CONTENTS

I. THE TREATY OF PEACE

PACE

1. Paris (1919) ...... 3

2. The Capacity of Germany to pay Reparations

09 * 9 ). 7

3. Proposals for the Reconstruction of Europe

( I 9 I 9 ). T 9

4. The Chance of Opinion (1921) . . 46

5. War Debts and the United States . . 52

(i) Cancellation (1921).

(ii) The Balfour Note (1925).

(iii) Cancellation (1928).

II. INFLATION AND DEFLATION

1. Inflation (1919) . . . • -77

2. Social Consequences of Changes in the Value

of Money (1923) . . . . .80

3. The French Franc ..... 105

(i) An open letter to the French Minister of

Finance (1926).

(ii) The Stabilisation of the Franc (1928).

xi