I

THE TREATY OF PEACE

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On the one hand, Europe must depend inthe long run on her own daily labour and noton the largesse of America ; but, on the otherhand, she will not pinch herself in order thatthe fruit of her daily labour may go elsewhere.In short, I do not believe that any of thesetributes will continue to be paid, at the best, formore than a very few years. They do notsquare with human nature or agree with thespirit of the age.

If there is any force in this mode of thought,expediency and generosity agree together, andthe policy which will best promote immediatefriendship between nations will not conflict withthe permanent interests of the benefactors.

(iii) An International Loan

I pass to a second financial proposal. Therequirements of Europe are immediate. Theprospect of being relieved of oppressive interestpayments to England and America over thewhole life of the next two generations (and ofreceiving from Germany some assistance yearby year to the costs of restoration) would freethe future from excessive anxiety. But it wouldnot meet the ills of the immediate present,—theexcess of Europe’ s imports over her exports, theadverse exchange, and the disorder of the cur-rency. It will be very difficult for European production to get started again without a tem-porary measure of external assistance. I amtherefore a supporter of an international loan in