ards the _status quo_. It
is these Articles which have reconciled to the League some of its
original opponents, who now hope to make of it another Holy Alliance for
the perpetuation of the economic ruin of their enemies and the Balance
of Power in their own interests which they believe themselves to have
established by the Peace.

But while it would be wrong and foolish to conceal from ourselves in the
interests of "idealism" the real difficulties of the position in the
special matter of revising treaties, that is no reason for any of us to
decry the League, which the wisdom of the world may yet transform into a
powerful instrument of peace, and which in Articles XI.-XVII.[159] has
already accomplished a great and beneficent achievement. I agree,
therefore, that our first efforts for the Revision of the Treaty must be
made through the League rather than in any other way, in the hope that
the force of general opinion and, if necessary, the use of financial
pressure and financial inducements, may be enough to prevent a
recalcitrant minority from exercising their right of veto. We must trust
the new Governments, whose existence I premise in the principal Allied
countries, to show a profounder wisdom and a greater magnanimity than
their predecessors.

We have seen in Chapters IV. and V. that there are numerous particulars
in which the Treaty is objectionable. I do not intend to enter here into
details, or to attempt a revision of the Treaty clause by clause. I
limit myself to three great changes which are necessary for the economic
life of Europe, relating to Reparation, to Coal and Iron, and to
Tariffs.

_Reparation_.--If the sum demanded for Reparation is less than what the
Allies are entitled to on a strict interpretation of their engagements,
it is unnecessary to particularize the items it represents or to hear
arguments about its compilation. I suggest, therefore, the following
settlement:--

(1) The amount of the payment to be made by Germany in respect of
Reparation and the costs of the Armies of Occupation might be fixed at
$10,000,000,000.

(2) The surrender of merchant ships and submarine cables under the
Treaty, of war material under the Armistice, of State property in ceded
territory, of claims against such territory in respect of public debt,
and of Germany's claims against her former Allies, should be reckoned as
worth the lump sum of $2,500,000,000, without any attempt being made to
evaluate them item