It may be as large as the present leased territory, but more likely it will include only the best part of Tsingtau.

What then does she give up?
Nothing but such parts of the leased territory as are of no value.
"The operation then would amount chiefly to an exchange of two pieces of paper--one cancelling the lease for 78 years, the other granting a more valuable concession which would amount to a permanent title to the port.

Why take two years to go through this operation?
"If it be right for a policeman, who recovers your purse, to keep the contents and claim that he has fulfilled his duty in returning the empty purse, then Japan's conduct may be tolerated.
"If it be right for Japan to annex the territory of an Ally, then it cannot be wrong for Italy to retain Fiume taken from the enemy.
"If we support Japan's claim, we abandon the democracy of China to the domination of the Prussianized militarism of Japan.
"We shall be sowing dragons' teeth.
"It can't be right to do wrong even to make peace.

Peace is desirable, but there are things dearer than peace, justice and freedom.
"Sincerely yours "THE PRESIDENT "T.H.

BLISS" I have not discussed certain modifications proposed by the Japanese delegates, since, as is clear from General Bliss's letter, they amounted to nothing and were merely a pretense of concession and without substantial value.
The day following the delivery of this letter to the President (April 30), by which he was fully advised of the attitude of General Bliss, Mr.
White, and myself in regard to the Japanese claims, the Council of Four reached its final decision of the matter, in which necessarily Mr.
Wilson acquiesced.