I

THE TREATY OF PEACE

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gress of our generation. Even though theresult disappoint us, must we not base ouractions on better expectations, and believethat the prosperity and happiness of onecountry promotes that of others, that thesolidarity of man is not a fiction, and thatnations can still afford to treat other nationsas fellow-creatures?

Such changes as I have proposed abovemight do something appreciable to enablethe industrial populations of Europe to con-tinue to earn a livelihood. But they wouldnot be enough by themselves. In particular,France would be a loser on paper (on paperonly, for she will never secure the actual ful-filment of her present claims), and an escapefrom her embarrassments must be shown herin some other direction. I proceed, therefore,to proposals, first, for the adjustment of theclaims of America and the Allies amongstthemselves; and second, for the provision ofsufficient credit to enable Europe to re-createher stock of circulating capital.

(ii) The Settlement of Inter-Ally Indebtedness

In proposing a modification of the Repara-tion terms, I have considered them so far onlyin relation to Germany . But fairness requiresthat so great a reduction in the amount shouldbe accompanied by a readjustment of itsapportionment between the Allies themselves.The professions which our statesmen made on