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.

Eighthly, the moral unrest deriving from these conditions has divided among themselves the various Entente Powers: United States of America, Great Britain, Italy and France, not only in their aims and policy, but in their sentiments. The United States is anxious to get rid, as far as possible, of European complications and responsibilities; France follows methods with which Great Britain and Italy are not wholly in sympathy, and it cannot be said that the three Great Powers of Western Europe are in perfect harmony. There is still a great deal of talk about common ends and ideals, and the necessity of applying the treaties in perfect accord and harmony, but everybody is convinced that to enforce the treaties, without attenuating or modifying their terms, would mean the ruin of Europe and the collapse of the victors after that of the vanquished.

Ninthly, a keen contest of nationalisms, land-grabbing and cornering of raw materials renders friendly relations between the thirty States of Europe extremely difficult. The most characteristic examples of nationalist violence have arisen out of the War, as in the case of Poland and other newborn States, which pursue vain dreams of empire while on the verge of dissolution through sheer lack of vital strength and energy, and becoming every day more deeply engulfed in misery and ruin.

Finally, Continental Europe is on the eve of a series of fresh and more violent wars among peoples, threatening to submerge civilization unless some means be found to replace the present treaties, which are based on the principle that it is necessary to continue the War, by a system of friendly agreements whereby winners and losers are placed on a footing of liberty and equality, and which, while laying on the vanquished a weight they are able to bear, will liberate Europe from the present spectacle of a continent divided into two camps, where one is armed to the teeth and threatening, while the other, unarmed and inoffensive, is forced to labour in slavish conditions under the menace of a servitude even more severe.

II

THE PEACE TREATIES AND THE CONTINUATION OF THE WAR

The various peace treaties regulating the present territorial situation bear the names of the localities near Paris in which they were signed: Versailles, Saint-Germain-en-Laye, Trianon and Sèvres. The first deals with Germany, the second with Austria, the third with Hungary, and the fourth with Turkey. The Treaty of Neuilly, comparatively far less important, concerns Bulgaria alone. But the one fundamental and decisive treaty is the Treaty of Versailles, inasmuch as it not only establishes as a recognized fact the partition of Europe, but lays down the rules according to which all future treaties are to be concluded.

History has not on record a more colossal diplomatic feat than this treaty, by which Europe has been neatly divided into two sections: victors and vanquished; the former being authorized to exercise on the latter complete control until the fulfilment of terms which, even at an optimistic point valuation, would require at least thirty years to materialize.

Although it is a matter of recent history, we may as well call to mind that the Entente Powers have always maintained that the War was wanted and was imposed by Germany; that she alone, with her Allies, repeatedly violated the rights of peoples; that the World War could well be regarded as the last war, inasmuch as the triumph of the Entente meant the triumph of democracy and a more human regime of life, a society of nations rich in effects conducive to a lasting peace. It was imperative to restore the principles of international justice. In France, in England, in Italy, and later, even more solemnly, in the United States, the same principles have been proclaimed by Heads of States, by Parliaments and Governments.

There are two documents laying down and fixing the principles which the Entente Powers, on the eve of that event of decisive importance, the entry of the United States into the War, bound themselves to sustain and to carry on to triumph. The first is a statement by Briand to the United States Ambassador, in the name of all the other Allies, dated December 30, 1916. Briand speaks in the name of all "les gouvernements alliés unis pour la défense et la liberté des peuples."

Briand's second declaration, dated January 10, 1917, is even more fundamentally important. It is a collective note of reply to President Wilson, delivered in the name of all the Allies to the United States Ambassador. The principles therein established are very clearly enunciated. According to that document the Entente has no idea of conquest and proposes mainly to achieve the following objects:

1st. Restoration of Belgium, Serbia and Montenegro, with the indemnities due to them.

2nd. Evacuation of invaded territories in France, Russia and Rumania and payment of just reparations.

3rd. Reorganization of Europe with a permanent regime based on the respect of nationalities and on the right of all countries, both great and small, to complete security and freedom of economic development, besides territorial conventions and international regulations capable of guaranteeing land and sea frontiers from unjustified attacks.

4th. Restitution of the provinces and territories taken in the past from the Allies by force and against the wish of the inhabitants.

5th. Liberation of Italians, Slavs, Rumanians and Czeko-Slovaks from foreign rule.

6th. Liberation of the peoples subjected to the tyranny of the Turks and expulsion from Europe of the Ottoman Empire, as being decidedly extraneous to western civilization.

7th. The intentions of his Majesty the Emperor of Russia in regard to Poland are clearly indicated in the proclamation addressed to his armies.

8th. The Allies have never harboured the design of exterminating German peoples nor of bringing about their political disappearance.

At that time the autocratic form of government still prevailed in Russia, and the Allies still considered themselves bound to Russia's aspirations; moreover there existed, in regard to Italy, the obligations established by the Pact of London. That is why in the statements of the Entente Powers of Europe the restoration of Montenegro is regarded as an obligation; mention is made of the necessity of driving the Turks out of Europe in order to enable Russia to seize Constantinople; and as to Poland, there are only vague allusions, namely, the reference made to the Tsar's intentions as outlined in his proclamation.

The Entente has won the War, but Russia has collapsed under the strain. Had victory been achieved without the fall of Russia, the latter would have installed herself as the predominating Power in the Mediterranean. On the other hand, to unite Dalmatia to Italy, while separating her from Italy, according to the pact of London, by