The restitution of Alsace-Lorraine (the only formal claim advanced by the Entente in its war programme) has deprived Germany of the bulk of her iron-ore production.  In 1913 Germany could count on 21,000,000 tons of iron from Lorraine, 7,000,000 from Luxemburg, 138,000 from Upper Silesia and 7,344 from the rest of her territory.  This means that Germany is reduced to only 20.41 per cent. of her pre-war wealth in iron ore.

In 1913 the Saar district represented 8.95 per cent. of the total production of coal, and Upper Silesia 22.85 per cent.

Having lost about eighty per cent. of her iron ore and large stocks of coal, while her production is severely handicapped, Germany, completely disorganized abroad after the suppression of all economic equilibrium, is condemned to look on helplessly while the very sources of her national wealth dry up and cease to flow.  In order to form a correct estimate of the facts we must hold in mind that one-fifth of Germany’s total exports before the War consisted of iron and of tools and machinery mostly manufactured with German iron.

If we now consider the fourteen points of President Wilson, accepted by the Entente as a peace programme, comparing the actual results obtained by the Treaty of Versailles, we are faced with the following situation: 

1. “After loyal peace negotiations and the conclusion and signing of peace treaties, secret diplomatic agreements must be regarded as abolished,” says Wilson.  On the contrary, secret peace negotiations have been protracted for more than six months, and no hearing was even granted to the German delegates who wished to expose their views.  By a system of treaties France has created a military alliance with Belgium and Poland, thus completely cornering Germany.

2. Absolute freedom of the sea beyond territorial waters.  Nothing, as a matter of fact, has been changed from the pre-war state of things; with the difference that the losers have had to surrender their mercantile fleets and are therefore no longer directly interested in the question.

3. Removal of all economic barriers and equality of trade conditions.  The treaty imposes on Germany terms without reciprocity, and almost all Entente countries have already adopted protectionist and prohibitive tariffs.

4. Adequate guarantees to be given and received for the reduction of armaments to a minimum compatible with home defence.  The treaties have compelled the vanquished countries to destroy or to surrender their navies, and have reduced the standing armies of Germany to 100,000 men, including officers, of Bulgaria to 23,000, of Austria to 30,000 (in reality only 21,000), of Hungary to 35,000.  The conquering states, on the other hand, maintain enormous armies numerically superior to those which they had before the War.  France, Belgium and Poland have between them about 1,400,000 men with the colours.  Germany, Austria, Hungary and Bulgaria altogether have only 179,000 men under arms, while Rumania alone has 206,000 and Poland more than 450,000 men.