The bonded indebtedness of the world is, perhaps, today 100 billions, and after flags of truce are flying, it will necessitate, perhaps, one or two years to compose a satisfactory peace among the many nations at war; so, that before it will be practicable to disarm and free these hundreds of millions of unemployed, the bonded indebtedness will probably increase to 200 billions. If it be attempted to enforce the punitive doctrine that "to the victors belong the spoils," it is obvious that it would be wholly impossible for the victors to maintain these bonds and maintain their national armies necessary to enforce reparations and indemnities, and the world would be compelled to face at least a partial repudiation. It would take hundreds of years for the vanquished to indemnify and repair, and hundreds of billions to support the necessary armies to enforce the penalties. Whereas, if the individual nations could be relieved of the support of armies and navies, they could readily indemnify and restore themselves in twenty years, and advantageously charge the expense to "Profit and Loss." To palliate and partially remedy this distressing situation, three courses may be presented to the American people: =_First._ An alliance with the victorious nations claiming new-found democratic emperors by Divine right, (hereditary royal families, lords and nobles), for the future preservation of the peace of the world. Such an alliance could hardly prove more successful in the future than similar alliances have proven in the past, and would only engender and breed similar opposing alliances in a comparatively short space of time, probably embracing the yellow races, which would produce a similar world war, besides which it would make "scraps of paper" of our Constitution framed by Washington, Jefferson, and Franklin, and Lincoln's government "of the people, by the people and for the people."=