After the burdens of the War, these countries cannot bear the burdens
of the peace. It is essential that they should feel that the peace is
just and equal for all.

And unless that be assured it is not only in Central Europe that there
will be fear of Bolshevism, for nowhere does it propagate so easily,
as has been seen, as amid national disillusionment.

V

The French Government desires to limit itself for the moment to these
observations of a general character. It pays full homage to the
intentions which inspired Mr. Lloyd George's memorandum. But it
considers that the inductions that can be drawn from the present Note
are in consonance with justice and the general interests.

And those are the considerations by which the French Government will
be inspired in the coming exchange of ideas for the discussion of
conditions suggested by the Prime Minister of Great Britain.

These two documents are of more than usual interest.

The British Prime Minister, with his remarkable insight, at once notes
the seriousness of the situation. He sees the danger to the peace
of the world in German depression. Germany oppressed does not mean
Germany subjected. Every year France becomes numerically weaker,
Germany stronger. The horrors of war will be forgotten and the
maintenance of peace will depend on the creation of a situation which
makes life possible, does not cause exasperation to come into public
feeling or into the just claims of Germans desirous of independence.