Of course, it is easy to imagine that Germany would give her signature to treaties of settlement, even involving Serbia. But treaties signed by Germany have no value whatever. ‘We snap our fingers at treaties,’ said the Grand Duke of Mecklenburg-Schwerin to Mr. Gerard, American Ambassador at Berlin. Besides, even supposing that Berlin were party to a treaty concerning Serbia, this treaty might allow Serbia to exist in theory, but not in fact. We must look the situation in the face: Serbia is one great graveyard. Her population has been systematically butchered by the Bulgarians, with German approval. Serbia is utterly ruined: the Bulgaro-Austro-Germans have taken everything.

Now the principle ‘no indemnities’ would keep Serbia in this terrible and irremediable state of misery. It is evident that under these conditions the Serbian state would be hopelessly crippled. If, therefore, Austria-Germany were to say to the Allies, ‘Very well; in conformity with the formula “no annexations, no indemnities,” we are willing to recognize Serbia’s dependence by treaty,’ who would be deceived by this sinister and portentous joke? Who could believe in the sincerity of a proposition which, on the face of it, is rendered impossible of fulfillment by the ‘no indemnities’ clause. And what guaranty would the Allies hold that Germany, Austria, and Bulgaria would withdraw from Serbia at the same time, in view of the fact that such a withdrawal, if bona fide, would imply Berlin’s renunciation of the whole Central Pan-German scheme and its vast attendant profits?

To suppose such a thing possible implies a complete ignorance of the Germanic spirit as it has manifested itself since the beginning of history. Besides, declarations made by the Germans themselves show that they will never recede from their position as regards Serbia. As early as December, 1916, the Frankfurter Zeitung prepared its readers in advance for the ‘pacifist’ tactics about to be employed—tactics which are now being tried out with the help of the Russian anarchists, the Kienthal Socialists, and the Pope.

‘Certainly,’ said the Frankfort paper, ‘if we are to make a lasting profit from the military situation, both in its favorable and in its less advantageous aspects, it is essential that special questions should be severally considered in their relation to the whole. To-day our point of view should be as follows: in the East, the formulation of definite demands, and in the West, negotiations on a flexible basis. This is not a programme but a general line of action. “Negotiation” is by no means a synonym for “renunciation.”’

This last sentence should be read and pondered over by all the Allies. Here we find an absolutely clear statement as regards the fate of Serbia, whose restoration, by means indicated later, is the one thing which can save the world from the consequences of the Hamburg-Persian Gulf scheme.

On August 8, 1917, at a banquet given at London for M. Pachitch, the Serbian Premier, Mr. Lloyd George acknowledged in decisive terms Great Britain’s obligations to Serbia—obligations which are practically those of the whole Entente.

‘What I have already said in the name of the British Government regarding Belgium, I here repeat in the name of the same Government regarding Serbia. The first condition of peace must be its complete and unrestricted restoration. I have not come here to make a speech. I have simply come to say that, no matter how long the war should last, Britain has pledged her honor that Serbia shall emerge from the conflict independent and completely restored. Moreover, it is not only a matter of honor. The security of civilization is directly involved here. In the West, Belgium has blocked Germany’s way, and Serbia in the East has been the check of the Central Powers. She must continue to mount guard over the gateway to the East.’

To this the Berlin Kreuzzeitung made reply,—

‘Mr. Lloyd George has said that the integral restoration of Serbia was an essential condition of peace and that British honor was pledged to this restoration. The war-aims of England and those of Austria-Hungary and Bulgaria are in absolute opposition on this point.’

The Hamburger Fremdenblatt, speaking for Germany as well, added,—