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On Wednesday, Lord Grey of Fallodon made a, speech at

Oxford which shows that his judgment, his reasonableness, and his instinct for the middle course and the moderate course is still as strong as ever. Lord Grey began his speech by showing how essential it is, not only as a matter of expediency, but as a matter of justice, to keep the question of our debt to America and of the Allies' debt to us entirely separate. " Here in a great emergency was a chance of doing a big thing ; and the Government have chosen to do a little thing."

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