vn THE SETTLEMENT OF EUROPE 179

but a little will raise her from despondency andrender her financial problem no longer beyond solution.

My proposal, then, is to cancel the debts she owesto foreign governments, including empty claims toSeparation, and to give her a comparatively small sumout of the milliard gold marks reserved from British claims on Germany . Credits placed at her disposalin Berlin , equivalent in value to 300 million goldmarks, to be available, as required, over a period offive years, might be enough.

For the other new States, the cancellation of debtowing, and, in the case of Hungary , of Beparationclaims, should be enough, except for Boland.

Poland , too, must be given a possible problem, butit is not easy to be practical with so impracticablea subject. Her main problem can be solved only bytime, and the recovery of her neighbours. I dealhere only with the urgent question of making justpossible for her a reorganisation of currency, and offacilitating a peaceable intercourse between herselfand Germany . For this purpose I would assign toher the balance of the reserved milliard, namely,700 million gold marks, of which the annual interestshould be available to her unconditionally, but ofwhich the capital should be employed only for acurrency reorganisation, under conditions to beapproved by the United States and Great Britain .

In its essentials this scheme is very simple. Ithink that it satisfies my criterion of leaving every