And the British Navy League is receiving money and encouraging
letters from British subjects, praying greater activity to keep the
navy up. You touch the navy and you touch the quick--that's the
lesson. It's an enormous excitement that this small incident has
caused.

W.H.P.

_To Edward M. House_
London, February 24, 1914.

My Dear House:

You'll be interested in these pamphlets by Sir Max Waechter, who
has opened an office here and is spending much money to "federate"
Europe, and to bring a lessening of armaments. I enclose also an
article about him from the _Daily Telegraph_, which tells how he
has interviewed most of the Old World monarchs. Get also,
immediately, the new two-volume life of Lord Lyons, Minister to the
United States during the Civil War, and subsequently Ambassador to
France. You will find an interesting account of the campaign of
about 1870 to reduce armaments, when old Bismarck dumped the whole
basket of apples by marching against France. You know I sometimes
fear some sort of repetition of that experience. Some government
(probably Germany) will see bankruptcy staring it in the face and
the easiest way out will seem a great war. Bankruptcy before a war
would be ignominious; after a war, it could be charged to "Glory."
It'll take a long time to bankrupt England. It's unspeakably rich;
they pay enormous taxes, but they pay them out of their incomes,
not out of their principal, except their inheritance tax. That
looks to me as if it came out of the principal. . . .

I hope you had a good time in Texas and escaped some cold weather.
This deceptive sort of winter here is grippe-laden. I've had the
thing, but I'm now getting over it. . . .

This Benton[57]-Mexican business is causing great excitement here.

Always heartily yours,
W.H.P.

P.S. There's nothing like the President. By George! the passage of
the arbitration treaty (renewal) almost right off the bat, and
apparently the tolls discrimination coming presently to its repeal!
Sir Edward Grey remarked to me yesterday: "Things are clearing up!"
I came near saying to him: "Have you any miracles in mind that
you'd like to see worked?" Wilson stock is at a high premium on
this side of the water in spite of the momentary impatience caused
by