sition of these five powers was
clearly set forth in the regulations governing procedure at the Peace
Conference. Rule I reads: "The belligerent powers with general
interests--the United States of America, the British Empire, France,
Italy and Japan--shall take part in all meetings and commissions." (_New
York Times_, January 20, 1919.) Under this rule the Big Five were the
Peace Conference, and throughout the subsequent negotiations they
continued to act the part.

The same concentration of authority was read into the revised covenant
of the League of Nations. Article 4 provides that the Executive Council
of the League "shall consist of the representatives of the United States
of America, of the British Empire, of France, of Italy and of Japan,
together with four other members of the League." The authority of the
Big Five was to be maintained by giving them five votes out of nine on
the executive council of the League, no matter how many other nations
might become members.

It was among the Big Five, furthermore, that the spoils of victory were
divided. The Big Five enjoyed a full meal; the lesser capitalist states
had the crumbs.

The enemy nations were stripped bare. Their colonies were taken, their
foreign investments were confiscated, their merchant ships were
appropriated, they were loaded down with enormous indemnities, they were
dismembered. In short, they were rendered incapable of future economic
competition. The thoroughgoing way in which this stripping was
accomplished is discussed in detail by J. M. Keynes in "The Economic
Consequences of the Peace" (chapters 4 and 5).

The undeveloped territories--the economic opportunities upon which the
Big Five were relying for the disposal of their surplus products and
surplus capital, were carved and handed about as a butcher carves a
carcass. Shantung, which Germany had taken from China, was turned over
to Japan under circumstances which made it impossible for China to sign
the Treaty--thus leaving her territory open for further aggression. The
Near East was divided between Great Britain, France and Italy. Mexico
was not invited to sign the treaty and her name was omitted from the
list of those eligible to join the League. The German possessions in
Africa and in the Pacific were distributed in the form of "mandates" to
the Great Powers. The principle underlying this distribution was that
all of the unexploited territory should go to the capitalist victors for
ex