2 4 o THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

troubles. It is hardly to be supposed that the Councilof Four can retrace their steps, even if they wishedto do so. The replacement of the existing Govern-ments of Europe is, therefore, an almost indispensablepreliminary.

I propose then to discuss a programme, for thosewho believe that the Peace of Versailles cannot stand,under the following heads :

L The Eevision of the Treaty.

2. The settlement of inter-Ally indebtedness.

3. An international loan and the reform of thecurrency.

4. The relations of Central Europe to Eussia.

1. The Revision of the Treaty

Are any constitutional means open to us foraltering the Treaty ? President Wilson and GeneralSmuts, who believe that to have secured the Covenantof the League of Nations outweighs much evil in therest of the Treaty , have indicated that we must lookto the League for the gradual evolution of a moretolerable life for Europe . " There are territorialsettlements," General Smuts wrote in his statementon signing the Peace Treaty , c< which will needrevision. There are guarantees laid down whichwe all hope will soon be found out of harmony withthe new peaceful temper and unarmed state of ourformer enemies. There are punishments foreshadowedover most of which a calmer mood may yet prefer