lization of all
mankind?

Assuming then, if only to keep our hopes up, that America will be
prepared to contribute to the process of building up the good forces of
Europe, and will not, having completed the destruction of an enemy,
leave us to our misfortunes,--what form should her aid take?

I do not propose to enter on details. But the main outlines of all
schemes for an international loan are much the same, The countries in a
position to lend assistance, the neutrals, the United Kingdom, and, for
the greater portion of the sum required, the United States, must provide
foreign purchasing credits for all the belligerent countries of
continental Europe, allied and ex-enemy alike. The aggregate sum
required might not be so large as is sometimes supposed. Much might be
done, perhaps, with a fund of $1,000,000,000 in the first instance. This
sum, even if a precedent of a different kind had been established by the
cancellation of Inter-Ally War Debt, should be lent and should be
borrowed with the unequivocal intention of its being repaid in full.
With this object in view, the security for the loan should be the best
obtainable, and the arrangements for its ultimate repayment as complete
as possible. In particular, it should rank, both for payment of interest
and discharge of capital, in front of all Reparation claims, all
Inter-Ally War Debt, all internal war loans, and all other Government
indebtedness of any other kind. Those borrowing countries who will be
entitled to Reparation payments should be required to pledge all such
receipts to repayment of the new loan. And all the borrowing countries
should be required to place their customs duties on a gold basis and to
pledge such receipts to its service.

Expenditure out of the loan should be subject to general, but not
detailed, supervision by the lending countries.

If, in addition to this loan for the purchase of food and materials, a
guarantee fund were established up to an equal amount, namely
$1,000,000,000 (of which it would probably prove necessary to find only
a part in cash), to which all members of the League of Nations would
contribute according to their means, it might be practicable to base
upon it a general reorganization of the currency.

In this manner Europe might be equipped with the minimum amount of
liquid resources necessary to revive her hopes, to renew her economic
organization, and to enable her great intrinsic wealth to function for
the benef