e ordeal
of Paris with an enhanced reputation. This complex personality, with his
habitual air of weary Titan (or, as others might put it, of exhausted
prize-fighter), his eyes steadily fixed on the true and essential facts
of the European situation, imported into the Councils of Paris, when he
took part in them, precisely that atmosphere of reality, knowledge,
magnanimity, and disinterestedness which, if they had been found in
other quarters also, would have given us the Good Peace.

[167] Even after the United States came into the war the bulk
of Russian expenditure in the United States, as well as the whole of
that Government's other foreign expenditure, had to be paid for by the
British Treasury.

[168] It is reported that the United States Treasury has agreed
to fund (_i.e._ to add to the principal sum) the interest owing them on
their loans to the Allied Governments during the next three years. I
presume that the British Treasury is likely to follow suit. If the debts
are to be paid ultimately, this piling up of the obligations at compound
interest makes the position progressively worse. But the arrangement
wisely offered by the United States Treasury provides a due interval for
the calm consideration of the whole problem in the light of the
after-war position as it will soon disclose itself.

***END OF THE PROJECT GUTENBERG EBOOK THE ECONOMIC CONSEQUENCES OF THE
PEACE***

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