off her burdens, will be able to make a fresh start.

If Germany goes over to the Spartacists it is inevitable that she
should throw in her lot with the Russian Bolshevists. Once that
happens all Eastern Europe will be swept into the orbit of the
Bolshevik revolution, and within a year we may witness the spectacle
of nearly three hundred million people organized into a vast red army
under German instructors and German generals, equipped with German
cannon and German machine guns and prepared for a renewal of the
attack on Western Europe. This is a prospect which no one can face
with equanimity. Yet the news which came from Hungary yesterday shows
only too clearly that this danger is no fantasy. And what are the
reasons alleged for this decision? They are mainly the belief that
large numbers of Magyars are to be handed over to the control of
others. If we are wise, we shall offer to Germany a peace, which,
while just, will be preferable for all sensible men to the alternative
of Bolshevism. I would therefore put it in the forefront of the peace
that once she accepts our terms, especially reparation, we will open
to her the raw materials and markets of the world on equal terms with
ourselves, and will do everything possible to enable the German people
to get upon their legs again. We cannot both cripple her and expect
her to pay.

Finally, we must offer terms which a responsible government in Germany
can expect to be able to carry out. If we present terms to Germany
which are unjust, or excessively onerous, no responsible government
will sign them; certainly the present weak administration will not.
If it did, I am told that it would be swept away within twenty-four
hours. Yet if we can find nobody in Germany who will put his hand to
a peace treaty, what will be the position? A large army of occupation