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countries, besides another enormous amount to pay for the expenses of the war generally. The damage done in Belgium, in France and in Poland has been already estimated at £2.000.000.000 and another enormous sum might be required for the cost of the war. The total would then be about forty or fifty times as large as the French war indemnity of 1871. The Allies would further have to insist upon the disbanding of the German army and upon the closing of all factories of arms and ammunition and the surrender of the German fleet and the surrender of territory to France, Belgium and Russia. And until all the terms of peace were complied with, the territory of the Germanic States would be occupied by the Allied troops. This, in very broad outline, would have been done by Statesmen of the old stamp, such as Bismarck, Disraeli, Mettemich. And, in our time, it could doubtless be done again.

But what would be the result? In the first place the money would have to be found. Germany was bef ore the war, and is even at the present moment, a very wealthy country. But when peace is concluded after the invasion of German territory this will not be the case in anything like the same degree. An invasion of Germany will mean devastation on an unprecedented scale. The havoc of Belgium, the north of France and Poland will be far exceeded. For if the Germans insist upon fighting to the last man and the last horse, there will be no choice. Every town and

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