The second annex underlines the previous argument that the payment
of the French debt depends entirely upon what can be recovered from Germany. "If no suggestion," remarks M. Poincare, "was made when the loans were incurred that their repayments depended on sums to be recovered from Germany, it was because at that moment the Allies considered only the pooling of their efforts and were all working with the same ardour for a common victory." In a real sense we agree with that comment. The evaluation in terms of hard cash of the heroic efforts which the Allies put forth during the War, according to their several capacities, has always seemed to us rather odious. It was largely for that reason that we have always welcomed the idea of remitting debts. But we cannot accept the application which M. Poincare makes of this British principle. He wants to accept the remission of debt without agreeing to any of the conditions. We have written on the whole subject in our first leading article.
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