As to the morality of this transaction, the Professor, who has certainly no anti-German bias, expresses their views very plainly. It is the same as Frederick the Great's views as to the morality of treaties which have descended with such fatal effects upon his successor on the Prussian throne. Once admit such anti-social theories and there is no end to their application. Here it is in the domain of economics just as shameless as in that of politics. "Once more," says the Professor, "the Germans hear around them our cries against the morality of this procedure. The Germans refuse to recognise as moral anything which jeopardises their national existence." They are to be the judges of what these are, and if repudiation of debt is considered to be one of them, then all debt may be repudiated. They will not put their views into practice this time because they will not be the victors, but when the reconstruction of Germany begins and she comes once again as a chastened borrower into the market-place of the world, it would be well to have some assurance as to how far she retains these views upon commercial morality. But I have visions of a really chastened Germany, of a Germany which has sloughed all this wicked nonsense, which has found her better self again, and which is once more that "deep, patient Germany" with which I began this essay. She never can be now what she could so easily have been. She could have continued indefinitely to extend from Poland to the Vosges, one vast community, honoured by all for industry and for learning, with a huge commerce, a happy, peaceful, prosperous population, and a Colonial system which, if smaller than that of nations which were centuries older in the field, would at least be remarkable for so short a time. None of these things would the world have grudged her, and in the future as in the past she would have found in the British Dominions and in Great Britain herself an entry for her products as free as if she were herself part of the Empire. All this must be changed for the worse, and it is just that she should suffer for her sins. The work of sixty years will be destroyed. But will not the spiritual Germany be the stronger and better? We cannot say. We can but hope and wait and wonder. What is sure is that the real Germany, of whom Carlyle spoke, can never be destroyed. Nor would we desire it. Our wrath is not against Germany, but against that Krupp-Kaiser-Junker combination which has brought her to such a deadly pass. * * * * * IV THE GREAT GERMAN PLOT It will be a fascinating task for the historian of the immediate future to work out the various strands of evidence which seem to be independent and yet when followed up converge upon the central purpose of a prearranged war for the late summer of 1914--a war in which Germany should be the prime mover and instigator and Austria the dupe and catspaw.