uring the negotiation
of the treaty.

The achievements of the Conference, although falling far short of the
extravagant claims made by the President and the American delegates,
are undoubtedly of great importance. The actual scrapping of millions
of dollars' worth of ships in commission or in process of construction
gives the world an object lesson such as it has never had before. One
of the most significant results of the Conference was the development
of a complete accord between England and the United States, made
possible by the settlement of the Irish question and furthered by the
tact and gracious bearing of Mr. Balfour. One of the unfortunate
results was the increased isolation of France, due to the failure of
her delegates to grasp the essential elements of the situation and to
play any but a negative role. The success of the Conference was due
largely to Secretary Hughes who, though handicapped at every point by
fear of the Senate and by the unfortunate commitments of President
Harding during the last campaign, may be said on the whole to have
played his hand reasonably well.

Meanwhile we are still drifting, so far as a general European policy is
concerned. President Harding's idea of holding aloof from "Europe's
league," as he prefers to designate the League of Nations, and of
having a little league of our own in the Pacific, will not work. The
world's problems cannot be segregated in this way. Europe's league
includes all of the principal American nations except the United States
and Mexico, while our Pacific league includes the two leading European
powers. As soon as the American people realize--and there are
indications that they are already waking up to the reality--that the
depression in domestic industry and foreign commerce is due to
conditions in Europe and that prosperity will not return until we take
a hand in the solution of European problems, there will be a general
demand for a constructive policy and America will no longer hesitate to
reassume the leadership which she renounced in the referendum of 1920,
but which the rest of the world is ready to accord to her again.

INDEX

ABC alliance, 162, 165.

Aberdeen, Lord, opposes annexation of Texas by United States, 108.

Adams, Charles Francis, 114.

Adams, Henry, letter from Hay to, 90.

Adams, John Quincy, opposes joint action with England, 31; accepts
invitation to send delegates to Panama Congress, 154.

"Alabama Clai