the Holy Father. It,
therefore, only remains for me to-day to complete the programme
and, above all, to state what were the considerations that decided
us to accept the principles that overthrow the former system. It
will come as a surprise to many, and perhaps appear
incomprehensible, that the Central Powers, and especially
Austria-Hungary, should be willing to desist from future military
armament, as it is only their military power that has protected
them through these trying years against vastly superior forces.

Not only has the war created new factors and conditions, but it
has also led to new conceptions which have shattered the
foundations of former European policy. Among many other political
theses, the one which held that Austria-Hungary was an expiring
state has vanished. The dogma of the impending collapse of the
Monarchy was what made our position in Europe more difficult and
caused all the misunderstanding concerning our vital needs. But
having shown ourselves in this war to be thoroughly sound and, at
any rate, of equal standing, it follows that we can reckon now on
a proper understanding of our vital needs in Europe and that no
hopes are left of being able to beat us down by force of arms.
Until the moment had arrived when this could be proved, we could
not do without the protection of armaments nor expose ourselves to
unfavourable treatment in the matters vital to us produced by the
legend of our impending collapse. But from that moment, we have
been in the position simultaneously with our enemies to lay down
arms and settle our difficulties peacefully and by arbitration.
This being recognised by the world affords us the possibility of
not only accepting the plan of disarmament and a court of
arbitration, but, as you, gentlemen, are aware, of working with
all our energy for its realisation, as we have for some time past.

After this war Europe must without doubt be placed on a new
political basis, the permanency of which can be guaranteed. This
basis will, I believe, be of a fourfold nature:

In the first place, it must furnish a guarantee that there shall
be no war of revenge on any side; we must make sure that we can
bequeath to our children's children the knowledge that they will
be spared the horrors of a time similar to that which we have
undergone. No shifting of power in the belligerent states can
achieve that. The onl