according it the powers now held by the Reparations
Commission, will improve at once the market and signalize a definite
and assured revival.

The United States made a great financial effort to assist their
associates, and in their own interests, as well as for those of
Europe, they would have done badly to have continued with such
assistance. When the means provided by America come to be employed to
keep going the anarchy of central Europe, Rumania's disorder, Greece's
adventures and Poland's violences, together with Denikin's and
Wrangel's restoration attempts, it is better that all help should
cease. In fact, Europe has begun to reason a little better than her
governments since the financial difficulties have increased.

The fall of the mark and Germany's profound economic depression have
already destroyed a great part of the illusions on the subject of the
indemnity, and the figures with which for three years the public has
been humbugged no longer convince anyone.

5.--FORMING NEW CONNEXIONS WITH RUSSIA

Among the States of the Entente there is always a fundamental discord
on the subject of Russia. Great Britain recognized at once that if it
were impossible to acknowledge the Soviet Government it was a mistake
to encourage attempts at restoration. After the first moments of
uncertainty Great Britain has insisted on temperate measures, and
notwithstanding that during the War she made the largest loans to the
Russian Government (more than 14 milliards of francs at par, while
France only lent about 4 milliards), she has never put forward the
idea that, as a condition precedent to the recognition of the Soviet
Government, a guarantee of the repayment of the debt was necessary.
Only France has had this mistaken idea, which she has forced to the
point of asking for the sequestration of all gold sent abroad by the
Soviet Government for the purchase of goods.

Wilson had already stated in his fourteen points what the attitude of
the Entente towards Russia ought to be, but the attitudes actually
assumed have been of quite a different order.

The barrier which Poland wants to construct between Germany and Russia
is an absurdity which must be swept away at once. Having taken away
Germany's colonies and her capacities for expansion abroad, we must
now direct her towards Russia where alone she can find the outlet
necessary for her enormous population and the debt she has to carry.
The blockade of Russia, the barbed wir