he next ten years. She must also furnish
Italy--who, after the heavy losses sustained, has not the possibility
of effecting exchanges--a quantity of coal that will represent
three-quarters of the figures settled upon in the Treaty of
Versailles. We can compel Germany to give to the Allies for ten years,
in extinction of their credits, at least 500 millions a year in gold,
with privileges on the customs receipts.

This systematization, which can only be imposed by the free agreement
of the United States and Great Britain, would have the effect of
creating excellent relations. The United States, cancelling their, in
great part, impossible debt, would derive the advantage of developing
their trade and industry, and thus be able to guarantee credits for
private individuals in Europe. It would also be of advantage to Great
Britain, who would lose nothing. Great Britain has about an equal
number of debits and credits, with this difference, that the debits
are secured, while the credits are, in part, unsecured. France's
credits are proportionately the worst and her debits largest, almost
27 milliards. France, liberated from her debt, and in a position to
calculate on a coal situation comparable with that of before the War
and with her new territories, would be in a position to re-establish
herself. The cancellation of 27 milliards of debt, a proportionate
share in 20 milliards, together with all that she has had, represent
on the whole a sum that perhaps exceeds 50 milliards. Italy would
have the advantage of possessing for ten years the minimum of coal
necessary to her existence, and would be liberated from her foreign
debt, which amounts to much more than she can possibly hope for from
the indemnity.

Such an arrangement, or one like it, is the only way calculated to
allow Europe to set out again on the path of civilization and to
re-establish slowly that economic equilibrium which the War has
destroyed with enormous damage for the conquerors and the certain ruin
of the vanquished.

But, before speaking of any indemnity, the Reparations Commission must
be abolished and its functions handed over to the League of Nations,
while all the useless controls and other hateful vexations must be put
an end to.

While the Allied troops' occupation of the Rhine costs Germany
25 milliards of paper marks a year, it is foolish to speak of
reconstruction or indemnity. Either all occupation must cease or the
expenses ought not to excee