18 JANUARY 1919, Page 2

We continue to receive letters on the subject of the

" indent- nity " which is to be paid by Germany, and we print one from Mr. Nowell Smith elsewhere. It ie evident that there is a good deal' of anxiety on the part of many people about the moral aspect. of the-demand which the Prime -Minister has made that Germany should pay the full cost of the war. We have the greatest sympathy with thaw who are concerned lest the Allies should commit themselves to the dishonourable course of Making demands which they expressly forswore. ]t would ho a bed sequel indeed to victory if the Allies proceeded to commit an act comparable with those acts which they have condemned in Germany and.whieh compelled them to resist Germany in arms. The word of the rulers of all civilized nations must be their bond or we shall never arrive at a better state of life. We have already, however, stated our reasons for believing that the Prime Minister—and of course M. Clemencesu also--is not going beyond the reservations which were added to President Wilson's fourteen points.