On Tuesday Mr. Boyden, the unofficial American delegate, reminded the
Conference of Micawber's doctrine that one's expenditure ought always to be less than one's income. If they could impress this on the peoples of Europe it would be a great thing. He warned the Conference that Americans did not regard Europe as " a fair business risk." " The victors must meet the vanquished ; a firm peace must be made and a real union. Then America will come in." It is fair to say that the delay in the restoration of peace is in no small degree due to America's premature withdrawal from the Supreme Council of the Allies. Had America continued to co-operate with us, the task of the peace-makers would have been far easier than it is. Yet we must face the facto. Europe must extricate herself from the financial chaos as best she can.
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