vii THE SETTLEMENT OF EUROPE 171

highest integrity and the most accomplished financialtechnique would, in each separate country, have itschance. I seek by the proposals of this chapter, notto prescribe a solution, but to create a situation inwhich a solution is possible.

In their main substance, therefore, my suggestionsare not novel. The now familiar project of the can-cellation, in part or in their entirety, of the Repara-tion and Inter-allied Debts, is a large and unavoidablefeature of them. But those who are not preparedfor these measures must not pretend to a seriousinterest in the Eeconstruction of Europe .

In so far as such cancellation or abatement involvesconcessions by Great Britain , an Englishman canwrite without embarrassment and with some know-ledge of the tendency of popular opinion in hisown country. But where concessions by the UnitedStates are concerned he is in more difficulty. Theattitude of a section of the American press furnishesan almost irresistible temptation to deal out the sortof humbug (or discrete half-truths) which are believedto promote cordiality between nations ; it is easyand terribly respectable ; and, what is much worse,it may even do good where frankness would do harm.I pursue the opposite course, with a doubting anduneasy conscience, yet supported (not only in thischapter but throughout my book) by the hope,possibly superstitious, that openness does good in thelong run, even when it makes trouble at first.