considerable fluctuations.

I have given the general lines of the Treaty of Versailles.

The other treaties, far less important, inasmuch as the situation
of all the losing countries was already well defined, especially as
regards territorial questions, by the Treaty of Versailles, are cast
in the same mould and contain no essential variation.

Now these treaties constitute an absolutely new fact, and no one can
affirm that the Treaty of Versailles derives even remotely from the
declarations of the Entente and from Wilson's solemn pledges uttered
in the name of those who took part in the War.

If the terms of the armistice were deeply in contrast with the pledges
to which the Entente Powers had bound themselves before the whole
world, the Treaty of Versailles and the other treaties deriving
therefrom are a deliberate negation of all that had been promised,
amounting to a debt of honour, and which had contributed much more
powerfully towards the defeat of the enemy than the entry in the field
of many fresh divisions.

In the state of extreme exhaustion in which both conquerors and losers
found themselves in 1918, in the terrible suffering of the Germanic
group of belligerents, deprived for four years of sufficient
nourishment and of the most elementary necessaries of life, in the
moral collapse which had taken the place of boasting and temerity, the
words of Wilson, who pledged himself to a just peace and established
its terms, proclaiming them to the world, had completely broken down
whatever force of resistance there still remained. They were the most