If we do not allow Germany to exchange products with Russia and so feed herself, she must inevitably compete with us for the produce of the New World.

The more successful we are in snapping economic relations between Germany and Russia, the more we shall depress the level of our own economic standards and increase the gravity of our own domestic problems.

This is to put the issue on its lowest grounds.

There are other arguments, which the most obtuse cannot ignore, against a policy of spreading and encouraging further the economic ruin of great countries.
* * * * * I see few signs of sudden or dramatic developments anywhere.

Riots and revolutions there may be, but not such, at present, as to have fundamental significance.