proceeds along this path, it will be because she looks beyond the immediate risks to the wider future of a safer and more prosperous world. She could now draw out; she could cut the present economic losses of her European loans; she could divert her attention from the European markets to the development of the American continent as the principal area for the disposal of her surplus goods and energies. It is open to her to take this course. Prudence may seem to dictate it. The reckless mismanagement of European governments, the wild unsettlement of peoples, the badness of the peace, are, indeed, strong arguments for America cleaving to her old ways. Europe has no rightful claim upon America, either for the urgent work of economic rescue, or for participation in the permanent project of a society of nations. America not only has the right to refuse; it is probably to her immediate interest to refuse. But, at the risk of misinterpretation, as an officious outsider, I will venture to present an appeal to the wider and deeper interests of Americans. The refusal of America not only shuts the gate of hope for millions of war-broken, famine-ridden people in Central and Eastern Europe, it removes the keystone for the edifice of a society of nations. For effective international cooeperation in economic resources and opportunities is the indispensable condition of such a society. No League of Nations can survive its infancy without this economic nourishment. The world's wealth for the world's wants: unless this maxim can in some effective way be realized, no such escape has been made from the pre-war policy of greed and grab as will furnish a reasonable hope for a world redeemed from war--a world clothed and in its right mind.