34 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

is difficult and depends on elements of character andpsychology and on the subtle influence of surround-ings, which are hard to detect and harder still todescribe. But, if ever the action of a single indi-vidual matters, the collapse of the President hasbeen one of the decisive moral events of history ;and I must make an attempt to explain it. Whata p]ace the President held in the hearts and hopesof the world when he sailed to us in the GeorgeWashington ! What a great man came to Europe in those early days of our victory !

In November 1918 the armies of Foch and thewords of Wilson had brought us sudden escape fromwhat was swallowing up all we cared for. The con-ditions seemed favourable beyond any expectation.The victory was so complete that fear need play nopart in the settlement. The enemy had laid downhis arms in reliance on a solemn compact as to thegeneral character of the Peace , the terms of whichseemed to assure a settlement of justice and mag-nanimity and a fair hope for a restoration of thebroken current of life. To make assurance certainthe President was coming himself to set the seal onhis work.

When President Wilson left Washington heenjoyed a prestige and a moral influence through-out the world unequalled in history. His bold andmeasured words carried to the peoples of Europe above and beyond the voices of their own politicians.