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Next, we could still further make the road of common

sense easy to France by telling her that, if our plan for reducing repara- tions is allowed to prevail, we will wipe out, or, at any rate, greatly reduce, the sum owed to us by France. This is not coercion, but it is obvious that if France were to insist upon her pound of flesh, and so were to ruin Germany, we must collect our debts from France. To say more at the present moment in regard to the situation may only do harm. Therefore, we postpone further comment on the Conference till the matters involved are decided.

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