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unspeakable horrors of Belgium and the North of France fresh in their memories, to behave with ideal correctness, once they are in Germany, once their martial ardour is fed by the enemy's opposition, its edge sharpened by all the tricks of a desperate foe, who will stop at absolutely nothing in his fight for his fatherland, for his ideal ? Even if the Allied armies commit only a small part of the German enormities, the total, extending over a very much larger territory and a population of 65 millions, may well exceed all that the boldest imagination can picture to our minds.

If, therefore, no peace is possible except one dictated to the Germanic States by the Allies at Berlin, it will be dictated to what can hardly be more than the remnants of two once prosperous monarchies. Two large countries of whose intellectual workers, of whose labouring classes, most of the best elements will have perished or will be disabled, the remaining population of which will be plunged in the utmost depths of moral and physical misery. Two large countries, whose factories are destroyed, whose sources of wealth and revenue are dried up. It may well be asked in what way such States may be expected to pay a war-indemnity, or even the annual interest on it ? We may readily assume that Germany's savings have, for the last 20 years and more, been largely invested in foreign securities. But it is not known what part of these has already been exported abroad, in order to keep the available gold in the Reichsbank at Ber-