and potatoes were produced, and 10 to 12 per cent. of her live stock,
etc. We have already seen the enormous losses sustained by Germany in
coal, iron and potash.

The most intelligent and able working classes, created by the
most patient efforts, have been reduced to the state of becoming
revolutionary elements. By taking away from Germany at a stroke her
mercantile marine, about 60,000 sailors have been thrown on the
streets and their skill made useless.

Germany, therefore, impoverished in her agricultural territory,
deprived of a good part of her raw materials, with a population
weakened in its productive qualities, has lost a good part of her
productive capacity because all her organization abroad has been
broken, and everything which served as a means of exchange of
products, such as her mercantile fleet, has been destroyed. Moreover,
Germany encounters everywhere obstacles and diffidence. Impeded from
developing herself on the seas, held up to ridicule by the absurd
corridor of Danzig, whereby there is a Polish State in German
territory, she cannot help seeking life and raw materials in Russia.

In these conditions she must not only nourish her vast population, not
only produce sufficient to prevent her from falling into misery,
but must also pay an indemnity which fertile fantasies have made a
deceived Europe believe should amount even to 350 milliards of gold
marks, and which even now is supposed by seemingly reasonable people
to be able to surpass easily the sum of a hundred milliards.

Could France or Italy, by any kind of sacrifice, have paid any
indemnities after ending the War? Germany has not only to live and
make reparation, but to maintain an inter-allied army of occupation
and the heavy machinery of the Reparations Commission, and must
prepare to pay an indemnity for thirty years. France and Italy have
preserved their colonies (Italy's do not amount to much), their
mercantile fleets (which have much increased), their foreign
organization. Germany, without any of these things, is to find herself
able to pay an indemnity which a brazen-faced and ignorant Press
deceived the public into believing could amount to twenty or
twenty-five milliards a year.

Taking by chance Helferich's book, which valued the annual
capitalization at ten milliards, the difference between an annual
production of forty-three milliards and a consumption of thirty-three
milliards, inexpert persons have said that Germany can p