132 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

weeks of the platform had reduced the powerfulgovernors of England , who but a little while beforehad spoken not ignobly of Disarmament and aLeague of Nations and of a just and lasting peacewhich should establish the foundations of a newEurope .

On the same evening the Prime Minister at Bristolwithdrew in effect his previous reservations and laiddown four principles to govern his Indemnity Policy,of which the chief were : First, we have an absoluteright to demand the whole cost of the war; second,we propose to demand the whole cost of the war;and third, a Committee appointed by direction of theCabinet believe that it can be done. 1 Four dayslater he went to the polls.

The Prime Minister never said that he himselfbelieved that Germany could pay the whole cost ofthe war. But the programme became in the mouthsof his supporters on the hustings a great deal moreconcrete. The ordinary voter was led to believethat Germany could certainly be made to pay thegreater part, if not the whole cost of the war. Thosewhose practical and selfish fears for the future theexpenses of the war had aroused, and those whoseemotions its horrors had disordered, were both providedfor. A vote for a Coalition candidate meant the

1 The whole cost of the war has been estimated at from £24,000 millionupwards. This would mean an annual payment for interest (apart fromsinking fund) of £1200 million. Could any expert Committee havereported that Germany can pay this sum ?