in THE BURDEN OF THE LONDON SETTLEMENT 63

attempts to regulate the conversion of these papermarks into foreign currencies, it will in effect becomeresponsible for the foreign exchange policy of Germany ,which it would be much more prudent to leave alone.If not, it is difficult to see what the " guarantees "really add to the other provisions by which Germany binds herself to make payments in foreign money.

I suspect that the only real and useful purpose ofthe Committee of Guarantees is as an office of theEeparation Commission in Berlin, a highly necessaryadjunct; and the clause about " guarantees" ismerely one more of the pretences, which, in all theseagreements, the requirements of politics interminglewith the provisions of finance. It is usual, particularlyin France , to talk much about " guarantees," bywhich is meant, apparently, some device for makingsure that the impossible will occur. A " guarantee "is not the same thing as a " sanction." WhenM. Briand is accused of weakness at the Second Con-ference of London and of abandoning France's " realguarantees," these provisions enable him to repudiatethe charge indignantly. He can point out that theSecond Conference of London not only set up aCommittee of Guarantees, but secured, as a new andadditional guarantee, the German Customs. Thereis no answer to that! 1

1 And it really is au adequate rejoinder to deputies like M. Forgeot. Ifa partisan or a child wants a silly, harmful thing, it may be better to meethim with a silly, harmless thing than with explanations he cannot under-stand. This is the traditional wisdom of statesmen and nursemaids.