Those borrowing countries who will be entitled to Reparation payments should be required to pledge all such receipts to repayment of the new loan.

And all the borrowing countries should be required to place their customs duties on a gold basis and to pledge such receipts to its service.
Expenditure out of the loan should be subject to general, but not detailed, supervision by the lending countries.
If, in addition to this loan for the purchase of food and materials, a guarantee fund were established up to an equal amount, namely $1,000,000,000 (of which it would probably prove necessary to find only a part in cash), to which all members of the League of Nations would contribute according to their means, it might be practicable to base upon it a general reorganization of the currency.
In this manner Europe might be equipped with the minimum amount of liquid resources necessary to revive her hopes, to renew her economic organization, and to enable her great intrinsic wealth to function for the benefit of her workers.

It is useless at the present time to elaborate such schemes in further detail.

A great change is necessary in public opinion before the proposals of this chapter can enter the region of practical politics, and we must await the progress of events as patiently as we can.
4.

_The Relations of Central Europe to Russia_ I have said very little of Russia in this book.