“Courage lies in proclaiming that the purely political revolution, which inflames the people’s minds, would not solve the social problem, the solution of which has been precipitated and rendered essential by the war.” “Courage lies in repeating untiringly to the masses that the revolution which must be brought about must be economic, and that it is not to be brought about in the streets by a delirious crowd destroying for the sake of destruction.” “Courage lies in saying that an economic revolution draws its substance from labour, and that it is strengthened, advanced, and carried out by the intensification of production whether in the fields or in the factories, and by a further utilisation of scientific processes and methods of production.” _The Italian Situation._ We agree upon a third point, in connection with existing circumstances, that is in maintaining that our national situation is critical, though far from being desperate. Briefly, it is this. From the 1st July we have been defaulting debtors of England. Since the 31st July other financial agreements with the United States must be faced. To save the situation a loan of one milliard dollars (seven to eight milliard lire) must be arranged. The railways have a coal supply for only fifteen more days. There are enough provisions for another twenty days, that is to say until the end of the month. Two million tons of food must be imported to save us from immediate hunger. But these financial and economic agreements depend upon the political ones at Paris. The possibility, almost a certainty, has presented itself to us of obtaining large concessions in Asia Minor, with the coal mines of Heraclea. Clémenceau has made difficulties about it, but Lansing told him that he could not see any obstacle, given that Italy approved of the exploitation of the Saar mines on the part of France. We may also obtain oil wells in Armenia. But these acquisitions in the East are in their turn subordinate to the Adriatic agreements. The solution of the problem of Fiume is already compromised by the work of the preceding Delegation, which had already accepted the principle of a Free State. But the project of Tardieu presented future dangers as far as the safeguarding of the Italian character of Fiume is concerned, because the Italian majority in the city would be overwhelmed by the mass of Slavs in the country. It is a question, then, of reducing these dangers to the smallest possible limits by the introduction of another plan which would substitute for the idea of a Free State that of a Free City with limited boundaries.