t was fought.

Secondly, it must be a settlement which a responsible German
government can sign in the belief that it can fulfil the obligations
it incurs.

Thirdly, it must be a settlement which will contain in itself no
provocations for future wars, and which will constitute an alternative
to Bolshevism, because it will commend itself to all reasonable
opinion as a fair settlement of the European problem.

II

It is not, however, enough to draw up a just and far-sighted peace
with Germany. If we are to offer Europe an alternative to Bolshevism
we must make the League of Nations into something which will be both
a safeguard to those nations who are prepared for fair dealing with
their neighbours and a menace to those who would trespass on the
rights of their neighbours, whether they are imperialist empires or
imperialist Bolshevists. An essential element, therefore, in the
peace settlement is the constitution of the League of Nations as the
effective guardian of international right and international liberty
throughout the world. If this is to happen the first thing to do is
that the leading members of the League of Nations should arrive at an
understanding between themselves in regard to armaments. To my mind
it is idle to endeavour to impose a permanent limitation of armaments
upon Germany unless we are prepared similarly to impose a limitation
upon ourselves. I recognize that until Germany has settled down
and given practical proof that she has abandoned her imperialist
ambitions, and until Russia has also given proof that she does not
intend to embark upon a military crusade against her neighbours, it
is essential that the leading members of the League of Nations should
maintain considerable forces both by land and sea in order to preserve
liberty in the world. But if they are to present a united front to the
forces both of reaction and revolution, they must arrive at such an
agreement in regard to armaments among themselves as would make it
impossible for suspicion to arise between the members of the League
of Nations in regard to their intentions towards one another. If the
League is to do its work for the world it will only be because the
members of the League trust it themselves and because there are no
rivalries and jealousies in the matter of armaments between them. The
first condition of success for the League of Nations is, therefore, a
firm understanding between the British Empire and the United Stat