a-Hungary feels that she is being cut
off by America may be answered unreservedly in the affirmative. The
military monarchy can and will continue the war as long as necessary.
The population will, as hitherto, suffer neither starvation nor
material want. But there are other interests than those connected
primarily with war which every Government is bound to consider, and
unhampered trade relations with the United States are of the greatest
importance to us.

"Finally, not only material, also I might say sentimental, interests
play a certain role not to be underestimated among the people. Many
warm friends of America among us are painfully affected by the fact
that actual conditions give the impression that America, even though
unintentionally, differentiates between the belligerents.

"Austro-Hungarian statesmen, conscious of the great role that America
will be called upon to play in the future, would forget their duty if
they neglected to do everything in their power to clear away the
circumstances that shake the confidence of the bravely fighting armies
and the whole population in the justice of America. It is clear that
the war would have been ended long ago if America had not supplied our
enemies with the means of continuing it.

"The assumption that the Austro-Hungarian note was sent at the wish of
the German Government is incorrect. On the contrary, it is a
completely spontaneous demonstration, inspired wholly by the
Austro-Hungarian considerations. We hope it will be received and
judged in America in the same spirit in which it was sent."

MR. WOOLSEY'S OPINION

_Theodore S. Woolsey, formerly Professor of International Law at Yale
University, in Leslie's Weekly, for July 29, has an article entitled
"The Case for the Munitions Trade." In part Professor Woolsey says:_

In the midst of widespread industrial depression came a great war.
This war intensified the depression. It cut off markets, raised
freights, retarded payments, upset the whole commercial world and we
suffered with the rest. Then shortly came a demand for certain
products and certain manufactures caused by the war itself, varied,
considerable, even unexpected. This demand grew until it became an
appreciable factor in our industrial life, a welcome source of profit
when so many other sources of profit were cut off. It was a good
thing; at the same time it was a temporary, unnatural thing, and
directly or indirectly it was based upon the desire