We have before us a problem, or rather a series of problems, which call for impartiality and calm if a satisfactory solution is to be arrived at.  Perhaps if some fundamental truths were brought home to the people, or, to be more exact, to the peoples now at loggerheads with each other, a notion of the peril equally impending upon all concerned and the conviction that an indefinite prolongation of the present state of things is impossible, would prove decisive factors in restoring a spirit of peace and in reviving that spirit of solidarity which now appears spent or slumbering.

But in the first place it is necessary to review the situation, such as it is at the present moment: 

Firstly, Europe, which was the creditor of all other continents, has now become their debtor.

Secondly, her working capacity has greatly decreased, chiefly owing to the negative change in her demographic structure.  In pre-war times the ancient continent supplied new continents and new territories with a hardy race of pioneers, and held the record as regards population, both adult and infantile, the prevalence of women over men being especially noted by statisticians.  All this has changed considerably for the worse!

Thirdly, on the losing nations, including Germany, which is generally understood to be the most cultured nation in the world, the victors have forced a peace which practically amounts to a continuation of the War.  The vanquished have had to give up their colonies, their shipping, their credits abroad, and their transferable resources, besides agreeing to the military and economic control of the Allies; moreover, despite their desperate conditions, they are expected to pay an indemnity, the amount of which, although hitherto only vaguely mentioned, surpasses by its very absurdity all possibility of an even remote settlement.

Fourthly, considerable groups of ex-enemy peoples, chiefly Germans and Magyars, have been assigned to populations of an inferior civilization.

Fifthly, as a result of this state of things, while Germany, Austria and Bulgaria have practically no army at all and have submitted without the slightest resistance to the most stringent forms of military control, the victorious States have increased their armies and fleets to proportions, which they did not possess before the War.

Sixthly, Europe, cut up into thirty States, daily sees her buying capacity decreasing and the rate of exchange rising menacingly against her.

Seventhly, the peace treaties are the most barefaced denial of all the principles which the Entente Powers declared and proclaimed during the War; not only so, but they are a fundamental negation of President Wilson’s famous fourteen points which were supposed to constitute a solemn pledge and covenant, not only with the enemy, but with the democracies of the whole world.