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have taken place via other neutral countries, but that they have taken place is extremely likely. The continued war-taxes levied on Belgium, in this connection, are very significant.

A peace, dictated by the Allies at Berlin, then, will be dictated to a Union of well-nigh ruined countries. They will have to try to borrow the war-indemnity, for the greater part in London, Paris and New York. But who is to be the deus ex machina to plank down the stupendous sums required ? Who will be the unprecedented financial genius to carry out this super-operation ? The belligerents are too much engrossed in the arrangements necessary for carrying on the war, to be expected to care.The armies of Germany, in their blind fanaticism, are beyond everything. They continue their wholesale devastations, without evidently a vestige of uneasiness as to who' will have to pay the bill in the end. Not later than last year many serious authors in Berlin openly discussed the question of a huge war-indemnity to be paid to Germany, of a wholesale transplantation of the populations of Belgium and France to Prussia and vice versa, of the pleasant prospect of solving the housing-problem of Berlin by a share of the indemnity, and so on. So long as the German occupation of Belgium, the North of France and Poland will last, devastation and spoliation of those territories will go on increasing the total. With regard to a warindemnity, we may assume that disarmament would,