We cannot ourselves see the difference. He says that the
loan described in the Treaty means only such money As the Russians "can find free upon the market.-"_ If they found "nothing doing" on the market there would be nothing for the Government to guarantee. Although this sounds simple we need hardly point out that it is, as a matter of fact, nonsense. Everybody knows that nothing could be raised on the market but far the Govern- ment guarantee. When a Government guarantee appears the whole situation is changed—money is forthcoming because of that guarantee and for no other reason. If the word "guarantee " were not mentioned in the Treaty the Bolshevists would get nothing. If the Treaty ever goes through, however, they will certainly get something, just because of the guarantee. We cannot help wondering whether Mr. MacDonald's confusion of cause and effect was genuine or designed. We are not here condemning the idea of a loan as such, but only -calling attention to the unfortunate argument by which Mr. MacDonald defendeA himself.
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