But the main outlines of all schemes for an international loan are much the same, The countries in a position to lend assistance, the neutrals, the United Kingdom, and, for the greater portion of the sum required, the United States, must provide foreign purchasing credits for all the belligerent countries of continental Europe, allied and ex-enemy alike.

The aggregate sum required might not be so large as is sometimes supposed.

Much might be done, perhaps, with a fund of $1,000,000,000 in the first instance.

This sum, even if a precedent of a different kind had been established by the cancellation of Inter-Ally War Debt, should be lent and should be borrowed with the unequivocal intention of its being repaid in full.
With this object in view, the security for the loan should be the best obtainable, and the arrangements for its ultimate repayment as complete as possible.

In particular, it should rank, both for payment of interest and discharge of capital, in front of all Reparation claims, all Inter-Ally War Debt, all internal war loans, and all other Government indebtedness of any other kind.