The French Government knows that a war would be the death-knell of the Republic.... I have very great confidence in the Emperor William's love of peace, notwithstanding the not infrequent air of melodrama about what he says and does.... Germany can not go to war for the sake of Morocco, nor yet to exact payment of those compensations that she very reasonably demands for the French occupation of Fez, which has become more or less permanent. On the whole I feel less faith in Great Britain's desire for peace. She would not be sorry to see the others destroying one another; only, under those circumstances, it would be difficult for her to avoid armed intervention.... As I thought from the very first, the crux of the situation is in London. By the end of July, a different conception of Germany's action seemed to prevail. It began to be seen that the episode of the "Panther" had been staged by way of calling for a show-down on the actual intentions and purposes of the Triple Entente; and it got one. Mr. Lloyd George, "the impulsive Chancellor of the Exchequer," as Count de Lalaing calls him, made a typical jingo speech at the Mansion House; a speech which the Prime Minister, Mr. Asquith, and Sir Edward Grey, the Foreign Minister, had helped him to compose. The air was cleared at once--England stood by France--and what better plan could have been devised for clearing the air than the dispatch of the "Panther"? Germany stood for the policy of economic equality, the policy of the open door to which all the Powers interested had agreed in the case of Morocco. France, at the end of a course of continuous aggression, had put 30,000 troops in occupation of the capital of Morocco on an infamously unscrupulous pretext, and put them there to stay, and the British Government "could not see why any objection should be taken to it." Germany, on the other hand, anchored an insignificant gunboat off an inaccessible coast, and without landing a man or firing a shot, left her there as a silent reminder of the Algeciras Act and the principle of the open door--carefully and even ostentatiously going no further--and the British Government promptly, through the mouth of Mr. Lloyd George, laid down a challenge and a threat. Thereupon Germany and France understood their relative positions; they understood, even without Sir E. Grey's explicit reaffirmation of 27 November of the policy of the Triple Entente, that England would stand by her arrangements with France. Baron Greindl writes from Berlin 6 December, and puts the case explicitly: Was it not assuming the right of veto on German enterprise for England to start a hue and cry because a German cruiser cast anchor in the roads of Agadir, seeing that she had looked on without a murmur whilst France and Spain had proceeded step by step to conquer Morocco and to destroy the independence of its Sultan?