AN AWAKENING NEEDED.
But such arrangements presuppose the United States taking a big and enlightened view of the situation. Human nature being what it is, those in America with inadequate knowledge of all the elements of the situation may possibly adopt an attitude of self-pity and declare that, at a moment when their country is in the trough of depression and when Budgets are showing big deficits, any relief to War debtors is untimely and calculated to intensify the depression. Such a view, of course, would be a narrow and distorted one, for America will only find her salvation financially and socially through a clear recognition of the need for a revival of inter- national confidence and international prosperity. I believe, therefore, we shall do America no kindness, and we shall certainly be doing Europe an injustice, if, during the next few months, we fail to impress upon the American people that no mere slight modification of the War Debt arrangements will meet the requirements of the situation. If there is to be a speedy restoration of international confidence and prosperity, the War Debts will have to be treated in the same manner and in the same spirit in which German Reparations were treated at the Lausanne Conference.
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