The spirit of violence has not died out,
and perhaps in some countries not even diminished; on the other hand
the causes of material disagreement have increased, the inequality
has augmented, the division between the two groups has grown, and the
causes of hatred have been consolidated. An analysis of the foreign
exchanges indicated a process of undoing and not a tendency to
reconstruction.
We have referred in a general manner to the conditions of Germany as a
result of the Treaty of Versailles; even worse is the situation of the
other conquered countries in so far that either they have not been
treated with due regard, or they have lost so much territory that they
have no possibility of reconstructing their national existence. Such
is the case with Austria, with Turkey and with Hungary. Bulgaria,
which has a tenacious and compact population composed of small
agriculturists, has less difficult conditions of reconstruction.
Germany has fulfilled loyally all the conditions of the disarmament.
After she had handed over her fleet she destroyed her fortifications,
she destroyed all the material up to the extreme limit imposed by the
treaties, she disbanded her enormous armies.
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