The Reparation Commission will come into very close contact with the problems of Europe; and it will bear a responsibility proportionate to its powers.

It may thus come to fulfil a very different role from that which some of its authors intended for it.

Transferred to the League of Nations, an appanage of justice and no longer of interest, who knows that by a change of heart and object the Reparation Commission may not yet be transformed from an instrument of oppression and rapine into an economic council of Europe, whose object is the restoration of life and of happiness, even in the enemy countries?
_V_.

_The German Counter-Proposals_ The German counter-proposals were somewhat obscure, and also rather disingenuous.

It will be remembered that those clauses of the Reparation Chapter which dealt with the issue of bonds by Germany produced on the public mind the impression that the Indemnity had been fixed at $25,000,000,000, or at any rate at this figure as a minimum.