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.

Further, as though the vast empire and the dominion of the Caucasus were not enough for Russia, the Entente with monstrous condescension had given to Russia Constantinople and the Straits and a huge zone in Asia Minor.

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.

Once at least, in the Fashoda crisis, the two countries were on the verge of war, and it was not till the Entente of 1904 that their relations were adjusted on a basis of give-and-take.

If the policy of the Entente towards Germany and towards the conquered countries does not correspond either to collective declarations made during the War, or to the promises solemnly made by Wilson, the policy towards Russia has been a whole series of error.

It was in that period that the Entente between France, Russia, and England was formed and consolidated, over against the existing Triple Alliance between Germany, Austria, and Italy.

Italy for a second time saved the destinies of the Entente by entering into the War (too precipitately and unprepared), in May, 1915, thus preventing the Austrian army, which was formidable for its technical organization and for its valour, from obtaining the advantages it expected.

But before trying to see how and why the treaties cannot be carried out, it may be well to consider how the actual system of treaties has been reached, in complete opposition to all that was said by the Entente during the War and to President Wilson's fourteen points.

The whole debt of the United States of America is, after so much war, only 23,982,000,000 dollars; but the United States are creditors of the Entente for 9,500,000,000 dollars.