This is a prospect which no one can face
with equanimity. Yet the news which came from Hungary yesterday shows
only too clearly that this danger is no fantasy. And what are the
reasons alleged for this decision? They are mainly the belief that
large numbers of Magyars are to be handed over to the control of
others. If we are wise, we shall offer to Germany a peace, which,
while just, will be preferable for all sensible men to the alternative
of Bolshevism. I would therefore put it in the forefront of the peace
that once she accepts our terms, especially reparation, we will open
to her the raw materials and markets of the world on equal terms with
ourselves, and will do everything possible to enable the German people
to get upon their legs again. We cannot both cripple her and expect
her to pay.
Finally, we must offer terms which a responsible government in Germany
can expect to be able to carry out. If we present terms to Germany
which are unjust, or excessively onerous, no responsible government
will sign them; certainly the present weak administration will not.
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