One point in Mr. Davis's speech has caused surprise which
is by no means confined to his opponents. He stated that the Washington Conference for the limitation of armaments was "of doubtful .value," and that apart from that the United States had contributed nothing to the peace of Europe in the last four years. We imagine that Mr. Davis meant that the Washington Conference, of which he no doubt approves, cannot have anything like its proper value so long as it has to be regarded as an act in isolation—an act which forms no part of a regular connexion with Europe. Impartial observers like ourselves must feel bound to add that the Dawes scheme, for which the present American Administration is responsible, is an invaluable eontribution to the problem of pacifying Europe. If Mr. Davis becomes President and can do much more—and, of course, he would try— we shall be happy indeed.
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