An indemnity of fifty milliards of
gold marks, such as that proposed by Keynes, appeared absurd in its
smallness.
When the Peace Conference reassembled in Paris the situation
concerning the indemnity was as follows. The Entente had never during
the War spoken of indemnity as a condition of peace. Wilson, in his
proposals, had spoken only of reconstruction of invaded territories.
The request for _reparation des dommages_ had been included in the
terms of the armistice merely to afford a moral satisfaction to
France. But the campaign waged in France and during the elections
in England had exaggerated the demands so as to include not only
reparation for damage but reimbursement of the cost of the War.
Only the United States maintained that the indemnity should be limited
to the reparation of the damages: a reparation which in later phases
included not only reconstruction of destroyed territories and damage
done to private property, but even pensions to the families of those
dead in the War and the sums in grant paid during it.
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