The United States would doubtless have to bear the largest burden. But
when one thinks of the small sacrifice which the United States has
made in comparison with the efforts of France and Italy (and Italy was
not obliged to enter the War), the new sacrifice demanded does not
seem excessive.
During the War the United States of America, who for three years
furnished food, provisions and arms to the countries of the Entente,
have absorbed the greater part of their available resources. Not only
are the States of Europe debtors, but so are especially the private
citizens who have contracted debts during or after the War. Great
Britain during the War had to sell at least 25 milliards of her
foreign values. The United States of America, on the contrary, have
immensely increased their reserves.
But this very increase is harmful to them, inasmuch as the capacity
for exchange of the States of Europe has been much reduced. The United
States now risk seeing still further reduced, if not destroyed,
this purchasing capacity of their best clients; and this finally
constitutes for the U.
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