However little it may appeal to us on first sight as a business proposition to cancel French and Italian debts in return for the sweeping modification by these two nations of indemnity demands upon Germany, we may yet come to see that such a course would be not only a magnificent contribution to world peace but also good business for ourselves. Is it not the alternative to a low tariff and dumping? Will it not lead to the economic rehabilitation of Europe, to which reparations and interallied debts are now the barriers? For our farmers and manufacturers alike, is not the restoration of Europe’s purchasing power a benefit worth a sacrifice of loans that either are bad debts or can be repaid only to our detriment? Interallied indebtedness has also its psychological side. “Your money lend and lose a friend” is a true saying. The attitude of the American people on interallied indebtedness is a serious obstacle to Franco-American and Italo-American friendship. We cannot exact payment of the sums owing us without creating dislike, antagonism, and resentment. This may be a sad fact, but it is none the less true. In conclusion, there are two points upon which Americans have the right to insist, and it would be foolish to cancel interallied indebtedness without insisting upon them. The material advantages the United States gained from the World War were far less than those gained by the other victorious participants. Putting aside as hypothetical the argument that Germany, had she won, would have attacked us next (for it is an argument that does not take into proper consideration the importance of sea-power), we can say to our European comrades in arms, including Great Britain, that they ought to take into account not only the intangible rewards of victory, such as crippling a powerful adversary and competitor, but also the spoils--reparations already made, in which we did not share; shipping; territory annexed; and the division of rich German colonies and a portion of the Ottoman Empire. It is idle to say that these are not worth while and are liabilities rather than assets. If they are of no value, what shall we think of British and French statesmen who insisted on having them and who have been willing to spend blood and treasure, and to risk the friendships cemented in the war, in order to possess and enjoy them?