lculated before the War at
between 62 and 78 milliards; the value of the buildings, according
to _l'Annuaire Statistique de la France_, at 59-1/2 milliards. The
territory occupied by the Germans is not more than a tenth of the
national territory. Even taking into consideration the loss of
industrial buildings it is very difficult to arrive at the figure of
15 milliards. At the same time it is true that the Minister Loucheur
declared on February 17, 1919, in the French Chamber that the
reconstruction of the devastated regions in France required 75
milliards--that is, very much more than double the private wealth of
all the inhabitants of all the occupied regions.

In all the demands for compensation of the various States we have seen
not so much a real and precise estimate of the damages as a kind of
fixing of credit in the largest measure possible in order that in the
successive reductions each State should still have proportionally an
advantageous position.

Making his calculation with a generosity which I assert to be
excessive (and I assert this as a result of an accurate study of
the question, which perhaps I may have occasion to publish), Keynes
maintains that the damages for which Germany should be made to pay
come to 53 milliards for all losses on land and sea and for the
effects of aerial bombardments--53 milliards of francs all told,
including the damages of France, Great Britain, Italy, Belgium,
Serbia, etc.! I do not believe that the damages reach 40 milliards of
gold marks, unless, of course, we calculate in them the pensions and
allowances.

But these figures have but small interest, since the demands have been
almost entirely purely arbitrary.

What we must see is if Germany can pay, and if, with a regime of
restrictions and violence, she can hand over, not the many milliards
which have been announced and which have been a deplorable speculation
on the ignorance of the public, but a considerable sum, such as is
that which many folk still delude themselves it is possible to have.

Germany has already consigned all her transferable wealth; the gold in
her banks, her colonies, her commercial fleet, a large and even the
best part of her railway material, her submarine cables, her foreign
credits, the property of her private citizens in the victorious
countries, etc. Everything that could be handed over, even in
opposition to the rights of nations as such are known in modern
civilized States, Germany has