4 °

ESSAYS IN PERSUASION

PART

some shape or form, such as has been advocatedin many quarters in France, Germany , andEngland, and also in the United States . Inwhatever way the ultimate responsibility forrepayment is distributed, the burden of findingthe immediate resources must inevitably fall inmajor part upon the United States .

The chief objections to all the varieties ofthis species of project are, I suppose, the follow-ing. The United States is disinclined to en-tangle herself further (after recent experiences)in the affairs of Europe , and, anyhow, has forthe time being no more capital to spare forexport on a large scale. There is no guaranteethat Europe will put financial assistance toproper use, or that she will not squander it andbe in just as bad case two or three years henceas she is in now;—M. Klotz will use the moneyto put off the day of taxation a little longer,Italy and Jugo-Slavia will fight one another onthe proceeds, Poland will devote it to fulfillingtowards all her neighbours the military rolewhich France has designed for her, the govern-ing classes of Roumania will divide up thebooty amongst themselves. In short, America would have postponed her own capital develop-ments and raised her own cost of living in orderthat Europe might continue for another year ortwo the practices, the policy, and the men of thepast nine months. And as for assistance toGermany , is it reasonable or at all tolerable thatthe European Allies, having stripped Germany of her last vestige of working capital, in opposi-