I have quoted, says, referring to
the future war:

"Behind all conflicts of interest between nations
statesmen must balance the chances of success of
their nation, promised by the recourse to arms,
against the terrible miseries of the victims
caused by war as well as the social peril which
can be the consequence of war.

"They who ask themselves when it will be possible
to propose to the people of any nation after the
war a compensation for its enormous sacrifices,
forget that the conquered will be so exhausted
that there will be no question of being able to
draw from a conquered nation the least pecuniary
indemnity. All that can be imposed on the
conquered will be the abandonment of some rags of
frontier territory.

"In these conditions, up to what point can calm be
counted on to reign among the millions of men
called to the colours, when in their ranks there
is not more than a handful of old officers and
when the command will be in the hands of those
newly promoted from among the non-commissioned
officers? That is to say, men belonging to the
working classes. Will these workingmen surrender
their arms in the states of Central Europe where
the propaganda has spread already among the
masses?

"Will they allow themselves to be disarmed after
the war and could there not come events more
horrible than those which signalised the rapid
triumph of the Commune of Paris?"

Just as to-day it is not isolated armies but whole peoples in
arms that are opposed, so in the war of commerce after the war
not single producers and exporters, corporations or individuals,
but whole nations will meet in the markets of the world.

Germany has favoured trusts--controlling prices and unfair
competition--and we shall encounter in buying and in selling the
whole German nation ranked behind their Central Buying Company in
buying and their Kartels in selling.

Isolated firms and individuals cannot on our side cope with such
an offensive--but we are hampered in effectiveness by the
so-called Sherman law--a law from which England is free.

The war will produce great and sudden alterations and President
Wilson in meeting new problems has pursued a progressive course;
witness his support of the Webb law, which enables our manufacturers
to combine in export trade.

Every sign points to a