whole or in part the indemnity established or
rather resulting from the treaty. France especially believes, or has
said on several occasions she believes, that Germany can pay without
difficulty 350 milliards.

After many stupidities and many exaggerations which have helped
considerably to confuse the public, in face of the new difficulties
which have arisen, new arrangements for the payment of the indemnity
have been established. On May 11, in face of the situation which had
arisen, the Allies proposed and Germany accepted a fresh scheme for
the payment of the reparations. Germany is constrained to pay every
year in cash and in kind the equivalent of 500 million dollars, plus
26 per cent. of the total of her exports.

The rest of the accord refers to the procedure for the issue of
bonds guaranteed on the indicated payments, to the constitution of a
guarantee committee, and to the date of payment. Probably Germany will
have been able to get through the year 1921 without insurmountable
difficulties.

At Spa, on April 27, 1921, the proportionate sums assessed for each of
the conquering powers were established on a total indemnity notably
reduced in comparison with the earlier absurd demands.

But leaving alone the idea of an indemnity of 250, 150, or even 100
milliards of gold marks, it will be well to see in a concrete form
what Germany can be made to pay, and whether the useless and elaborate
structure of the Reparations Commission which, with its powers of
regulating the internal life of Germany for thirty years or more,
ought not to be substituted by a simpler formula more in sympathy with
civilized notions.

Shortly before the War, according to successive statistics, the
private wealth of France did not amount to more than 250 milliards.

The wealth of France, according to successive valuations, was
calculated at 208 milliards of francs in 1905 (de Foville), at 214
milliards in 1908 (Turquan), at about 250 milliards according to other
authors. The wealth of Belgium, according to official statistics
published by the Belgian Ministry of Finance in 1913, amounted to
rather less than 30 milliards of francs. The estimate is perhaps a
trifle low. But this official figure must not be considered as being
a long way from the truth. At certain moments Belgium's demands have
surpassed even the total of her national wealth, while the damages
have not been more than some milliards.

The value of the land in France was ca