i THE TREATY OF PEACE 33

British, the American, and the other AlliedTreasuries , I believe this to be an act of gener-osity for which Europe can fairly ask, providedEurope is making an honourable attempt inother directions, not to continue war, economicor otherwise, but to achieve the economic re-constitution of the whole Continent. Thefinancial sacrifices of the United States havebeen, in proportion to her wealth, immenselyless than those of the European States. Thiscould hardly have been otherwise. It was aEuropean quarrel, in which the United StatesGovernment could not have justified itselfbefore its citizens in expending the wholenational strength, as did the Europeans. Afterthe United States came into the war her financialassistance was lavish and unstinted, and withoutthis assistance the Allies could never have wonthe war, quite apart from the decisive influenceof the arrival of the American troops.

But in speaking thus as we do of American financial assistance, we tacitly assume, andAmerica , I believe, assumed it too when shegave the money, that it was not in the nature ofan investment. If Europe is going to repaythe ^2,000,000,000 worth of financial assist-ance which she has had from the United States with compound interest at 5 per cent, thematter takes on quite a different complexion.If America ’s advances are to be regarded in thislight, her relative financial sacrifice has been»-ry slight indeed.

Failing such a settlement as is now proposed,