General Dawes made a remarkable speech. It was very significant,
not only because General Dawes is Vice- President of the United States, but because he is a possible candidate for the Presidency and has had close experience of European affairs, as is testified by the scheme for German reparations which bears his name. He attributed the failure at Geneva to the lack of preliminary preparation and to the concentration by each country upon its own necessities. But he saw more good than harm in what had happened, as now that Great Britain and the United States were solemnly pledged to equality it was unthink. able that the burden of competitive naval building should again be placed upon the peoples. " If the United States requires heavy cruisers which Great Britain does not need and Great Britain requires light cruisers which the United States does not need, there is no excuse for inaugurating competition." " The instinct of self-preservation," he added, " binds us together. That bond will never break." General Dawes's speech has, of course, caused much discussion as being a mild criticism of his own Government, and it may be correctly interpreted as a sign that he definitely intends to stand for the Presidency.
* * *
