milliard lire. He added, however, that her share
of the German indemnity would wipe out her foreign debt, while a
progressive tax on all but small fortunes would meet her internal
obligations. Cf. _Corriere della Sera_, July 11 and 12, 1919.

[229] Cf. _Avanti_, July 19, 1919.

[230] Shown in percentages, the rise in the cost of living was: United
States, 220 per cent.; England, 240 per cent.; Switzerland, 257 per
cent.; France, 368 per cent.; Italy, 481 per cent.

[231] Enrico Ferri, on July 9, 1919. Cf. _La Stampa_, July 10, 1919.

[232] At a later date the President reiterated the grounds of his
decision. In his Columbus speech (September 4, 1919) he asserted that
"Italy desired Fiume for strategic military reasons, which the League of
Nations would make unnecessary." (_The New York Herald_ (Paris edition),
September 6, 1919.) But the League did not render strategic precautions
unnecessary to France.

[233] _Corriere della Sera_, May 11, 1919.

[234] _La Stampa_, July 16, 1919.

[235] _Avanti_, April 27, 1919. Cf. _Le Temps_, April 28, 1919.

[236] _Corriere della Sera_, August 9, 1919.

[237] _Corriere della Sera_, September 3, 1919.

[238] Quoted in _La Stampa_ of July 20, 1919.

[239] _Ibidem_.

[240] _Corriere d' Italia_, June 29, 1919.

[241] Cf. _Modern Italy_, July 12, 1919 (page 298).

[242] _Echo de Paris_, July 7, 1919.

[243] Cf. "An Italian Expose," published by _The Morning Post_, July 5,
1919.

IX

JAPAN

Among the solutions of the burning questions which exercised the
ingenuity and tested the good faith of the leading Powers at the Peace
Conference, none was more rapidly reached there, or more bitterly
assailed outside, than those in which Japan was specially interested.
The storm that began to rage as soon as the Supreme Council's decision
on the Shantung issue became known did not soon subside. Far from that,
it threatened for a time to swell into a veritable hurricane. This
problem, like most of those which were submitted to the forum of the
Conference, may be envisaged from either of two opposite angles of
survey; from that of the future society of justice-loving nations, whose
members are to forswear territorial aggrandizement, special economic
privileges, and political sway in, or at the expense of, other
countries; or from the traditional point of view, which has always
prevailed in international politics and which cannot be better described
than by Signor Salandr