t Versailles. It is my opinion, however, that, previous
to the 31st of January, 1917, Dr. Wilson's attitude towards us
was radically different. I base my assumption that Wilson might
in those days have assisted us in obtaining a Peace by negotiation
upon the following points:

(1) A Peace by mediation was the only way in which the United States
could avoid becoming involved in the war, and this is what the
American public opinion of the day wished above all to prevent.

(2) It is true that even if he had wished to do so, Wilson could
not have declared war on England, neither could he by any exercise
of force have prevented the delivery of munitions to the Allies, or
have compelled England to observe the rights of nations. He could,
however, have obliged England to conclude a Peace by arrangement
with us; not only because in so doing he would have had the support
of American public opinion, but also because such a policy was in
keeping with the best political interests of the United States.

I therefore pursued the policy of Peace with undeviating consistency,
and to this day I still believe it to have been the only right
policy. A thorough prosecution of the U-boat campaign was also a
feasible scheme. But the worst thing that we could possibly do,
was, to steer the zigzag course; for by so doing we were certain
not only to cause constant vexations to America, but, by our half
measures and partial pliancy, also to drive Mr. Wilson even further
and further into the inflexible attitude of a policy of prestige.
Unfortunately, however, it was precisely this zigzag course that
we adopted; and thus, in addition to destroying the prospects which
my policy had offered, according to the view of the Naval people,
we also crippled the effects of the U-boat campaign.

My policy might best be described as that of "a silent resolve to
obtain Peace." It was utterly wrong to publish our readiness for
Peace broadcast. We should have presented a strong front to the
outside world, and we should have increased the powers of resistance
which we actually possessed by emphasizing our strength both to
our people at home and to other States. According to my view, we
ought, after the first battle of the Marne, to have recognized
in our heart of hearts that victory was out of the question, and
consequently we should have striven to conclude a Peace, the relatively
unfavorable terms of which might perhaps have temporarily staggered
public