sing and the rate of exchange rising menacingly against
her.

Seventhly, the peace treaties are the most barefaced denial of all the
principles which the Entente Powers declared and proclaimed during the
War; not only so, but they are a fundamental negation of President
Wilson's famous fourteen points which were supposed to constitute a
solemn pledge and covenant, not only with the enemy, but with the
democracies of the whole world.

Eighthly, the moral unrest deriving from these conditions has divided
among themselves the various Entente Powers: United States of America,
Great Britain, Italy and France, not only in their aims and policy,
but in their sentiments. The United States is anxious to get rid,
as far as possible, of European complications and responsibilities;
France follows methods with which Great Britain and Italy are not
wholly in sympathy, and it cannot be said that the three Great Powers
of Western Europe are in perfect harmony. There is still a great deal
of talk about common ends and ideals, and the necessity of applying
the treaties in perfect accord and harmony, but everybody is convinced
that to enforce the treaties, without attenuating or modifying their
terms, would mean the ruin of Europe and the collapse of the victors
after that of the vanquished.

Ninthly, a keen contest of nationalisms, land-grabbing and cornering
of raw materials renders friendly relations between the thirty States
of Europe extremely difficult. The most characteristic examples of
nationalist violence have arisen out of the War, as in the case of
Poland and other newborn States, which pursue vain dreams of empire
while on the verge of dissolution through sheer lack of vital strength
and energy, and becoming every day more deeply engulfed in misery and
ruin.

Finally, Continental Europe is on the eve of a series of fresh and
more violent wars among peoples, threatening to submerge civilization
unless some means be found to replace the present treaties, which are
based on the principle that it is necessary to continue the War, by a
system of friendly agreements whereby winners and losers are placed
on a footing of liberty and equality, and which, while laying on the
vanquished a weight they are able to bear, will liberate Europe from
the present spectacle of a continent divided into two camps, where one
is armed to the teeth and threatening, while the other, unarmed and
inoffensive, is forced to labour in slavish conditio