(4) A large loan at a low interest.

(5) Ships, ships, ships.

(6) A clear-cut expression of the moral issue. Thus (and only thus) can we swing into a new era, with a world born again.

Yours in strictest confidence,
W.H.P.

A memorandum, written on April 3rd, the day after President Wilson advised Congress to declare a state of war with Germany:

The Day

When I went to see Mr. Balfour to-day he shook my hand warmly and said: "It's a great day for the world." And so has everybody said, in one way or another, that I have met to-day.

The President's speech did not appear in the morning papers—only a very brief summary in one or two of them; but the meaning of it was clear. The fact that the House of Representatives organized itself in one day and that the President addressed Congress on the evening of that day told the story. The noon papers had the President's speech in full; and everybody applauds.

My "Cabinet" meeting this morning was unusually interesting; and the whole group has never before been so delighted. I spoke of the suggestive, constructive work we have already done in making reports on various war preparations and activities of this kingdom. "Now we have greater need than ever, every man to do constructive work—to think of plans to serve. We are in this excellent strategical position in the capital of the greatest belligerent—a position which I thank my stars, the President, and all the powers that be for giving us. We can each strive to justify our existence."

Few visitors called; but enthusiastic letters have begun to come in.