Why this ominous, obstinate, sphinx-like silence of the Chancellor, more pregnant with meaning than the most eloquent speeches? It would be so easy for so resourceful a man to utter a few oracular sentences, a few ambiguous phrases, a few patriotic trumpet-calls. Was not the last great speech which he delivered in the Reichstag covered with frantic applause? But the days are past for ambiguous utterances, however patriotic, however oracular. The Chancellor knows that any clear, outspoken utterance on the peace aims of the German Government would seal the doom of the Government; he knows that any statement of terms would reveal the glaring discrepancy between those terms and the solemn promises so often made to the German people. The people still passionately believe in the promises and assurance of an early and final victory. Only such a belief is still sustaining the drooping spirits of the nation, only such an assurance enables them to submit to the starvation of their women and children, to their tragic isolation in a hostile world, to the appalling sacrifices on the battlefield. IV. And now the conspiracy of lies and the conspiracy of silence is about to be exposed. The inexorable truth must be proclaimed. The German present is dark, but the future is desperate. The U-boat campaign has failed, the hope of a separate peace with Russia has vanished, the menace of America is drawing near. Greater exertions and more appalling sacrifices are needed, and yet all the motives for further sacrifices have vanished. The rulers were fighting for conquest and plunder. But it is now obvious that there can be no conquest nor plunder. The German people were misled into the belief that they were struggling in self-defence against the “Slav peril,” but since the Ides of March in Petrograd the Russian bugbear has disappeared. They were misled into the belief that they were struggling for liberty. But the Germans are now the only people still deprived of political liberty. Even the much-despised Slav has ceased to be a slave. The only slaves in Europe to-day are the subjects of the Hohenzollern. V.