_The Treaties of Peace._ The Great War has resulted in six treaties of peace up to the present: Versailles, St. Germain, Trianon, Neuilly, Sèvres, Rapallo. Not one of these treaties has wholly satisfied the victors; not one, even the Treaty of Rapallo, which was supposed to be a masterpiece of friendly and peaceful negotiation, has been accepted by the vanquished. As far as the Treaty of Versailles, the greatest of all, is concerned, even at this moment the important question of the indemnity which Germany ought to pay is still under discussion. It is a figure which makes us feel giddy and the last word has not yet been said. All the settlements, especially those made by diplomats, have an ironically provisional character. The Germans, who have formed the “sacred union” of non-payment, announce that they will make counterproposals by the same representatives who will speak at London in a few weeks’ time. Our opinion is, that if the Germans can pay they ought, as far as it is possible, and the experts must ascertain the truth of this possibility. We must not forget, before allowing ourselves to pity the Germans—who had already fixed our indemnity at 500 milliards of gold, in the case of their victory—that it was the Germans who began the war, and that the first Irredentism was directed against Italy, on account of those minorities which had descended, without right, into the Upper Adige. _German Austria, Macedonia and Smyrna._ The present Austrian Republic was the result of the Treaty of St. Germain. Can it continue to live, formed as it is at present? It is generally thought not. There remains the alternative of a Danube Confederation with its centre at Vienna and Budapest, but the “Little Entente” sees to it that there shall be no return, under any form, of the old régime. We think that, by the force of events, an economic Danube Confederation will be formed sooner or later, in which case the conditions of Austria, and especially of Vienna, would improve until she had arrived at the point of lessening the pro-German annexationist movement. From the standpoint of justice, and whenever there was a clear manifestation of the will of the people, Austria would have the right of separating herself from Germany. This possible eventuality cannot leave us indifferent, because of the boundaries of the Brenner, which is a question of life or death for the Paduan valley. A hungry and pauper Austria cannot organise a dangerous Irredentism against us; but as the result of union with Germany the question of the Upper Adige would certainly become more acute. As for Hungary, she can certainly expect a revision of the treaty which mutilates her on every side. It must be added, however, that the chapter of Fiume is definitely closed in Hungarian history.