184 A REVISION OF THE TREATY chap.

must pay what she owes, America must consider theconsequences of trying to make her pay,—so far asself-interest is concerned, in terms of economic equi-librium between America and Italy , and, so far asgenerosity is concerned, in terms of Italian peasantsand their lives. And whilst the various PrimeMinisters will telegraph something suitable, drafted bytheir private secretaries, to the effect that America 'saction makes the moment of writing the most im-portant in the history of the world and proves thatAmericans are the noblest creatures living, America must not expect adequate or appropriate thanks.

Nevertheless, since time presses, we cannot relyon American assistance, and we must do without itif necessary. If America does not feel ready toparticipate in a Conference of Revision and Recon-struction, Great Britain should be prepared to do herpart in the cancellation of paper claims, irrespectiveof similar action by the United States .

The simplicity of my plan may be emphasised bysummarising it. (1) Great Britain , and if possibleAmerica too, to cancel all the debts owing them fromthe Governments of Europe and to waive their claimsto any share of German Reparation; (2) Germany topay 1260 million gold marks (£63,000,000 gold) perannum for 30 years, and to hold available a lump sumof 1000 million gold marks for assistance to Poland andAustria ; (3) this annual payment to be assigned in theshares 1080 million gold marks to Prance and 180million to Belgium .