The greatest danger that I see in the present situation is that Germany may throw in her lot with Bolshevism and place her resources, her brains, her vast organizing power at the disposal of the revolutionary fanatics whose dream it is to conquer the world for Bolshevism by force of arms. This danger is no mere chimera. The present government in Germany is weak; its authority is challenged; it lingers merely because there is no alternative but the Spartacists, and Germany is not ready for Spartacism, as yet. But the argument which the Spartacists are using with great effect at this very time is that they alone can save Germany from the intolerable conditions which have been bequeathed her by the War. They offer to free the German people from indebtedness to the Allies and indebtedness to their own richer classes. They offer them complete control of their own affairs and the prospect of a new heaven and earth. It is true that the price will be heavy. There will be two or three years of anarchy, perhaps of bloodshed, but at the end the land will remain, the people will remain, the greater part of the houses and the factories will remain, and the railways and the roads will remain, and Germany, having thrown off her burdens, will be able to make a fresh start. If Germany goes over to the Spartacists it is inevitable that she should throw in her lot with the Russian Bolshevists. Once that happens all Eastern Europe will be swept into the orbit of the Bolshevik revolution, and within a year we may witness the spectacle of nearly three hundred million people organized into a vast red army under German instructors and German generals, equipped with German cannon and German machine guns and prepared for a renewal of the attack on Western Europe. This is a prospect which no one can face with equanimity. Yet the news which came from Hungary yesterday shows only too clearly that this danger is no fantasy. And what are the reasons alleged for this decision? They are mainly the belief that large numbers of Magyars are to be handed over to the control of others. If we are wise, we shall offer to Germany a peace, which, while just, will be preferable for all sensible men to the alternative of Bolshevism. I would therefore put it in the forefront of the peace that once she accepts our terms, especially reparation, we will open to her the raw materials and markets of the world on equal terms with ourselves, and will do everything possible to enable the German people to get upon their legs again. We cannot both cripple her and expect her to pay.