244 THE ECONOMIC CONSEQUENCES OF THE PEACE en.

of the world may yet transform into a powerfulinstrument of peace, and which in Articles XL -XVII. 1 has already accomplished a great and bene-ficent achievement. I agree, therefore, that our firstefforts for the Revision of the Treaty must be madethrough the League rather than in any other way,in the hope that the force of general opinion, and ifnecessary, the use of financial pressure and financialinducements, may be enough to prevent a recalcitrantminority from exercising their right of veto. Wemust trust the new Governments, whose existenceI premise in the principal Allied countries, to showa profounder wisdom and a greater magnanimitythan their predecessors.

We have seen in Chapters IV. and V. that thereare numerous particulars in which the Treaty isobjectionable. I do not intend to enter here intodetails, or to attempt a revision of the Treaty clauseby clause. I limit myself to three great changeswhich are necessary for the economic life of Europe, relating to Reparation, to Coal and Iron, and to Tariffs.

Reparation. —If the sum demanded for Repara-tion is less than what the Allies are entitled toon a strict interpretation of their engagements, it isunnecessary to particularise the items it represents or

1 These Articles, which provide safeguards against the outbreak of warbetween members of the League and also between members and non-members, are the solid achievement of the Covenant. These Articles makesubstantially less probable a war between organised Great Powers such asthat of 1914. This alone should commend the League to all men.