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The economic consequences of the peace / by John Maynard Keynes
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CHAPTER V

REPARATION

I. Undertakings given prior to the PeaceNegotiations

The categories of damage in respect of which theAllies were entitled to ask for Reparation aregoverned by the relevant passages in PresidentWilsons Fourteen Points of January 8, 1918,as modified by the Allied Governments in theirqualifying Note, the text of which the Presidentformally communicated to the German Governmentas the basis of peace on November 5, 1918.These passages have been quoted in full at thebeginning of Chapter IV. That is to say, " com-pensation will be made by Germany for all damagedone to the civilian population of the Allies and totheir property by the aggression of Germany by land,by sea, and from the air." The limiting quality ofthis sentence is reinforced by the passage in thePresident's speech before Congress on February 11,

1918 (the terms of this speech being an express part

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