ar, economic or otherwise, but to achieve
the economic reconstitution of the whole Continent, The financial
sacrifices of the United States have been, in proportion to her wealth,
immensely less than those of the European States. This could hardly have
been otherwise. It was a European quarrel, in which the United States
Government could not have justified itself before its citizens in
expending the whole national strength, as did the Europeans. After the
United States came into the war her financial assistance was lavish and
unstinted, and without this assistance the Allies could never have won
the war,[165] quite apart from the decisive influence of the arrival of
the American troops. Europe, too, should never forget the extraordinary
assistance afforded her during the first six months of 1919 through the
agency of Mr. Hoover and the American Commission of Relief. Never was a
nobler work of disinterested goodwill carried through with more tenacity
and sincerity and skill, and with less thanks either asked or given.
The ungrateful Governments of Europe owe much more to the statesmanship
and insight of Mr. Hoover and his band of American workers than they
have yet appreciated or will ever acknowledge. The American Relief
Commission, and they only, saw the European position during those months
in its true perspective and felt towards it as men should. It was their
efforts, their energy, and the American resources placed by the
President at their disposal, often acting in the teeth of European
obstruction, which not only saved an immense amount of human suffering,
but averted a widespread breakdown of the European system.[166]

But in speaking thus as we do of American financial assistance, we
tacitly assume, and America, I believe, assumed it too when she gave the
money, that it was not in the nature of an investment. If Europe is
going to repay the $10,000,000,000 worth of financial assistance which
she has had from the United States with compound interest at 5 per cent,
the matter takes on quite a different complexion. If America's advances
are to be regarded in this light, her relative financial sacrifice has
been very slight indeed.

Controversies as to relative sacrifice are very barren and very foolish
also; for there is no reason in the world why relative sacrifice should
necessarily be equal,--so many other very relevant considerations being
quite different in the two cases. The two or three facts following are