A comparative table of the navies in 1914 and 1921 shows that the
fleets of the conquering countries are very much more powerful than
they were before the War. Nevertheless, Russia and Austria-Hungary and
the people arisen in their territories are not naval powers; Germany
has lost all her fleet. The race for naval armaments regards
especially the two Anglo-Saxon powers and Japan; the race for land
armaments regards all the conquerors of Europe and especially the
small States.

This situation cannot but be the cause of great preoccupation; but
the greater preoccupation arises from the fact that the minor States,
especially those which took no part in the War, become every day more
exigent and display fresh aspirations.

The whole system of the Treaty of Versailles has been erected on the
error of Poland. Poland was not created as the noble manifestation
of the rights of nationality, ethnical Poland was not created, but a
great State which, as she is, cannot live long, because there are not
great foreign minorities, but a whole mass of populations which cannot
co-exist, Poland, which has already the experience of a too numerous
Israelitic population, has not the capacity to assimilate the Germans,
the Russians and the Ukranians which the Treaty of Versailles has
unjustly given to her against the very declarations of Wilson.

So that after, with the aid of the Entente, having had the strength
to resist the Bolshevik troops, Poland is now in a state of permanent
anarchy; consumes and does not produce; pays debts with a fantastic
bigness and does not know how to regulate the incomings. No country
in the world has ever more abused paper currency; her paper money is
probably the most greatly depreciated of any country on earth. She
has not succeeded in organizing her own production, and now tends to
dissolve the production of her neighbours.

The whole Treaty of Versailles is based on a vigorous and vital
Poland. A harmless Germany, unable to unite with an equally harmless
German-Austria, should be under the military control of France and
Belgium on the west, and of Poland on the east. Poland, separating
Germany from Russia, besides imposing on Germany the territorial
outrage of the Danzig corridor, cuts her off from any possibility of
expansion and development in the east. Poland has been conceived as a
great State. A Polish nation was not constituted; a Polish military
State was constituted, whose principal duty is th