The Prime Minister could claim that although he had not secured the entire costs of the war, he had nevertheless secured an important contribution towards them, that he had always qualified his promises by the limiting condition of Germany's capacity to pay, and that the bill as now presented more than exhausted this capacity as estimated by the more sober authorities.

The President, on the other hand, had secured a formula, which was not too obvious a breach of faith, and had avoided a quarrel with his Associates on an issue where the appeals to sentiment and passion would all have been against him, in the event of its being made a matter of open popular controversy.

In view of the Prime Minister's election pledges, the President could hardly hope to get him to abandon them in their entirety without a struggle in public; and the cry of pensions would have had an overwhelming popular appeal in all countries.

Once more the Prime Minister had shown himself a political tactician of a high order.
A further point of great difficulty may be readily perceived between the lines of the Treaty It fixes no definite sum as representing Germany's liability.

This feature has been the subject of very general criticism,--that it is equally inconvenient to Germany and to the Allies themselves that she should not know what she has to pay or they what they are to receive.