"President Wilson has decided that the Notes of the Central Powers,
proposing a discussion of peace to the Entente Allies, will be
sent forward by the American Government acting as intermediary
without any accompanying offer of his own. He has not determined
whether any action on behalf of peace will be taken later by the
United States on its own account, but is holding himself in readiness
to serve in any possible way towards bringing the warring nations
together."

"From Lansing's remarks I gather that he is convinced that our enemies
will agree to a conference and that then the American Government will
have an opportunity to speak in favor of peace. As the Press here
is also in general of the opinion that our enemies cannot refuse
a conference without turning public opinion against themselves,
I have grounds for assuming that the American Embassy in London,
in spite of the official statement mentioned above, will assert
this view."

As I expected, the President did not allow himself to be turned
from his purpose, and on the 18th December dispatched the Note which
had long been ready, with certain alterations, to the belligerent
Powers. He certainly would not have taken this step if he had not
reckoned on certain success. Mr. Wilson's Note could not help but
bear out our peace plans, and was therefore regarded throughout
America as "pro-German." For this very reason it caused a sensation.
On the New York Exchange it was followed by a slump in war industry
values. A few anti-German newspapers, which began to suspect that
I was the only diplomatist in Washington who knew anything of the
President's intentions, declared that I had made millions by speculating
on this probability. I had already been accused of every other
imaginable crime by the Jingo and Entente Press. Mr. Wilson's
son-in-law, Secretary of the Treasury McAdoo, was also suspected
of having abused his political information to speculate on the
Exchange. Soon afterwards, when I was dining with the President,
he asked me in jest what I had to say to the accusation of the
American Press that I had made millions in this way. I replied
that I had gradually got used to such attacks, and they only amused
me. Mr. Wilson replied: "That is right. My son-in-law takes the
matter much too seriously. I tell him 'If you get so angry, people
will think the story is true.'"

The American Press was thrown into the greatest excitement by the
President's Note and storm