(3) Cancelment of the public debt, of the Empire and of its members--creditors of the Empire being accounted accessory to the culpable enterprise of the Imperial government; (4) Confiscation of such industrial equipment and resources as have contributed to the carrying on of the war, as being also accessory; (5) Assumption by the league at large of all debts incurred, by the Entente belligerents or by neutrals, for the prosecution or by reason of the war, and distribution of the obligation so assumed, impartially among the members of the league, including the peoples of the defeated nations; (6) Indemnification for all injury done to civilians in the invaded territories; the means for such indemnification to be procured by confiscation of all estates in the defeated countries exceeding a certain very modest maximum, calculated on the average of property owned, say, by the poorer three-fourths of the population,--the kept classes being properly accounted accessory to the Empire's culpable enterprise. The proposition to let the war debt be shared by all members of the league on a footing of impartial equality may seem novel, and perhaps extravagant. But all projects put forth for safeguarding the world's peace by a compact among the pacific nations run on the patent, though often tacit, avowal that the Entente belligerents are spending their substance and pledging their credit for the common cause. Among the Americans, the chief of the neutral nations, this is coming to be recognised more and more overtly. So that, in this instance at least, no insurmountable reluctance to take over their due share of the common burden should fairly be looked for, particularly when it appears that the projected league, if it is organised on a footing of neutrality, will relieve the republic of virtually all outlay for their own defense. Of course, there is, in all this, no temerarious intention to offer advice as to what should be done by those who have it to do, or even to sketch the necessary course which events are bound to take. As has been remarked in another passage, that would have to be a work of prophesy or of effrontery, both of which, it is hoped, lie equally beyond the horizon of this inquiry; which is occupied with the question of what conditions will logically have to be met in order to an enduring peace, not what will be the nature and outcome of negotiations entered into by astute delegates pursuing the special advantage, each of his own nation. And yet the peremptory need of reaching some practicable arrangement whereby the peace may be kept, goes to say that even the most astute negotiations will in some degree be controlled by that need, and may reasonably be expected to make some approach to the simple and obvious requirements of the situation. * * * * *