Nevertheless, the War has produced, or is likely to produce, fewer and much less sweeping changes of territory in the Balkans than in the case of Austria-Hungary or Germany. It will probably alter the map of the Peninsula less than did almost any other of the Balkan cataclysms of the last hundred years. That is partly because one of our late enemies, the Sick Man on the Bosporus, had already handed over so much of his estate to his impatient heirs that in Europe at least very little remains to be liquidated; while our other enemy at Sofia possessed very little land that was not Bulgarian in population, and it was not the policy of the Allies to take away territory simply by way of retribution. But the main reason why no very large alterations of frontiers are now in process, is that the most contentious territorial questions of the Peninsula were settled by the two Balkan wars of 1912-13 and the ensuing Peace of Bucharest. Whether they were rightly settled at that time is a topic to which I may revert a little later. At any rate, they were settled in a sense favorable to our allies, Greece, Serbia, and Roumania. And the most salient feature of the Balkan settlement made by the Conference at Paris is that it essentially confirms the settlement made by the Peace of Bucharest. Bulgaria escapes with far slighter losses than any other member of the defeated alliance. Nevertheless, she is quite as indignant as any of the rest of them over the peace treaty imposed upon her (the treaty signed at Neuilly, November 27, 1919). But she is indignant, not so much over what she has lost, as over what she has failed to gain. There is, of course, not a little irony in the fact that at the close of a war which she entered so perfidiously, conducted so brutally, and ended so disastrously, Bulgaria should still be clamoring that to the vanquished belong the spoils, and should be demanding that the Entente hand over to her, at the expense of its Greek and Serbian allies, the lands which she hoped to gain by fighting throughout the War on the side of the Germans. But there is another way of looking at the matter. Bulgaria and her many friends abroad regard the Peace of Bucharest as a monstrous iniquity--the dismemberment of the Bulgarian nation at the hands of its rapacious neighbors. Therefore, it is argued, at a time when the victorious Allies are remaking the map of Europe on the basis of the principle of nationality and of impartial even-handed justice, it is only right that ‘the crime of 1913’ should be undone, and that Bulgaria should be allowed to attain her national unity, as Greece, Serbia, and Roumania are doing in such rich measure. And unless that is done, it is said, there can be no stable peace in the Balkans. Since the discussion of the new settlement thus turns largely on the merits of the Peace of Bucharest, it is necessary to revert briefly to the main facts connected with that treaty.