages suffered by the allied and associated governments and their subjects as a result of the War, which was thrust upon them by the aggression of Germany and her allies (Art. 231). Consequently the resources of Germany (and by the other treaties those of her allies as well) are destined, even if insufficient, to ensure full reparation for all losses and damages (Art. 232).

The allied and associated Powers place in a state of public accusation William II of Hohenzollern, ex-German Emperor, charging him with the gravest offences against international morality and the sacred authority of treaties. A special tribunal composed of representatives of the five great Entente Powers shall try him and will have the right of determining his punishment (Art. 227). The German Government likewise recognizes the right of the allied and associated Powers to try in their courts of justice the persons (and more especially the officers) accused of having committed acts contrary to the rules and customs of war.

Restitution of Alsace and Lorraine to France without any obligation on the latter's part, not even the corresponding quota of public debt (Art. 51 et seq.).

The treaties of April 19, 1839, are abolished, so that Belgium, being no longer neutral, may become allied to France (Art. 31); attribution to Belgium of the territories of Eupen, MalmÉdy and Moresnet.

Abolition of all the treaties which established political and economic bonds between Germany and Luxemburg (Art. 40).

Annulment of all the treaties concluded by Germany during the War.

German-Austria, reduced to a little State of hardly more than 6,000,000 inhabitants, about one-third of whom live in the capital (Art. 80), cannot become united to Germany without the consent of the Society of Nations, and is not allowed to participate in the affairs of another nation, namely of Germany, before being admitted to the League of Nations (Treaty of Saint-Germain-en-Laye, Art. 88). As the consent of the League of Nations must be unanimous, a contrary vote on the part of France would be sufficient to prevent German-Austria from becoming united to Germany.

Attribution of North Schleswig to Denmark (Art. 109).

Creation of the Czeko-Slovak State (Art. 87), which comprises the autonomous territory of the Ruthenians south of the Carpathians, Germany abandoning in favour of the new State all her rights and claims on that part of Silesia mentioned in Art. 83.

Creation of the State of Poland (Art. 87), to whom Posnania and part of Western Prussia are made over. Upper Silesia is to decide by a plebiscite (Art. 88) whether it desires to be united to Germany or to Poland. The latter, even without Upper Silesia, becomes a State of 31,000,000 inhabitants, with about fifty per cent. of the population non-Polish, including very numerous groups of Germans.

Creation of the Free State of Danzig within the limits of Art. 100, under the protection of the League of Nations. The city is a Free City, but enclosed within the Polish Customs House frontiers, and Poland has full control of the river and of the railway system. Poland, moreover, has charge of the foreign affairs of the Free City of Danzig and undertakes to protect its subjects abroad.

Surrender to the victors, or, to be more precise, almost exclusively to Great Britain and France, of all the German colonies (Art. 119 and 127). The formula (Art. 119) is that Germany renounces in favour of the leading allied and associated Powers all her territories beyond the seas. Great Britain has secured an important share, but so has France, receiving that part of Congo ceded in 1911, four-fifths of the Cameroons and of Togoland.

Abandonment of all rights and claims in China, Siam, Liberia, Morocco,
Egypt, Turkey, Bulgaria and Shantung (Art. 128 and 158).

Creation of a League of Nations to the exclusion, practically, of
Germany and of the other losing countries, with the result that the
League is nothing but a juridical completion of the Commission of
Reparations. In all of the various treaties, the pact of the League of
Nations, the Covenant, left standing among the collapse of President
Wilson's other ideas and proposals, is given precedence over all other
clauses.

II.—MILITARY CLAUSES AND GUARANTEES

Germany is obliged, and with her, by the subsequent treaties, all the other losing countries, to surrender her arms and to reduce her troops to the minimum necessary for internal defence (Art. 159 and 213). The German army has no General Staff; its soldiers are mercenaries who enlist for a period of ten years; it cannot be composed of more than seven infantry and three cavalry divisions, not exceeding 100,000 men including officers: no staff, no military aviation, no heavy artillery. The number of gendarmes and of local police can only be increased proportionately with the increase of the population. The maximum of artillery allowed is limited to the requirements of internal defence. Germany is strictly forbidden to import arms, ammunition and war material of any kind or description. Conscription is abolished, and officers must remain with the colours at least till they have attained the age of forty-five. No institute of science or culture is allowed to take an interest in military questions. All fortifications included in a line traced fifty kilometres to the east of the Rhine are to be destroyed, and on no account may German troops cross the said line.

Destruction of Heligoland and of the fortresses of the Kiel Canal.

Destruction under the supervision of the allied commissions of control of all tanks, flying apparatus, heavy and field artillery, namely 35,000 guns, 160,000 machine guns, 2,700,000 rifles, besides the tools and machinery necessary for their manufacture. Destruction of all arsenals. Destruction of the German fleet, which must be limited to the proportions mentioned in Art. 181.

Creation of inter-allied military commissions of control to supervise and enforce the carrying out of the military and naval clauses, at the expense of Germany and with the right to install themselves in the seat of the central government.

Occupation as a guarantee, for a period of fifteen years after the application of the treaty, of the bridgeheads and of the territories now occupied west of the Rhine (Art. 428 and 432). If, however, the Commission of Reparations finds that Germany refuses wholly or in part to fulfil her treaty obligations, the zones specified in Article 421 will be immediately occupied by the troops of the allied and associated Powers.

III.—FINANCIAL AND ECONOMIC CLAUSES

The principle being recognized that Germany alone is responsible for the War which she willed and which she imposed on the rest of the world, Germany is bound to give complete and full reparation within the limits specified by Art. 232. The amount of the damages for which reparation is due will be fixed by the Commission of Reparations, consisting of the representatives of the winning countries.

The coal fields of the Saar are to be handed over, in entire and absolute ownership, free of all liens and obligations, to France, in compensation for the destruction of the coal mines in the north of France. Before the War, in 1913, the output of the Saar basin amounted to 17,000,000 tons. The Saar is incorporated in the French douane system and after fifteen years will be submitted to a plebiscite.

Germany may not charge heavier duties on imports from allied countries than on those from any other country. This treatment of the most favoured nation to be extended to all allied and associated States does not imply the obligation of reciprocity (Art. 264). A similar limitation is placed on exports, on which no special duty may be levied.

Exports from Alsace and Lorraine into Germany to be exempt from duty, without right of reciprocity (Art. 268).

Germany delivers to the Allies all the steamers of her mercantile fleet of over I,600 tons, half of those between 1,000 and I,600 tons, and one-fourth of her fishing vessels. Moreover, she binds herself to build at the request of the Allies every year, and for a period of five years, 200,000 tons of shipping, as directed by the Allies, and the value of the new constructions will be credited to her by the Commission of Reparations (Part viii, 3).

Besides giving up all her colonies, Germany surrenders all her rights and claims on her possessions beyond the seas (Art. 119), and all the contracts and conventions in favour of German subjects for the construction and exploiting of public works, which will be considered as part payment of the reparations due. The private property of Germans in the colonies, as also the right of Germans to live and work there, come under the free jurisdiction of the victorious States occupying the colonies, and which reserve unto themselves the right to confiscate and liquidate all property and claims belonging to Germans (Art. 121 and 297).

The private property of German citizens residing in Alsace-Lorraine is subject to the same treatment as that of residents in the ex-German colonies. The French Government may confiscate without granting any compensation the private property of Germans and of German concerns in Alsace-Lorraine, and the sums thus derived will be credited towards the partial settlement of eventual French claims (Art. 53 and 74). The property of the State and of local bodies is likewise surrendered without any compensation whatever. The allies and associates reserve the right to seize and liquidate all property, claims and interests belonging, at the date of the ratification of the treaty, to German citizens or to firms controlled by them, situated in their territories, colonies, possessions and protectorates, including the territories surrendered in accordance with the clauses of the treaty (Art. 217).

Germany loses everything with the exception of her territory: colonies, possessions, rights, commercial investments, etc.

After giving the Saar coal fields in perpetual ownership to France in reparation of the temporary damages suffered by the French coal mines, the treaty goes on to establish the best ways and means to deprive Germany, in the largest measure possible, of her coal and her iron. The Saar coal fields have been handed over to France absolutely, while the war damages of the French mines have been repaired or can be repaired in a few years. Upper Silesia being subject to the plebiscite with the occupation of the allied troops, Germany must have lost several of her most important coal fields had the plebiscite gone against her.

Germany is forced to deliver in part reparation to France 7,000,000 tons of coal a year for ten years, besides a quantity of coal equal to the yearly ante-bellum output of the coal mines of the North of France and of the Pas-de-Calais, which were entirely destroyed during the War; the said quantity not to exceed 20,000,000 tons in the first five years and 8,000,000 tons during the five succeeding years (Part viii, 5). Moreover, Germany must give 8,000,000 tons to Belgium for a period of ten years, and to Italy a quantity of coal which, commencing at 4,500,000 tons for the year 1919-1920, reaches the figure of 8,500,000 tons in the five years after 1923-1924. To Luxemburg Germany must provide coal in the same average quantity as in pre-war times. Altogether Germany is compelled to hand over to the winners as part reparation about 25,000,000 tons of coal a year.

For three years Polish exports to Germany, and for five years exports from Luxemburg into Germany, will be free of all duty, without right of reciprocity (Art. 268).

The Allies have the right to adopt, on the territories left of the Rhine and occupied by their troops, a special customs regime both as regards imports and exports (Art. 270).

After having surrendered, as per Par. 7 of the armistice terms, 5,000 locomotives and 150,000 trucks and carriages with all their accessories and fittings (Art. 250), Germany must hand over the railway systems of the territories she has lost, with all the rolling stock in a good state of preservation, and this measure applies even to Prussian Poland occupied by Germany during the War (Art. 371).

The German transport system is placed under control, and the administration of the Elbe, the Rhine, the Oder, the Danube, owing to the fact that they pass through more than one state and give access to the sea, is entrusted to inter-allied commissions. In all these commissions Germany is represented by a small minority. France and Great Britain, who are not directly interested, have numerous representatives on all the important river commissions, while on the Rhine commission Germany has only four votes out of nineteen (Art. 382 to 337). A privilege of first degree is established on all production and resources of the German States to ensure the payment of reparations and other charges specified by the treaty (Art. 248).

The total cost of the allied and associated armies will be borne by Germany, including the upkeep of men and beasts, pay and lodging, heating, clothing, etc., and even veterinary services, motor lorries and automobiles. All these expenses must be reimbursed in gold marks (Art. 249).

The privilege, as per Art. 248 of the treaty, is to be applied in the following order:

(a) Reimbursement of expenses for the armies of occupation during the armistice and after the peace treaty.

(b) Payment of the reparations as established by the treaty or treaties or supplementary conventions.

(c) Other expenses deriving from the armistice terms, from the peace treaty and from other supplementary terms and conventions (Art. 251). Restitution, on the basis of an estimate presented sixty days after the application of the treaty by the Commission of Reparations, of the live stock stolen or destroyed by the Germans and necessary for the reconstruction of the invaded countries, with the right to exact from Germany, as part reparations, the delivery of machinery, heating apparatus, furniture, etc.

Reimbursement to Belgium of all the sums loaned to her by the allied and associated Powers during the War.

Compensation for the losses and damages sustained by the civilian population of the allied and associated Powers during the period in which they were at war with Germany (Art. 232 and Part viii, I).

Payment, during the first two years, of twenty milliard marks in gold or by the delivery of goods, shipping, etc., on account of compensation (Art. 235).

The reparations owed by Germany concern chiefly:

1st. Damages and loss of life and property sustained by the civilian population.

2nd. Damages sustained by civilian victims of cruelty, violence or ill-treatment.

3rd. Damages caused on occupied or invaded territories.

4th. Damages through cruelty to and ill-treatment of prisoners of war.

5th. Pensions and compensations of all kinds paid by the allied and associated Powers to the military victims of the War and to their families.

6th. Subsidies paid by the allied and associated Powers to the families and other dependents of men having served in the army, etc., etc. (Part viii, I). These expenses, which have been calculated at varying figures, commencing from 350 billions, have undergone considerable fluctuations.

I have given the general lines of the Treaty of Versailles.

The other treaties, far less important, inasmuch as the situation of all the losing countries was already well defined, especially as regards territorial questions, by the Treaty of Versailles, are cast in the same mould and contain no essential variation.

Now these treaties constitute an absolutely new fact, and no one can affirm that the Treaty of Versailles derives even remotely from the declarations of the Entente and from Wilson's solemn pledges uttered in the name of those who took part in the War.

If the terms of the armistice were deeply in contrast with the pledges to which the Entente Powers had bound themselves before the whole world, the Treaty of Versailles and the other treaties deriving therefrom are a deliberate negation of all that had been promised, amounting to a debt of honour, and which had contributed much more powerfully towards the defeat of the enemy than the entry in the field of many fresh divisions.

In the state of extreme exhaustion in which both conquerors and losers found themselves in 1918, in the terrible suffering of the Germanic group of belligerents, deprived for four years of sufficient nourishment and of the most elementary necessaries of life, in the moral collapse which had taken the place of boasting and temerity, the words of Wilson, who pledged himself to a just peace and established its terms, proclaiming them to the world, had completely broken down whatever force of resistance there still remained. They were the most powerful instruments of victory, and if not the essential cause, certainly not the least important among the causes which brought about the collapse of the Central Empires.

Germany had been deeply hit by the armistice. Obliged to hand over immediately 5,000 locomotives and 150,000 railway trucks and carriages at the very time when she had to demobilize, during the first months she found her traffic almost completely paralysed.

Every war brings virulent germs of revolution in the vanquished countries. The war of 1870 gave France the impulsive manifestations of La Commune in exactly the same manner as war gave rise in Germany during the first months after the armistice to a violent revolutionary crisis, overcome not without difficulty and still representing a grave menace.

Forced to surrender immediately a large quantity of live stock, to demobilize when the best part of her railway material had gone, still hampered by the blockade, Germany, against the interest of the Allies themselves, has been obliged to sacrifice her exchange because, in the absence of sufficient help, she has had to buy the most indispensable foodstuffs in neutral countries. Her paper currency, which at the end of 1918 amounted to twenty-two milliard marks, not excessive as compared with that of other countries, immediately increased with a growing crescendo till it reached, in a very short time, the figure of eighty-eight milliards, thus rendering from the very first the payment of indemnities in gold extremely difficult.

The most skilled men have been thrust into an absolute impossibility of producing. To have deprived Germany of her merchant fleet, built up with so much care, means to have deprived the freight market of sixty thousand of the most skilled, intelligent and hard-working seamen.

But what Germany has lost as a result of the treaty surpasses all imagination and can only be regarded as a sentence of ruin and decay voluntarily passed over a whole people.

Germany, without taking into account the countries subject to plebiscite, has lost 7.5 per cent. of her population. Should the plebiscites prove unfavourable to her, or, as the tendency seems to be, should these plebiscites be disregarded, Germany would lose 13.5 per cent. of her population. Purely German territories have been forcibly wrenched from her. What has been done in the case of the Saar has no precedents in modern history. It is a country of 650,000 inhabitants of whom not even one hundred are French, a country which has been German for a thousand years, and which was temporarily occupied by France for purely military reasons. In spite of these facts, however, not only have the coal fields of the Saar been assigned in perpetuity to France as compensation for the damages caused to the French mines in the North, but the territory of the Saar forms part of the French customs regime and will be subjected after fifteen years to a plebiscite, when such a necessity is absolutely incomprehensible, as the population is purely German and has never in any form or manner expressed the intention of changing its nationality.

The ebb and flow of peoples in Europe during the long war of nationalities has often changed the situation of frontier countries. Sometimes it may still be regarded as a necessity to include small groups of alien race and language in different states in order to ensure strategically safe frontiers. But, with the exception of the necessity for self-defence, there is nothing to justify what has been done to the detriment of Germany.

Wilson had only said that France should receive compensation for the wrong suffered in 1871 and that Belgium should be evacuated and reconstructed. What had been destroyed was to have been built up again; but no one had ever thought during the War of handing over to Belgium a part, however small, of German territory or of surrendering predominantly and purely German territories to Poland.

The German colonies covered an area of nearly 3,000,000 square kilometres; they had reached an admirable degree of development and were managed with the greatest skill and ability. They represented an enormous value; nevertheless they have been assigned to France, Great Britain and in minor proportion to Japan, without figuring at all in the reparations account.

It is calculated that as a result of the treaty, owing to the loss of a considerable percentage of her agricultural area, Germany is twenty-five per cent. the poorer in regard to the production of cereals and potatoes and ten to twelve per cent. in regard to the breeding of live stock.

The restitution of Alsace-Lorraine (the only formal claim advanced by the Entente in its war programme) has deprived Germany of the bulk of her iron-ore production. In 1913 Germany could count on 21,000,000 tons of iron from Lorraine, 7,000,000 from Luxemburg, 138,000 from Upper Silesia and 7,344 from the rest of her territory. This means that Germany is reduced to only 20.41 per cent. of her pre-war wealth in iron ore.

In 1913 the Saar district represented 8.95 per cent. of the total production of coal, and Upper Silesia 22.85 per cent.

Having lost about eighty per cent. of her iron ore and large stocks of coal, while her production is severely handicapped, Germany, completely disorganized abroad after the suppression of all economic equilibrium, is condemned to look on helplessly while the very sources of her national wealth dry up and cease to flow. In order to form a correct estimate of the facts we must hold in mind that one-fifth of Germany's total exports before the War consisted of iron and of tools and machinery mostly manufactured with German iron.

If we now consider the fourteen points of President Wilson, accepted by the Entente as a peace programme, comparing the actual results obtained by the Treaty of Versailles, we are faced with the following situation:

1. "After loyal peace negotiations and the conclusion and signing of peace treaties, secret diplomatic agreements must be regarded as abolished," says Wilson. On the contrary, secret peace negotiations have been protracted for more than six months, and no hearing was even granted to the German delegates who wished to expose their views. By a system of treaties France has created a military alliance with Belgium and Poland, thus completely cornering Germany.

2. Absolute freedom of the sea beyond territorial waters. Nothing, as a matter of fact, has been changed from the pre-war state of things; with the difference that the losers have had to surrender their mercantile fleets and are therefore no longer directly interested in the question.

3. Removal of all economic barriers and equality of trade conditions. The treaty imposes on Germany terms without reciprocity, and almost all Entente countries have already adopted protectionist and prohibitive tariffs.

4. Adequate guarantees to be given and received for the reduction of armaments to a minimum compatible with home defence. The treaties have compelled the vanquished countries to destroy or to surrender their navies, and have reduced the standing armies of Germany to 100,000 men, including officers, of Bulgaria to 23,000, of Austria to 30,000 (in reality only 21,000), of Hungary to 35,000. The conquering states, on the other hand, maintain enormous armies numerically superior to those which they had before the War. France, Belgium and Poland have between them about 1,400,000 men with the colours. Germany, Austria, Hungary and Bulgaria altogether have only 179,000 men under arms, while Rumania alone has 206,000 and Poland more than 450,000 men.

5. Loyal and straightforward settlement of colonial rights and claims, based chiefly on the advantage of the peoples directly concerned. All her colonies have been taken from Germany, who needed them more than any other country of continental Europe, having a density of population of 123 inhabitants per square kilometre (Italy has a density of 133 per square kilometre) while France has 74, Spain 40, and European Russia before the War had only 24.

6. Evacuation of all Russian territories and cordial co-operation for the reconstruction and development of Russia. For a long time the Entente has given its support to the military ventures of Koltchak, Judenic, Denikin and Wrangel, all men of the old regime.

7. Evacuation and reconstruction of Belgium. This has been done, but to Belgium have been assigned territories which she never dreamt of claiming before the War.

8. Liberation of French territories, reconstruction of invaded regions and restitution of Alsace-Lorraine to France in respect of the territories taken from her in 1871. France occupies a dominating position in the Saar which constitutes an absolute denial of the principle of nationality.

9. Rectification of the Italian frontier, according to clearly defined lines of nationality. As these lines have never been clearly defined or recognized, the solution arrived at has been distasteful both to the Italians and to their neighbours.

10. The peoples of Austria-Hungary to be left free to unite together or to form autonomous states in the manner best suited to their development. As a matter of fact the treaties have taken the greatest possible number of Germans from Austria and of Magyars from Hungary in order to hand them over to Poland, to Czeko-Slovakia, to Rumania and to Jugo-Slavia, namely to populations for the most part inferior to the Germans.

11. Evacuation of Rumania, Serbia and Montenegro. This has been effected, but whereas the Entente Powers have always proclaimed their fundamental duty for the reconstruction of Montenegro, they all contributed to its disappearance, chiefly at the instigation of France.

12. A limited sovereignty to the Turkish parts of the Ottoman Empire, liberation of other nationalities and freedom of navigation in the Dardanelles placed under international guarantees. What really happened was that the Entente Powers immediately tried to possess themselves of Asia Minor; but events rendered it necessary to adopt a regime of mandates because direct sovereignty would have been too perilous an experiment. A sense of deep perturbation and unrest pervades the whole of Islam.

13. An independent Polish state with populations undoubtedly Polish to be founded as a neutral State with a free and secure outlet to the sea and whose integrity is to be guaranteed by international accords. In reality a Polish state has been formed with populations undoubtedly non-Polish, having a markedly military character and aiming at further expansion in Ukranian and German territory. It has a population of 31,000,000 inhabitants while it should not exceed 18,000,000, and proposes to isolate Russia from Germany. Moreover the Free State of Danzig, practically dependent from Poland, constitutes a standing menace to Germany.

14. Foundation of the League of Nations for the sole purpose of re-establishing order among nations, and laying the basis of reciprocal guarantees of territorial integrity and political independence for all states, both great and small. After more than two years have elapsed since the conclusion of peace and three since the armistice the League of Nations is still nothing but a holy alliance the object of which is to guarantee the privileges of the conquerors. After the vote of the Senate, deserving of all praise from every point of view, the United States does not form part of the League nor do the losing countries, including Germany.

It is therefore obvious that the most solemn pledges on which peace was based have not been maintained; the noble declarations made by the Entente during the War have been forgotten; forgotten all the solemn collective pledges; forgotten and disregarded Wilson's proclamations which, without being real contracts or treaties, were something far more solemn and binding, a pledge taken before the whole world at its most tragic hour to give the enemy a guarantee of justice.

Without expressing any opinion on the treaties it cannot be denied that the manner in which they have been applied has been even worse. For the first time in civilized Europe, not during the War, when everything was permissible in the supreme interests of defence, but now that the War is over, the Entente Powers, though maintaining armies more numerous than ever, for which the vanquished must pay, have occupied German territories, inhabited by the most cultured, progressive and technically advanced populations in the world, as an insult and a slight, with coloured troops, men from darkest and most barbarous Africa, to act as defenders of the rights of civilization and to maintain the law and order of democracy.

ns for France, and 61 millions for Italy.

The United States of America and Great Britain are countries of great resources: they can stand the effort. But can Japan, which has but limited resources, support these for any length of time? or has she some immediate intentions?

A comparative table of the navies in 1914 and 1921 shows that the fleets of the conquering countries are very much more powerful than they were before the War. Nevertheless, Russia and Austria-Hungary and the people arisen in their territories are not naval powers; Germany has lost all her fleet. The race for naval armaments regards especially the two Anglo-Saxon powers and Japan; the race for land armaments regards all the conquerors of Europe and especially the small States.

This situation cannot but be the cause of great preoccupation; but the greater preoccupation arises from the fact that the minor States, especially those which took no part in the War, become every day more exigent and display fresh aspirations.

The whole system of the Treaty of Versailles has been erected on the error of Poland. Poland was not created as the noble manifestation of the rights of nationality, ethnical Poland was not created, but a great State which, as she is, cannot live long, because there are not great foreign minorities, but a whole mass of populations which cannot co-exist, Poland, which has already the experience of a too numerous Israelitic population, has not the capacity to assimilate the Germans, the Russians and the Ukranians which the Treaty of Versailles has unjustly given to her against the very declarations of Wilson.

So that after, with the aid of the Entente, having had the strength to resist the Bolshevik troops, Poland is now in a state of permanent anarchy; consumes and does not produce; pays debts with a fantastic bigness and does not know how to regulate the incomings. No country in the world has ever more abused paper currency; her paper money is probably the most greatly depreciated of any country on earth. She has not succeeded in organizing her own production, and now tends to dissolve the production of her neighbours.

The whole Treaty of Versailles is based on a vigorous and vital Poland. A harmless Germany, unable to unite with an equally harmless German-Austria, should be under the military control of France and Belgium on the west, and of Poland on the east. Poland, separating Germany from Russia, besides imposing on Germany the territorial outrage of the Danzig corridor, cuts her off from any possibility of expansion and development in the east. Poland has been conceived as a great State. A Polish nation was not constituted; a Polish military State was constituted, whose principal duty is that of disorganizing Germany.

Poland, the result of a miracle of the War (no one could foretell the simultaneous fall of the Central Empires and of the Russian Empire), was formed not from a tenacious endeavour, but from an unforeseen circumstance, which was the just reward for the long martyrdom of a people. The borders of Poland will reach in time to the Baltic Sea in the north, the Carpathians and the Dniester in the south, in the east the country almost as far as Smolensk, in the west to the parts of Germany, Brandenburg and Pomerania. The new patriots dream of an immense Poland, the old Poland of tradition, and then to descend into the countries of the Ukraine and dominate new territories.

It is easy to see that, sooner or later, the Bolshevik degeneration over, Russia will be recomposed; Germany, in spite of all the attempts to break her up and crush her unity, within thirty or forty years will be the most formidable ethnical nucleus of Continental Europe. What will then happen to a Poland which pretends to divide two people who represent numerically and will represent in other fields also the greatest forces of Continental Europe of to-morrow?

Amongst many in France there is the old conception of Napoleon I, who considered the whole of European politics from an erroneous point of view, that of a lasting French hegemony in Europe, when the lasting hegemony of peoples is no longer possible. In the sad solitude of his exile at Saint Helena, Napoleon I said that not to have created a powerful Poland keystone of the roof of the European edifice, not to have destroyed Prussia, and to have been mistaken in regard to Russia, were the three great errors of his life. But all his work had as an end to put the life of Europe under the control of France, and was necessarily wrecked by reality, which does not permit the lasting mistake of a single nation which places herself above all the others in a free and progressive Europe.

If the policy of the Entente towards Germany and towards the conquered countries does not correspond either to collective declarations made during the War, or to the promises solemnly made by Wilson, the policy towards Russia has been a whole series of error. In fact, one cannot talk of a policy of the Entente, in so far that with the exception of a few errors committed in common, Great Britain, France and Italy have each followed their own policy.

In his sixth point, among the fourteen points, no longer pure, but violated and outraged worse than the women of a conquered race by a tribe of Kurds, Wilson said on January 8, 1918, that the treatment meted out to Russia by the sister nations, and therefore their loyalty in assisting her to settle herself, should be the stern proof of their goodwill. They should show that they did not confound their own interests, or rather their egoism, with what should be done for Russia. The proof was most unfortunate.

The attitude of the Entente towards Russia has had different phases.

In the first phase, the prevailing idea, especially on the part of one of the Allies, was to send military expeditions in conjunction especially with Rumania and Poland. This idea was immediately abandoned on account of its very absurdity.

In the second phase, the greatest hopes were placed in the blockade; of isolating Russia completely, cutting off from her (and for the rest she no longer had it) every facility of trade exchange. At the same time war on the part of Poland and Rumania was encouraged, to help the attempt which the men of the old regime were making in the interior. France alone reached the point of officially recognizing the Tsarist undertaking of General Wrangel.

Lloyd George, with the exception of some initial doubts, always had the clearest ideas in regard to Russia, and I never found myself in disagreement with him in valuing the men and the Russian situation. It is easy for a broad and serene mind to judge the position of the rest.

For my part I always tried to follow that policy which would best bring about the most useful result with the least damage. After the War the working masses in Europe had the greatest illusions about Russian communism and the Bolshevik organization. Every military expedition against Russia signified giving the people the conviction that it was desired not to fight an enemy but to suffocate in blood an attempt at a communist organization. I have always thought that the dictatorship of the proletariat, that is the dictatorship of ignorance and incapacity, would necessarily lead to disaster, and that hunger and death would follow violence. There are for the peoples great errors which must be carried out in the very effort to benefit civilization. Our propaganda would have served nothing without the reality of ruin. Only the death by hunger of millions of men in communist Russia will convince the working masses in Europe and America that the experiment of Russia is not to be followed; rather is it to be avoided at any cost. To exterminate the communist attempt by an unjust war, even if it were possible, would have meant ruin for Western civilization.

On repeated occasions I have counselled Rumania and Poland not to make any attempt against Russia and to limit themselves to defence. Every unjust aggression on the part of Bolshevik Russia would have found the Entente disposed to further sacrifice to save two free nations, but any provocation on their part could not create secure solidarity.

When I assumed the direction of the Government in June, 1919, an Italian military expedition was under orders for Georgia. The English troops, who were in small numbers, were withdrawing; Italy had, with the consent of the Allies, and partly by her own desire, prepared a big military expedition. A considerable number of divisions were ready, as also were the ships to commence the transport. Georgia is a country of extraordinary natural resources, and it was thought that she would be able to furnish Italy with a great number of raw materials which she lacked. What surprised me was that not only men of the Government, but intelligent financiers and men of very advanced ideas, were convinced supporters of this expedition.

However, confronted by much opposition, I immediately renounced this undertaking, and renounced it in a definite form, limiting myself to encouraging every commercial enterprise.

Certainly the Allies could not suggest anything unfriendly to Italy; but the effect of the expedition was to put Italy directly at variance with the government of Moscow, to launch her upon an adventure of which it was impossible to tell the consequences.

In fact, not long afterwards Georgia fell into the hands of the Bolsheviks, who sent there an army of 125,000 men, and since then she has not been able to liberate herself. If Italy had made that expedition she would have been engaged in a frightful military adventure, with most difficult and costly transport in a theatre of war of insuperable difficulty. To what end?

Georgia before the War formed part of the Russian Empire, and no country of the Entente had considered that unjust. Further, as though the vast empire and the dominion of the Caucasus were not enough for Russia, the Entente with monstrous condescension had given to Russia Constantinople and the Straits and a huge zone in Asia Minor. How could you take away from Russia a territory which was legitimately hers? And vice versa, if Georgia and the other States of the Caucasus had sufficient strength to live autonomously, how can you dominate Aryan people who have risen to a notable state of development?

To go to Georgia inevitably meant war with Russia for Italy, and one, moreover, fraught with extraordinary difficulties. In fact, later, the government of Moscow, as we have said, succeeded in invading as well as Georgia almost all the republics of the Caucasus. And at San Remo, discussing the possibility of an expedition on the part of Great Britain, France and Italy to defend at least the oil production, after the report of a military committee presided over by Marshal Foch, the conclusion was quickly and easily arrived at that it was better to leave the matter alone.

Italy had already made an expedition into Albania, the reason for which beyond the military necessities for the period of the War has never been understood, except that of spending a huge sum without receiving the gratitude of the Albanians; an expedition in Georgia would have done harm, the consequence of which cannot be readily measured, it could, indeed, have meant ruin.

Even those minds that are most blinded by prejudice and hate recognize the complete failure of the Russian communist system. The so-called dictatorship of the proletariat is reduced in practice to a military dictatorship of a communist group which represents only a fraction of the working classes and that not the best. The Bolshevik government is in the hands of a small minority in which fanaticism has taken the place of character. Everything which represented the work of the past has been destroyed and they have not known how to construct anything. The great industries have fallen and production is paralysed. Russia has lived for a long time on the residues of her capitalistic production rather than on new productions. The productivity of her agricultural and industrial work has been killed by communism, and the force of work has been reduced to a minimum. The Russian people are in straits which have no comparison, and entire territories are dying of hunger. The communist regime in a short time has precipitated such damage and such misery as no system of oppression could achieve in centuries. It is the proof, if any were necessary, that the form of communist production is not only harmful but not even lasting. The economists say that it is absurd, but, given the collective madness which has attacked some people, nothing is absurd beyond hoping in the rapid recovery of the most excited nations.

If any country could be the scene of a communist experiment it was Russia. Imperial Russia represented the most vast continuative territory which a State ever occupied in all history's records of vast empires. Under the Tsars a territory which was almost three times the size of the United States of America was occupied by a people who, with the exception of a few cases of individual revolt, were accustomed to the most servile obedience. Under Nicholas II a few men exercised rule in a most despotic form over more than 180,000,000 individuals spread over an immense territory. All obeyed blindly. Centralization was so great, and the obedience to the central power so absolute, that no hostile demonstration was tolerated for long. The communist regime therefore was able to count not only on the apathy of the Russian people but also upon the blindest obedience. To this fundamental condition of success, to a Government which must regulate production despotically, was joined another even greater condition of success. Russia is one of those countries which, like the United States of America, China and Brazil (the four greatest countries of the earth, not counting the English dominions with much thinner populations), possess within their own territories everything necessary for life. Imagine a country of self-contained economy, that lives entirely upon her own resources and trades with no one (and that is what happened in Russia as a result of the blockade), Russia has the possibility of realizing within herself the most prosperous conditions of existence. She has in her territories everything: grain, textile fibres, combustibles of every sort; Russia is one of the greatest reserves, if not the greatest reserve, in the world. Well, the communist organization was sufficient, the bureaucratic centralization, which communism must necessarily carry with it, to arrest every form of production. Russia, which before could give grain to all, is dying of hunger; Russia, which had sufficient quantities of coal for herself and could give petroleum to all Europe, can no longer move her railways; Russia, which had wool, flax, linen, and could have easily increased her cotton cultivation in the Caucasus, cannot even clothe the soldiers and functionaries of the Bolshevik State. Ceased is the stimulus of individual interest; few work; the peasants work only to produce what their families need; the workers in the city are chiefly engaged in meetings and political reunions. All wish to live upon the State, and production, organized autocratically and bureaucratically, every day dries up and withers a bit more.

To those who read the collection of laws issued by the Bolshevik government many institutions appear not only reasonable, but also full of interest and justice. Also many laws of the absolute governments of past regimes appear intelligent and noble. But the law has not in itself any power of creation; it regulates relations, does not create them. It can even take away wealth from some and give it to others, but cannot create the wealth. When the individual interest begins to lack, work, which is sorrow and pain, lags and does not produce. To begin with, it weakens in the short days when energy is avoided, and then it stops through incapacity for energy. The old fundamental truth is that in all the Aryan tongues the words which indicate work have the same root as the words which denote pain. Among the great mass of man work is only done by necessity or under the stimulus of individual interest which excites the production of wealth. They work for wealth; and therefore in the Aryan tongues wealth means dominion and power.

Two years ago I wanted, in spite of the opinion of others, to consent to the Italian Socialists visiting Russia. I was convinced that nothing would have served better to break in Italy the sympathy for Russia, or rather the illusions of the revolutionaries, as the spectacle of famine and disorder would. Never did the Press of my country, or the greater part of it, criticize with more violence a proposal which I considered to be both wise and prudent. I am glad to state that I was right, and that, maybe through the uncertainties and the lessons of those who had spread the illusions, the Italian Socialists returned from Russia were bound to recognize that the communist experiment was the complete ruin of the Russian people. No conservative propaganda could have been more efficacious than the vision of the truth.

I am convinced that the hostile attitude, and almost persecution, on the part of the Entente rather helped the Bolshevik government, whose claims to discredit were already so numerous that it was not necessary to nullify it by an unjust and evident persecution.

The Bolshevik government could not be recognized: it gave no guarantees of loyalty, and too often its representatives had violated the rights of hospitality and intrigued through fanatics and excited people to extend the revolution. Revolution and government are two terms which cannot co-exist. But not to recognize the government of the Soviet does not mean that the conditions of such recognition must include that the War debt shall be guaranteed, and, worse still, the pre-War debt, or that the gold resources and the metals of Russia shall be given as a guarantee of that debt. This morality, exclusively financial and plutocratic, cannot be the base of international relations in a period in which humanity, after the sorrows of the War, has the annoyance of a peace which no one foresaw and of which very few in the early days understood the dangers.

Even when there was a tendency favourable to the recognition of the republic of the Soviet, I was always decidedly against it. It is impossible to recognize a State which bases all its relations on violence, and which in its relations with foreign States seeks, or has almost always sought, to carry out revolutionary propaganda. Even when, yielding to an impulse which it was not possible to avoid—in the new Italian Chamber, after the elections of 1919 not only the Socialists, but above all the Catholic popular party and the party of Rinnovamento, of which the ex-soldiers especially formed part, voted unanimously an order of the day for the recognition of the actual government of Russia—I did not think it right to give, and did not give, effect to that vote, impulsively generous, which would have invested Italy with the responsibility of recognizing, even if it were de facto, the government of the Soviet.

I have always, however, rebelled and would never give my consent to any military undertakings against Russia, not even to a participation in the undertakings of men of the old regime. It was easy to foresee that the population would not have followed them and that the undertakings were doomed to failure. However, all the attempts at military revolts and counter-revolutions were encouraged with supplies of arms and material. But in 1920 all the military undertakings, in spite of the help given, failed one after another. In February the attempt of Admiral Koltchak failed miserably, and in March that of General Judenic. Failed has the attempt of Denikin. All the hopes of the restoration were centred in General Wrangel. The only Grand Duke with any claim to military authority also sent to tell me that this was a serious attempt with probability of success. General Wrangel, in fact, reunited the scattered forces of the old regime and occupied a large territory in power. France not only recognized in the government of Wrangel the legitimate representative of Russia, but nominated her official representatives with him. In November, 1920, even the army of Wrangel, which appeared to be of granite, was scattered. Poland, through alternating vicissitudes, claimed the power of resistance, but has shown that she has no offensive power against Russia. So all the attempts at restoration have broken, one after another.

One of the greatest errors of the Entente has been to treat Russia on many occasions, not as a fallen friend, but as a conquered enemy. Nothing has been more deplorable than to have considered as Russia the men of the old regime, who have been treated for a long time as the representatives of an existing State when the State no longer existed.

Let us suppose that the Bolshevik government transforms itself and gives guarantees to the civilized nations not to make revolutionary agitations in foreign countries, to maintain the pledges she assumes, and to respect the liberty of citizens; the United States of America, Great Britain and Italy would recognize her at once. But France has an entirely different point of view. She will not give any recognition unless the creditors of the old regime are guaranteed.

In June, 1920, the government of Moscow sent some gold to Sweden to purchase indispensable goods. Millerand, President of the Council of Ministers and Minister of Foreign Affairs, declared to the Minister of Sweden at Paris that if his Government consented to receive Russian gold ferait acte de receleur. He then telegraphed to the Minister of Finance at Stockholm regretting that the Government and public opinion in Sweden were tending to consider the revendications juridiques of the French creditors of the ancient Russian regime to be such that they did not stop the consignment of Swedish goods against Russian gold. He added at the end that the syndicates of creditors could utilize the news in telegram No. 355, in which the Swedish Government gave notice of the trade and put a sequestration on Russian gold sent to Sweden.

This telegram, better than any speech, shows the diversity of conception.

The Bolshevik government may be so immoral that we cannot recognize it until it gives serious guarantees. But if the government of Moscow sends a little of the gold that remains, or has remained, to buy goods, what right have we to sequestrate the gold in the interests of the creditors of the old regime?

The new regime, born after the revolution, can also not recognize the debts of the old regime and annul them. It is not for that that we have no relations with it.

We have pushed Germany by absurd demands to ruin her circulation. It is already at about 100 milliard of marks; if to-morrow it goes to 150 or to 200, it will be necessary to annul it, nearly the same as is done for bills of exchange. And for this should we not treat with Germany?

The new plutocratic conception, which marks the policy of a section of the Entente, is not lasting, and the people have a justifiable diffidence towards it.

Bolshevism, as I have repeatedly stated, cannot be judged by our western eyes: it is not a popular and revolutionary movement; it is a religious fanaticism of the orthodox of the East hoisted on the throne of Tsarist despotism.

Italy is the country which suffers most from the lack of continuous relations with Russia in so far that almost all Italian commerce, and in consequence the prices of freight and goods, have been for almost half a century regulated by the traffic with the Black Sea.

Ships which leave England fully laden with goods for Italy generally continue to the Black Sea, where they fill up with grain, petroleum, etc., and then return to England, after having taken fresh cargoes in Italy and especially iron in Spain. It was possible in Italy for long periods of time to obtain most favourable freights and have coal at almost the same price as in England. The voyages of the ships were made, both coming and going, fully laden.

The situation of Russia, therefore, hurts especially Italy. Great Britain has Mediterranean interests; France is partly a Mediterranean nation; Italy alone is a Mediterranean nation.

Although Italy has a particular interest in reopening relations with Russia, the Italian Government has understood that the best and shortest way is not to recognize the government of Moscow. But Italy will never subordinate her recognition to plutocratic considerations. Whatever government there may be in Italy, it will never associate itself with actions directed to compelling Russia, in order to be recognized, to guarantee the payment of obligations assumed previous to the War and the revolution. Civilization has already suppressed corporal punishment for insolvent debtors, and slavery, from which individuals are released, should not be imposed on nations by democracies which say they are civilized.

The fall of the communistic organization in Russia is inevitable. Very probably from the immense revolutionary catastrophe which has hit Russia there will spring up the diffusion of a regime of small landed proprietors. Whatever is contrary to human nature is not lasting, and communism can only accumulate misery, and on its ruins will arise new forms of life which we cannot yet define. But Bolshevik Russia can count still on two elements which we do not habitually take into account: the apathy and indolence of the people on the one hand, and the strength of the military organization on the other. No other people would have resigned itself to the intense misery and to the infinite sufferings which tens of millions of Russians endure without complaint. But still in the midst of so much misery no other people would have known how to maintain a powerful and disciplined army such as is the army of revolutionary Russia.

The Russian people have never had any sympathy for the military undertakings which the Entente has aided. During some of the meetings of Premiers at Paris and London I had occasion, in the sittings of the conferences, to speak with the representatives of the new States, especially those from the Caucasus. They were all agreed in considering that the action of the men of the old regime, and especially Denikin, was directed at the suppression of the independent States and to the return of the old forms, and they attributed to this the aversion of the Russian people to them.

Certainly it is difficult to speak of Russia where there exists no longer a free Press and the people have hardly any other preoccupation than that of not dying of hunger. Although it is a disastrous organization, the organization of the Soviet remains still the only one, which it is not possible to substitute immediately with another. Although the Russian people can re-enter slowly into international life and take up again its thread, a long time is necessary, but also it is necessary to change tactics.

The peasants, who form the enormous mass of the Russian people, look with terror on the old regime. They have occupied the land and will maintain that occupation; they do not want the return of the great Russian princes who possessed lands covering provinces and were even ignorant of their possessions. One of the causes which has permitted Bolshevism to last is, as I have said, the attitude of the Entente, which on many occasions has shown the greatest sympathy for the men of the old regime. The Tsar of Russia was an insignificant man, all the Grand Dukes were persons without dignity and without credit, and the Court and Government abounded with men without scruples—violent, thieves, and drunkards. If Bolshevik government had been ruin, no one can deny but that a great part of the blame belongs to the old regime, the return of which no honest man desires.

An error not less serious was to allow Poland to occupy large tracts of purely Russian territory.

There remain in Europe, therefore, so many states of unrest which do not only concern the conditions of the conquered countries, but also those of the conquering countries. We have already seen how Germany and the States which form part of her group cannot now any longer represent a danger of war for many years to come, and that none the less the victorious countries and the new States continue to arm themselves in a most formidable manner. We have seen what an element of disorder Poland has become and how the policy of the Entente towards Russia has constituted a permanent danger.

But all Europe is still uncertain and the ground is so movable that any new construction threatens ruin. Austria, Hungary, Bulgaria, Turkey, cannot live under the conditions imposed on them by the treaties. But the new States for the most part are themselves in a sufficiently serious position.

With the exception of Finland all the other States which have arisen on the ruins of the Russian Empire are in serious difficulty. If Esthonia and Lithuania are in a fairly tolerable situation Lettonia is in real ruin, and hunger and tuberculosis rule almost everywhere, as in many districts of Poland and Russia. At Riga hunger and sickness have caused enormous losses amongst the population. Recently 15,000 children were in an extremely serious physical and mental condition. In a single dispensary, of 663 children who were brought for treatment 151 were under-nourished, 229 were scrofulous, 66 anaemic, and 217 suffering from rickets. The data published in England and the United States and those of the Red Cross of Geneva are terrible.

Even with the greatest imagination it is difficult to think how Hungary and Austria can live and carry out, even in the smallest degree, the obligations imposed by the treaties. By a moral paradox, besides living they must indemnify the victors, according to the Treaties of St. Germain and the Trianon, for all the damages which the War has brought on themselves and which the victors have suffered.

Hungary has undergone the greatest occupation of her territories and her wealth. This poor great country, which saved both civilization and Christianity, has been treated with a bitterness which nothing can explain except the desire of greed of those surrounding her, and the fact that the weaker people, seeing the stronger overcome, wish and insist that she shall be reduced to impotence. Nothing, in fact, can justify the measures of violence and the depredations committed in Magyar territory. What was the Rumanian occupation of Hungary: a systematic rapine and the systematic destruction for a long time hidden, and the stern reproach which Lloyd George addressed in London to the Premier of Rumania was perfectly justified. After the War everyone wanted some sacrifice from Hungary, and no one dared to say a word of peace or goodwill for her. When I tried it was too late. The victors hated Hungary for her proud defence. The adherents of Socialism do not love her because she had to resist, under more than difficult conditions, internal and external Bolshevism. The international financiers hate her because of the violences committed against the Jews. So Hungary suffers all the injustices without defence, all the miseries without help, and all the intrigues without resistance.

Before the War Hungary had an area almost equal to that of Italy, 282,870 square kilometres, with a population of 18,264,533 inhabitants. The Treaty of Trianon reduced her territory to 91,114 kilometres—that is, 32.3 per cent.—and the population to 7,481,954, or 41 per cent. It was not sufficient to cut off from Hungary the populations which were not ethnically Magyar. Without any reason 1,084,447 Magyars have been handed over to Czeko-Slovakia, 457,597 to Jugo-Slavia, 1,704,851 to Rumania. Also other nuclei of population have been detached without reason.

Amongst all the belligerents Hungary perhaps is the country which in comparison with the population has had the greatest number of dead; the monarchy of the Habsburgs knew that they could count on the bravery of the Magyars, and they sent them to massacre in all the most bloody battles. So the little people gave over 500,000 dead and an enormous number of injured and sick.

The territories taken from Hungary represent two-thirds of her mineral wealth; the production of three million quintali (300,000 tons) of gold and silver is entirely lost; the great production of salt is also lost to her (about 250,000 tons). The production of iron ore is reduced by 19 per cent., of anthracite by 14 per cent., of lignite by 70 per cent.; of the 2,029 factories, hardly 1,241 have remained to Hungary; more than three-quarters of the magnificent railway wealth has been given away.

Hungary at the same time has lost her greater resources in agriculture and cattle breeding.

The capital, henceforth, too large for a too small state, carries on amidst the greatest difficulties, and there congregate the most pitiable of the Transylvanian refugees and those from other lost regions.

The demographic structure of Hungary, which up to a few years ago was excellent, is now threatening. The mortality among the children and the mortality from tuberculosis have become alarming. At Budapest, even after the War, the number of deaths surpasses the number of births. The statistics published by Dr. Ferenczi prove that the number of children afflicted with rickets and tuberculosis reaches in Budapest the terrific figure of 250,000 in a population of about two millions. It is said that practically all the new-born in recent years, partly through the privations of the mothers and partly from the lack of milk, are tuberculous.

The conditions of life are so serious that there is no comparison; some prices have only risen five to tenfold, but very many from thirty to fifty and even higher. Grain, which before the War cost 31 crowns, costs now 500 crowns; corn has passed from 17 to 220 and 250 crowns. A kilogram of rice, which used to cost 70 centimes, can be found now only at 80 crowns. Sugar, coffee and milk are at prices which are absolutely prohibitive.

Of the financial situation it is almost useless to speak. The documents presented to the Conference of Brussels are sad evidence, and a sure index is the course of the crown, now so reduced as to have hardly any value in international relations. The effective income is more than a fourth part of the effective expenses, and the rest is covered especially by the circulation.

Such is the situation of Hungary, which has lost everything, and which suffers the most atrocious privations and the most cruel pangs of hunger. In this condition she should, according to the Treaty of Trianon, not only have sufficient for herself, but pay indemnities to the enemy.

The Hungarian deputies, at the sitting which approved the Treaty of Trianon, were clad in mourning, and many were weeping. At the close they all rose and sang the national hymn.

A people which is in the condition of mind of the Magyar people can accept the actual state of affairs as a temporary necessity, but have we any faith that it will not seek all occasions to retake what it has unjustly lost, and that in a certain number of years there will not be new and more terrible wars?

I cannot hide the profound emotion which I felt when Count Apponyi, on January 16, 1920, before the Supreme Council at Paris, gave the reasons of Hungary.

You, gentlemen [he said], whom victory has permitted to place yourselves in the position of judges, you have pronounced the culpability of your late enemies and the point of view which directs you in your resolutions is that of making the consequences of the War fall on those who were responsible for it.

Let us examine now with great serenity the conditions imposed on Hungary, conditions which are inacceptable without the most serious consequences. Taking away from Hungary the larger part of her territory, the greater part of her population, the greater portion of her economic resources, can this particular severity be justified by the general principles which inspire the Entente? Hungary not having been heard (and was not heard except to take note of the declaration of the head of the delegation), cannot accept a verdict which destroys her without explaining the reasons.

The figures furnished by the Hungarian delegation left no doubt behind: they treated of the dismemberment of Hungary and the sacrifice of three millions and a half of Magyars and of the German population of Hungary to people certainly more ignorant and less advanced. At the end Apponyi and the Hungarian delegation did not ask for anything more than a plebiscite for the territories in dispute.

After he had explained in a marvellous manner the great function of historic Hungary, that of having saved on various occasions Europe from barbaric invasion, and of having known how to maintain its unity for ten centuries in spite of the many differences amongst nations, Count Apponyi showed how important it was for Europe to have a solid Hungary against the spread of Bolshevism and violence.

You can say [added Apponyi] that against all these reasons there is only one—victory, the right of victory. We know it, gentlemen; we are sufficient realists in politics to count on this factor. We know what we owe to victory and we are ready to pay the price of our defeat. But should this be the sole principle of construction: that force alone should be the basis of what you would build, that force alone should be the base of the new building, that material force alone should be the power to hold up those constructions which fall whilst you are trying to build them? The future of Europe would then be sad, and we cannot believe it. We do not find all that in the mentality of the victorious nations; we do not find it in the declarations in which you have defined the principles for which you have fought, and the objects of the War which you have proposed to yourselves.

And after having referred to the traditions of the past, Count Apponyi added:

We have faith in the sincerity of the principles which you have proclaimed: it would be doing you injustice to think otherwise. We have faith in the moral forces with which you have wished to identify your cause. And all that I wish to hope, gentlemen, is that the glory of your arms may be surpassed by the glory of the peace which you will give to the world.

The Hungarian delegation was simply heard; but the treaty, which had been previously prepared and was the natural consequence of the Treaty of Versailles, was in no way modified.

An examination of the Treaty of Trianon is superfluous. By a stroke of irony the financial and economic clauses inflict the most serious burdens on a country which had lost almost everything: which has lost the greatest number of men proportionately in the War, which since the War has had two revolutions, which for four months suffered the sackings of Bolshevism—led by Bela Kun and the worst elements of revolutionary political crime—and, finally, has suffered a Rumanian occupation, which was worse almost than the revolutions or Bolshevism.

It is impossible to say which of the peace treaties imposed on the conquered is lasting and which is the least supportable: after the Treaty of Versailles, all the treaties have had the same tendency and the same conformation.

The situation of German-Austria is now such that she can say with Andromache: "Let it please God that I have still something more to fear!" Austria has lost everything, and her great capital, which was the most joyous in Europe, shelters now a population whose resources are reduced to the minimum. The slump in her production, which is carried on amidst all the difficulties, the fall in her credit, the absolute lack of foreign exchanges, the difficulty of trading with the hostile populations which surround her, put Austria in an extremely difficult position and in progressive and continuous decadence. The population, especially in the cities, is compelled to the hardest privations; the increase of tuberculosis is continuous and threatening.

Bulgaria has had rather less loss, and although large tracts of Bulgarian territory have been given without any justifiable motive to Greece and Jugo-Slavia, and although all outlet on the Aegean has been taken from her by assigning to Greece lands which she cannot maintain, on the whole Bulgaria, after the Treaty of Neuilly, has less sharp sufferings than the other conquered countries. Bulgaria had a territorial extension of 113,809 square kilometres; she has now lost about 9,000 square kilometres. She had a population of 4,800,000, and has lost about 400,000.

As for Turkey, if the treaties should continue to exist, she can be considered as disappearing from Europe and on the road to disappear from Asia. The Turkish population has been distributed haphazard, especially to Greece, or divided up under the form of mandates to countries of the Entente. According to the Treaty of SÈvres of August 10, 1920, Turkey abandons all her territory in Europe, withdrawing her frontier to the Ciatalgia lines.

Turkey in Europe is limited, therefore, to the surroundings of Constantinople, with little more than 2,000 square kilometres, and a population which is rather hard to estimate, but which is that only of the city and the surroundings—perhaps a million and a half men. In Asia Minor Turkey loses the territory of the Sanjak of Smyrna, over which, however, she retains a purely nominal sovereignty; the territory still undefined of the Armenian Republic: Syria, Cilicia, Palestine and Mesopotamia, which become independent under mandatory powers; in Arabia the territory of the Hedjaz, whilst the remainder of the peninsula will enjoy almost complete independence. Besides, Constantinople and the Straits are subject to international control, and the three States now the most closely interested—Great Britain, France and Italy—assume the control of the finances and other aspects of the Ottoman administration.

Every programme has ignored Turkey except when the Entente has had opportunity to favour Greece. The Greece of Venezelos was the ward of the Entente almost more than Poland itself. Having participated in the War to a very small extent and with almost insignificant losses, she has, after the War, almost trebled her territory and almost doubled her population. Turkey was put entirely, or almost so, outside Europe; Greece has taken almost everything. Rejected was the idea of fixing the frontier on the Enos Medea line, and the frontier fixed at Ciatalgia; Constantinople was under the fire of the Greek artillery, and Constantinople was nominally the only city which remained to Turkey. The Sanjak of Smyrna, in Asia Minor, was the true wealth of Turkey; it represented forty-five per cent. of the imports of the Turkish Empire. Although the population of the whole vilayet of Audin and the majority of the Sanjak of Smyrna was Mussulman, Greece had the possession. The whole of Thrace was assigned to Greece; Adrianople, a city sacred to Islam, which contains the tombs of the Caliphs, has passed to the Greeks.

The Entente, despite the resistance of some of the heads of governments, always yielded to the requests of Greece. There was a sentiment of antipathy for the Turks and there was a sympathy for the Greeks: there was the idea to put outside Europe all Mussulman dominion, and the remembrance of the old propaganda of Gladstone, and there were the threats of Wilson, who in one of his proposals desired exactly to put Turkey outside Europe. But above all there was the personal work of Venezelos. Every request, without being even examined thoroughly, was immediately justified by history, statistics, ethnography. In any discussion he took care to solliciter doucement les textes as often the learned with few scruples do. I have met few men in my career who united to an exalted patriotism such a profound ability as Venezelos. Every time that, in a friendly way, I gave him counsels of moderation and showed him the necessity of limiting the requests of Greece, I never found a hard or intemperate spirit. He knew how to ask and obtain, to profit by all the circumstances, to utilize all the resources better even than the professional diplomats. In asking he always had the air of offering, and, obtaining, he appeared to be conceding something. He had at the same time a supreme ability to obtain the maximum force with the minimum of means and a mobility of spirit almost surprising.

He saw no difficulty, convinced as he was, of erecting a Greek Empire on the remnants of Turkey. Every time that doubts were expressed to him, or he was shown data which should have moderated the positions, he denied the most evident things, he recognized no danger, and saw no difficulty. He affirmed always with absolute calm the certainty of success. It was his opinion that the Balkan peninsula should be, in the north, under the action of the Serb-Croat-Slovene State and of Rumania, and in the south of Greece. But Greece, having almost all the islands of the Aegean, a part of the territory of Turkey and all the ports in the Aegean, and having the Sanjak of Smyrna, should form a littoral Empire of the East and chase the Turks into the poorer districts of Anatolia.

In the facility with which the demands of Greece were accepted (and in spite of everything they were accepted even after the fall of Venezelos) there was not only a sympathy for Greece, but, above all, the certainty that a large Greek army at Smyrna would serve principally towards the security of those countries which have and wished to consolidate great interests in Asia Minor, as long as the Turks of Anatolia were thinking specially about Smyrna and could not use her forces elsewhere. For the same motive, in the last few years, all the blame is attributed to the Turks. If they have erred much, the errors, even the minor ones, have been transformed into crimes. The atrocities of the Turks have been described, illustrated, exaggerated; all the other atrocities, often no less serious, have been forgotten or ignored.

The idea of a Hellenic Empire which dominates all the coast of the Aegean in Europe and Asia encounters one fundamental difficulty. To dominate the coast it is necessary to have the certainty of a large hinterland. The Romans in order to dominate Dalmatia were obliged to go as far as the Danube. Alexander the Great, to have a Greek Empire, had, above all, to provide for land dominion. Commercial colonies or penetration in isolation are certainly possible, but vast political organizations are not possible. It is not sufficient to have territory; it is necessary to organize it and regulate the life. Mankind does not nourish itself on what it eats, and even less on what it digests, but on what it assimilates.

Historians of the future will be profoundly surprised to learn that in the name of the principle of nationality the vilayet of Adrianople, which contains the city dearest to the heart of Islam after Mecca, was given to the Greeks. According to the very data supplied by Venezelos there were 500,000 Turks, 365,000 Greeks, and 107,000 Bulgarians; in truth the Turks are in much greater superiority.

The Grand Vizier of Turkey, in April, 1920, presented a note to the ambassadors of the Entente to revindicate the rights on certain vilayets of the Turkish Empire. According to this note, in Western Thrace there were 522,574 inhabitants, of which 362,445 were Mussulmans. In the vilayet of Adrianople, out of 631,000 inhabitants, 360,417 were Mussulmans. The population of the vilayet of Smyrna is 1,819,616 inhabitants, of which 1,437,983 are Mussulmans. Perhaps these statistics are biased, but the statistics presented by the opposing party were even more fantastic.

After having had so many territorial concessions, Greece—who during the War had enriched herself by commerce—is obliged, even after the return of Constantine, who did not know how to resist the pressure, to undertake most risky undertakings in Asia Minor, and has no way of saving herself except by an agreement with Turkey. In the illusion of conquering the Turkish resistance, she is now obliged to maintain an army twice as big as that of the British Empire! The dreams of greatness increase: some little military success has given Greece the idea also that the Treaty of SÈvres is only a foundation regulating the relationship with the Allies and with the enemy, and constituting for Greece a title of rights, the full possession of which cannot be modified. The War determines new rights which cannot invalidate the concessions already given, which, on the contrary, are reinforced and become intangible, but renders necessary new concessions.

What will happen? Whilst Greece dreams of Constantinople, and we have disposed of Constantinople and the Straits, Turkey seems resigned to Constantinople itself, to-day a very poor international city rather than a Turkish city. The Treaty of SÈvres says that it is true that the contracting States are in agreement in not offending any of the rights of the Ottoman government on Constantinople, which remains the capital of the Turkish Empire, always under the reserve of the dispositions of the treaty. That is equivalent to saying of a political regime that it is a controlled "liberty," just as in the time of the Tsars it was said that there existed a Monarchie constitutionnelle sous un autocrate. Constantinople under the Treaty of SÈvres is the free capital of the Turkish Empire under the reserve of the conditions which are contained in the treaty and limit exactly that liberty.

The force of Turkey has always been in her immense power of resistance. Win by resisting, wear out with the aid of time, which the Turks have considered not as an economic value, but as their friend. To conquer the resistance of Turkey, both in the new territories of Europe and in Asia Minor, Greece will have to exhaust the greater part of her limited resources. The Turks have always brought to a standstill those who would dominate her, by a stubborn resistance which is fanaticism and national dignity. On the other hand, the Treaty of SÈvres, which has systematized in part Eastern Europe, was concluded in the absence of two personages not to be unconsidered, Russia and Germany, the two States which have the greatest interest there. Germany, the War won, as she could not give her explanations on the conclusions of peace, was not able to intervene in the solutions of the question of the Orient. Russia was absent. Worn out with the force of a war superior to her energies, she fell into convulsions, and is now struggling between the two misfortunes of communism and misery, of which it is hard to say whether one, or which of the two, is the consequence of the other.

One of the most characteristic facts concerns Armenia. The Entente never spoke of Armenia. In his fourteen points Wilson neither considered nor mentioned it. It was an argument difficult for the Entente in so far that Russia was straining in reality (under the necessity of protecting the Christians) to take Turkish Armenia without leaving Russian Armenia.

But suddenly some religious societies and some philanthropic people instituted a vast movement for the liberation of Armenia. Nothing could be more just than to create a small Armenian State which would have allowed the Armenians to group themselves around Lake Van and to affirm their national unity in one free State. But here also the hatred of the Turks, the agitation of the Greeks, the dimly illuminated philanthropy, determined a large movement to form a great State of Armenia which should have outlets on the sea and great territories.

So that no longer did people talk of a small State, a refuge and safe asylum for the Armenians, but of a large State. President Wilson himself, during the Conference of San Remo, sent a message in the form of a recalling to mind, if not a reproof, to the European States of the Entente because they did not proceed to the constitution of a State of Armenia. It was suggested to bring it down to Trebizond, to include Erzeroum in the new Armenia, a vast State of Armenia in which the Armenians would have been in the minority. And all that in homage to historical tradition and for dislike of the Turks! A great Armenia creates also a series of difficulties amongst which is that of the relations between Armenia, Georgia and Azerbajan, supposing that in the future these States cut themselves off definitely from Russia. The great Armenia would include the vilayet of Erzeroum, which is now the centre of Turkish nationalism, and contains more Mussulmans than Armenians. As a matter of fact the vilayet of Erzeroum has 673,000 Mussulmans, 1,800 Greeks and 135,000 Armenians.

When it was a question of giving Greece territories in which the Greeks were in a minority it was said that the populations were so badly governed by the Turks that they had the right to pass under a better regime, whatever it might be. But for a large part of the territory of the so-called Great Armenia it is possible to commit the error of putting large majorities of Mussulman people under a hostile Armenian minority.

The Armenians would have to fight at the same time against the Kurds and against Azerbajan; they are surrounded by enemies on all sides.

But the whole of the discussion of giving the vilayet of Erzeroum to Armenia or leaving it to Turkey is entirely superfluous, for it is not a question of attributing territory but of determining actual situations. If it is desired to give to the Armenians the city of Erzeroum, it is first of all necessary that they shall be able to enter and be able to remain there. Now since the Armenians have not shown, with a few exceptions, a great power of resistance, and are rather a race of merchants than warriors, it would be necessary for others to undertake the charge of defending them. None of the European States desired a mandate for Armenia, and no one wished to assume the serious military burden of protecting the Armenians; the United States, after having in the message of Wilson backed a great Armenia, wished even less than the other States to interest themselves in it.

Probably proposals of a more reasonable character and marked by less aversion for the Turks would have permitted the Turks not only to recognize, which is not difficult for them, but in fact to respect, the new State of Armenia, without the dreams of a sea coast and the madness of Erzeroum.

If the condition of the conquered is sufficiently serious the situation of the peoples most favoured by the Entente in Europe—Poland and Greece, who have obtained the greatest and most unjust increases in territory, having given for a diversity of reasons extremely little during the War—is certainly not less so. Each of these countries are suffocating under the weight of the concessions, and seek in vain a way of salvation from the burdens which they are not able to support, and from the mania of conquest which are the fruits of exaltation and error.

Having obtained much, having obtained far more than they thought or hoped, they believe that their advantage lies in new expansion. Poland violates treaties, offends the laws of international usage, and is protected in everything she undertakes. But every one of her undertakings can only throw her into greater discomfort and augment the total of ruin.

All the violences in Upper Silesia to prevent the plebiscite going in favour of Germany were not only tolerated but prepared far ahead.

When I was head of the Italian Government the representative of the German Government in Rome, von Herf, gave documentary evidence on what was being prepared, and on April 30, 1920, in an audience which I gave him as head of the Council he furnished me with proofs of what was the Polish organization, what were its objects and the source of its funds.

As everyone knows, the plebiscite of March 20, 1921, in spite of the violence and notwithstanding the officially protected brigandage, resulted favourably to Germany. Out of 1,200,636 voters 717,122 were for Germany and 483,514 for Poland. The 664 richest, most prosperous and most populous communes gave a majority for the Germans, 597 communes gave a majority for Poland. The territory of Upper Silesia, according to the treaty, according to the plebiscite, according to the most elementary international honesty, should be immediately handed over to Germany. But as they do not wish to give the coal of Upper Silesia to Germany, and the big interests of the new great metallurgical group press and trick, the Treaty of Versailles has here also become a chiffon de papier.

Instead of accepting, as was the first duty, the result of the plebiscite, people have resorted to sophism of incomparable weakness: Article 88 of the Treaty of Versailles says only that the inhabitants of Upper Silesia shall be called to designate by means of a plebiscite if they desire to be united to Germany or to Poland.

It was necessary to find a sophism!

The Addendum of Section 8 establishes how the work of scrutiny shall be carried out and all the procedure of the elections. There are six articles of procedure. Paragraph 4 says that each one shall vote in the commune where he is domiciled or in that where he was born if he has not a domicile in the territory. The result of the vote shall be determined commune by commune, according to the majority of votes in each commune.

This means then that the results of the voting, as is done in political questions in all countries, should, be controlled commune by commune: it is the form of the scrutiny which the appendix defines. Instead, in order to take the coal away from Germany, it was attempted, and is being still attempted, not to apply the treaty, but to violate the principle of the indivisibility of the territory and to give the mining districts to Poland.

The violation of the neutrality of Belgium was not an offence to a treaty more serious than this attempt; the Treaty of 1839 cannot be considered a chiffon de papier more than the Treaty of Versailles. Only the parties are inverted.

It is not France, noble and democratic, which inspires these movements, but a plutocratic situation which has taken the same positions, but on worse grounds, as the German metallurgists before the War. It is the same current against which Lloyd George has several times bitterly protested and for which he has had very bitter words which it is not necessary to recall. It is the same movement which has created agitations in Italy by means of its organs, and which attempt one thing only: to ruin the German industry and, having the control of the coal, to monopolize in Europe the iron industries and those which are derived from it.

First of all, in order to indemnify France for the temporary damages done to the mines in the North, there was the cession in perpetuo of the mines of the Saar; then there were the repeated attempts to occupy the territory of the Ruhr to control the coal; last of all there is the wish not to apply the plebiscite and to violate the Treaty of Versailles by not giving Upper Silesia to Germany, but giving it abusively to Poland.

Germany produced before the War about 190,000,000 tons of coal; in 1913 191,500,000. The consumption of these mines themselves was about a tenth, 19,000,000 tons, whilst for exportation were 83,500,000 tons, and for internal consumption were 139,000,000.

Now Germany has lost, and justly, Alsace-Lorraine, 3,800,000 tons. She has lost, and it was not just, the Saar, 13,200,000 tons. She is bound by the obligations of the treaty to furnish France with 20,000,000 tons, and to Belgium and Italy and France again another 25,000,000 tons. If she loses the excellent coal of Upper Silesia, about 43,800,000 tons per year, she will be completely paralysed.

It is needless to lose time in demonstrating for what geographic, ethnographic and economist reason Upper Silesia should be united with Germany. It is a useless procedure, and also, after the plebiscites, an insult to the reasoning powers. If the violation of treaties is not a right of the victor, after the plebiscite, in which, notwithstanding all the violences, three-quarters of the population voted for Germany, then there is no reason for discussion.

The words used by Lloyd George on May 18, 1921, in the House of Commons, are a courteous abbreviation of the truth. From the historical point of view, he said, Poland has no rights over Silesia. The only reason for which Poland could claim Upper Silesia is that it possesses a numerous Polish population, arrived there in comparatively recent times with the intention of finding work, and especially in the mines. That is true and is more serious than would be an agitation of the Italians in the State of San Paulo of Brazil, claiming that they had a majority of the population.

"The Polish insurrection," said Lloyd George justly, "is a challenge to the Treaty of Versailles, which, at the same time, constitutes the charter of Polish Liberty." Poland is the last country in Europe which has the right to deplore the treaty, because Poland did not conquer the treaty. Poland did not gain her liberty, and more than any other country should respect every comma of the treaty. She owes her liberty to Italy, Great Britain and France.

In the future [said the English Prime Minister] force will lose its efficiency in regard to the Treaty of Versailles, and the maintenance of the undertakings on the part of Germany on the basis of her signature placed to the treaty will count increasingly. We have the right to everything which she gives us: but we have the right also to leave everything which is left to her. It is our duty of impartiality to act with rigorous justice, without taking into account the advantages or the disadvantages which may accrue therefrom. Either the Allies must demand that the treaty shall be respected, or they should permit the Germans to make the Poles respect it. It is all very well to disarm Germany, but to desire that even the troops which she does possess should not participate in the re-establishment of order is a pure injustice.

Russia [added Lloyd George] to-day is a fallen Power, tired, a prey to a despotism which leaves no hope, but is also a country of great natural resources, inhabited by a people of courage, who at the beginning of the War gave proof of its courage. Russia will not always find herself in the position in which she is to-day. Who can say what she will become? In a short time she may become a powerful country, which can say its word about the future of Europe and the world. To which part will she turn? With whom will she unite?

There is nothing more just or more true than this.

But Poland wants to take away Upper Silesia from Germany notwithstanding the plebiscite and against the treaty, and which has in this action the aid of the metallurgical interests and the great interests of a large portion of the Press of all Europe. Poland, which has large nuclei of German populations, after having been enslaved, claims the right to enslave populations, which are more cultured, richer and more advanced. And besides the Germans it claims the right to enslave even Russian peoples and further to occupy entire Russian territories, and wishes to extend into Ukraine. There is then the political paradox of Wilna. This city, which belongs according to the regular treaty to Lithuania, has been occupied in an arbitrary manner by the Poles, who also claim Kowno.

In short, Poland, which obtained her unity by a miracle, is working in the most feverish manner to create her own ruin. She has no finance, she has no administration, she has no credit. She does not work, and yet consumes; she occupies new territories, and ruins the old ones. Of the 31,000,000 inhabitants, as we have seen, 7 millions are Ukranians, 2.2 Russians, 2.1 Germans, and nearly half a million of other nationalities. But among the eighteen or nineteen million Poles there are at least four million Jews—Polish Jews, without doubt, but the greater portion do not love Poland, which has not known how to assimilate them. The Treaty of Versailles has created the absurd position that to go from one part to the other of Germany it is necessary to traverse the Danzig corridor. In other terms, Germany is cut in two parts, and to move in Prussia herself from Berlin to one of the oldest German cities, the home of Emanuel Kant, Konigsberg, it is necessary to traverse Polish territory.

So Poland separates the two most numerous people of Europe: Russia and Germany. The Biblical legend lets us suppose that the waters of the Red Sea opened to let the Chosen People pass: but immediately afterwards the waters closed up again. Is it possible to suppose that such an arbitrary arrangement as this will last for long?

If it has lasted as long as it has, it is because it was, at least from the part of one section of the Entente, not the road to peace, but because it was a method of crushing down Germany.

If a people had conditions for developing rapidly it was Czeko-Slovakia. But also with the intention of hurting Germany and the German peoples, a Czeko-Slovak State was created which has also its own tremendous crisis of nationality. A Czeko-Slovakia with a population of eight to nine million people represented a compact ethnical unity. Instead, they have added five and a half million people of different nationalities, amongst whom about 4,000,000 Germans, with cities which are the most German in the world, as Pilsen, Karlsbad, Reichenberg, etc. What is even more serious is that the 4,000,000 Germans are attached to Germany, and, having a superior culture and civilization, will never resign themselves to being placed under the Czeks.

Czeko-Slovakia had mineral riches, industrial concerns and solid agriculture, and a culture spread among the people—all the conditions for rising rapidly. All these advantages risk being annulled by the grave and useless insult to the Germans and Magyars.

Not only is the situation of Europe in every way uncertain, but there is a tendency in the groups of the victors on the Continent of Europe to increase the military budgets. The relationships of trade are being restored only slowly; commerce is spoken of as an aim. In Italy the dangers and perils of reopening trade with Germany have been seriously discussed; customs duties are raised every day; the industrial groups find easy propaganda for protection. Any limitation of competition is a duty, whether it be the enemy of yesterday or the enemy of to-day, and so the greatest evils of protection are camouflaged under patriotism.

None of the countries which have come out of the War on the Continent have a financial position which helps toward a solid situation. All the financial documents of the various countries, which I have collected and studied with great care, contain enormous masses of expenses which are the consequences of the War; those of the conquering countries also contain enormous aggregations of expenses which are or can become the cause of new wars.

The conquered countries have not actually any finance. Germany has an increase of expenses which the fall of the mark renders more serious. In 1920 she spent not less than ninety-two milliards, ruining her circulation. How much has she spent in 1921?

Austria and Hungary have budgets which are simply hypotheses. The last Austrian budget, for 1921, assigned a sum of seventy-one milliards of crowns for expenses, and this for a poor country with 7,000,000 inhabitants.

A detailed examination of the financial situation of Czeko-Slovakia, of Rumania, and of the Serbo-Croat States gives results which are at the least alarming. Even Greece, which until yesterday had a solid structure, gallops now in a madness of expenditure which exceeds all her resources, and if she does not find a means to make peace with Turkey she will find her credit exhausted. The most ruinous of all is the situation of Poland, whose finance is certainly not better regulated than that of the Bolsheviks of Moscow, to judge from the course of the Polish mark and the Russian rouble if anyone gets the idea of buying them on an international market.

The situation of the exchange since the War has not sensibly bettered even for the great countries, and it is extraordinarily worse for the other countries.

In June, 1921, France had a circulation of about thirty-eight milliard of francs, Belgium six milliard of francs, Italy of about eighteen milliards; Great Britain, between State notes and Bank of England notes, had hardly £434,000,000 sterling. Actually, among the continental countries surviving the War, Italy is the country which has made the greatest efforts not to augment the circulation but to increase the duties; also because she had no illusions of rebuilding her finance and her national economy on an enemy indemnity.

But the conquered countries have so abused their circulation that they almost live on the thought of it—as, in fact, not a few of the conquering countries and those come out from the War do. Germany has passed eighty-eight milliards, and is rapidly approaching one hundred milliards. Now, when one thinks that the United States, after so many loans and after all the expenses of the War, has only a circulation of 4,557,000,000 dollars, one understands what difficulty Germany has to produce, to live, and to refurnish herself with raw materials.

Only Great Britain of all the countries in Europe which have issued from the War has had a courageous financial policy. Public opinion, instead of pushing Parliament to financial dissipation, has insisted on economy. If the situation created by the War has transformed also the English circulation into unconvertible paper money, this is merely a passing fact. If the sterling loses on the dollar—that is, on gold—given the fact that the United States of America alone now have a money at par, almost a quarter of its value, this is also merely a transitory fact.

Great Britain has the good sense to curtail expenses, and the sterling tends always to improve.

France and Italy are in an intermediate position. Their money can be saved, but it will require energetic care and great economies, stern finance, a greater development of production, limitation of consumption, above all, of what is purchased from abroad. At the date of which I am writing, expressed on a percentual basis, the French franc is worth 47 centimes of the sterling and 36 of the dollar—that is to say, of gold. The Italian lira is worth 28 centimes of the sterling and 21 of the dollar.

Here are still two countries in which tenacious energy can save and with many sacrifices they can arrive at good money. France has a good many more resources than Italy; she has a smaller need of importations and a greater facility for exportations. But her public debt has reached 265 milliards, the circulation has well passed thirty-eight milliards, and they still fear to calculate amongst the extraordinary income of the budget the fifteen milliards a year which should come from Germany.

Italy, with great difficulty of production and less concord inside the country, has a more true vision, and does not reckon any income which is not derived from her own resources. Her circulation does not pass eighteen milliards, and her debt exceeds by a little one hundred milliards.

With prudence and firmness France and Italy will be able to balance their accounts.

But the financial situation and the exchanges of the conquered countries, even that of Germany, may be called desperate.

If expressed in percentages, the German mark is worth 5.11 per cent. in comparison with the pound sterling and 3.98 per cent. of the dollar. What possibility is there of systematizing the exchange?

Germany was compelled this year to carry her expenses to 130 milliards of marks. As her circulation has exceeded eighty-eight milliards, how can she straighten out her money?

As for the Austrian and Hungarian crowns, the Jugo-Slav crowns, the Rumanian lei, and all the other depreciated moneys, their fate is not doubtful. As their value is always descending, and the gold equivalent becomes almost indeterminable, they will have a common fate. As for the Polish mark, it can be said that before long it will not be worth the paper on which it is printed.

There is, then, the fantastic position of the public debts! They have reached now such figures that no imagination could have forecasted. France alone has a debt which of itself exceeds by a great deal all the debts of all the European States previous to the War: 265 milliards of francs. And Germany, the conquered country, has in her turn a debt which exceeds 320 milliards of marks, and which is rapidly approaching 400 milliards. The debts of many countries are only recorded by feats of memory, because there is no practical interest in knowing whether Austria, Hungary, and especially Poland, has one debt or another, since the situation of the creditors is not a situation of reality.

The whole debt of the United States of America is, after so much war, only 23,982,000,000 dollars; but the United States are creditors of the Entente for 9,500,000,000 dollars. Also England, against a debt of £9,240,000,000 sterling, has a credit of £1,778,000,000.

These serious figures, whilst they increase the condition of discomfort rendered even more serious by the scarcity of commercial exchanges, indicate also what necessity may be superior to all in every country to preserve internal peace: produce more, consume less, put the finances in order, and reconquer the credits.

Instead, the conquered countries are going downwards every day and the conquering countries are maintaining very big armies, exhausting their resources, whilst they are spreading the conviction that the indemnity from the enemy will compensate sufficiently, or at least partially, for the work of restoration.

In fact, the causes of discontent and diffidence are augmenting. Nothing is more significant than the lack of conscience with which programmes of violence and of ruin are lightly accepted; nothing is more deplorable than the thoughtlessness with which the germs of new wars are cultivated. Germany has disarmed with a swiftness which has even astonished the military circles of the Entente; but the bitter results of the struggle are not only not finished against Germany, not even to-day does she form part of the League of Nations (which is rather a sign of a state of mind than an advantage), but the attitude towards her is even more hostile.

Two years after the end of the war R. PoincarÉ wrote that the League of Nations would lose its best possibility of lasting if, un jour, it did not reunite all the nations of Europe. But he added that of all the conquered nations—Austria, Hungary, Bulgaria, Turkey and Germany—the last-mentioned, by her conduct during the War and after the peace, justified least a near right of entry. It would be incontestablement plus naturel (of how many things does nature occupy herself!) to let Austria enter first if she will disavow the policy of reattachment—that is, being purely German, renounce against the principle of nationality, in spite of the principle of auto-decision, when she cannot live alone, to unite herself to Germany; Bulgaria and Turkey as long as they had a loyal and courteous attitude towards Greece, Rumania and Serbia. The turn of Germany will come, but only after Turkey, when she will have given proof of executing the treaty, which no reasonable and honest person considers any more executable in its integrity.

The most characteristic facts of this peace which continues the War can be recapitulated as follows:

1. Europe on the whole has more men under arms than before the War. The conquered States are forced to disarm, but the conquering States have increased the armaments; the new States and the countries which have come through the War have increased their armaments.

2. Production is very tardily being taken up again because there is everywhere, if in a different degree, a lesser desire for work on the part of the working classes joined with a need for higher remuneration.

3. The difficulties of trade, instead of decreasing in many countries of Europe are increasing, and international commerce is very slowly recovering. Between the States of Europe there is not a real commerce which can compare with that under normal conditions. Considering actual values with values before the War, the products which now form the substance of trade between European countries do not represent even the half of that before the War.

As the desire for consumption, if not the capacity for consumption, has greatly increased, and the production is greatly decreased, all the States have increased their functions. So the discredit of the paper money and the Treasury bills which permit these heavy expenses is in all the countries of Europe, even if in different degrees, very great.

The conquering countries, from the moment that they had obtained in the treaties of peace the acknowledgment of the conquered that the War was caused by them, held it to be legitimate that they should lose all their disposable goods, their colonies, their ships, their credits and their commercial organization abroad, but that the conquered should also pay all the damages of the War. The War, therefore, should be paid for by the conquered, who recognized (even if against their will) that they were alone responsible. That forms henceforth a certain canon of foreign politics, the less a thing appears true the more it is repeated.

Although the treaties oblige Austria, Hungary, Bulgaria and Turkey to pay the damages of the War, it is, however, certain that they are not able to pay anything and not even the expenses of the victors on their territory. "Cantabit vacuus coram latrone viator," said Juvenal ("Who has nothing can give nothing"), and Austria, for her part, instead of giving is imploring food succour.

So the problem remains limited to Germany. Can she pay the indemnity indicated in the treaty? Can she pay for the damages and indemnify the victors? After having given up her colonies, her ships, her railway material, all her disposable credits abroad, in what form can she pay?

The fundamental controversy reduces itself henceforth only to this point, which we shall try if possible to make clear, since we desire that this matter shall be presented in the clearest and most evident form.

From now on it is not the chancelleries which must impose the solutions of great problems; but it is the mass of the public in Europe and America.