were
upheld by the hope that for some time to come they could maintain the
defensive and that, meanwhile, the decisive successes of their Allies
on the West would secure victory for them. They were probably afraid,
too, that a peace concluded with us would place them in permanent
disgrace with the Entente--that they would lose the friendship of the
Entente, fail to gain ours, and find themselves between two stools.
The second reason which decided me to insist on negotiating with the
King was that, from a dynastic point of view, I considered it most
unwise to dethrone a foreign king. There was already then a certain
fall in the value of kings on the European market, and I was afraid it
might develop into a panic if we put more kings off their thrones. The
third reason was that, in order to conclude peace, we must have a
competent representative in Roumania. If we were to depose the King we
should divide Roumania into two camps and would, at the best, only be
able to conclude a transitory peace with that party which accepted the
dethronement of the King. A rapid and properly-secured peace could
only be concluded with the legitimate head in Roumania.

In the introductory interviews which Colonel Randa had on February 4
and 5 with the confidential envoy from the King of Roumania, the envoy
asked whether all the Quadruple Alliance Powers were acting in the
step in question, and whether the occupied territory in Roumania would
be released. I was notified of this inquiry of the King, and replied
that I was persuaded that no refusal need be expected from the other
Central Powers should he, with the object of securing an honourable
peace, address them accordingly. As to the question of territorial
possessions, I stated that, for the present, I was not able to express
any opinion on the matter, as it would have to be a subject for the
introductory negotiations.

The view held by the German military leaders in agreement with
Hungarian politicians that Roumania should be treated differently
from, and in a much sterner manner than, any other state was, if the
question is considered from the point of view of retribution, quite
justified. Roumania's actions with regard to us were far more
treacherous than those of Italy. Italy, owing to her geographical
position and to the fact of her being totally dependent on the Western
Powers--a blockade by whom might finally have forced her to submit to
their demands--would have found it very