But the continent of Europe is still swampy and insecure. The debate in the French Chamber on reparations is not encouraging. The only difference of opinion in the discussion was that displayed between those who advocated an advance into the Ruhr, and the seizure of pledges further into German territory, and those who preferred "developing" the left bank of the Rhine. Occupying, controlling, developing, annexing—they all mean the same thing; that the province to the left bank of the Rhine is to be torn from Germany and grafted into France.
There is no peace in this talk. It is a sinister note on which to end the pacific music of 1922. You must interpret it in connection with another event of 1922—the Russo-German agreement. Since then Chicherin—a spirit of mischief incarnate—has almost made Berlin his abode. The men who are devoting their ingenuity to devising new torments for Germany are preparing new terrors for their own and their neighbours' children.
The year ends with rumours of great American projects for advancing large sums of money to all and sundry in the hope of settling the vexed question of German reparation. The loan, it is surmised, will be accompanied by guarantees on the part of France not to invade further German territory. Some go so far as to conjecture that it is to be an essential condition of participation in this Christmas bounty of Madame Rumour that France is to reduce her armies and to undertake not to exceed Washington limits for her navies.
Nobody seems to know, and I am only repeating the gossip of the press. But if the £350,000,000 loan is likely to materialise, its projectors are wise in imposing conditions that would afford them some chance of receiving payment of a moderate interest in the lifetime of this generation.
No prudent banker would lend money on the security of a flaming volcano.
London, December 20th, 1922.
VII WHAT IS FRANCE AFTER?
1. The Rhine