I doubt this view of the world.  Even capitalism at home, which engages many local sympathies, which plays a real part in the daily process of production, and upon the security of which the present organization of society largely depends, is not very safe.  But however this may be, will the discontented peoples of Europe be willing for a generation to come so to order their lives that an appreciable part of their daily produce may be available to meet a foreign payment, the reason of which, whether as between Europe and America, or as between Germany and the rest of Europe, does not spring compellingly from their sense of justice or duty?

On the one hand, Europe must depend in the long run on her own daily labor and not on the largesse of America; but, on the other hand, she will not pinch herself in order that the fruit of her daily labor may go elsewhere.  In short, I do not believe that any of these tributes will continue to be paid, at the best, for more than a very few years.  They do not square with human nature or agree with the spirit of the age.

If there is any force in this mode of thought, expediency and generosity agree together, and the policy which will best promote immediate friendship between nations will not conflict with the permanent interests of the benefactor.[168]

3. An International Loan

I pass to a second financial proposal.  The requirements of Europe are immediate.  The prospect of being relieved of oppressive interest payments to England and America over the whole life of the next two generations (and of receiving from Germany some assistance year by year to the costs of restoration) would free the future from excessive anxiety.  But it would not meet the ills of the immediate present,—­the excess of Europe’s imports over her exports, the adverse exchange, and the disorder of the currency.  It will be very difficult for European production to get started again without a temporary measure of external assistance.  I am therefore a supporter of an international loan in some shape or form, such as has been advocated in many quarters in France, Germany, and England, and also in the United States.  In whatever way the ultimate responsibility for repayment is distributed, the burden of finding the immediate resources must inevitably fall in major part upon the United States.

The chief objections to all the varieties of this species of project are, I suppose, the following.  The United States is disinclined to entangle herself further (after recent experiences) in the affairs or Europe, and, anyhow, has for the time being no more capital to spare for export on a large scale.  There is no guarantee that Europe will put financial assistance to proper use, or that she will not squander it and be in just as bad case two or three years hence as she is in now;—­M.  Klotz will use the money to put off the day of taxation a little longer, Italy and Jugo-Slavia will fight one another on the