Protection means military occupation in some shape or other.
Military occupation of these remote areas means incidents, and incidents quickly ripen into more serious complications.
Hence the reluctance of the British government of which I was the head to concur in this dangerous policy. Hence the refusal of Mr. Bonar Law's government to accept the responsibility for sanctioning such a policy. Even logically it is indefensible.
There are only two alternative points of view. One is that Germany cannot pay under present conditions until her finances are restored, and that a moratorium ought to be granted for a period which will enable that financial restoration to mature. The second is that Germany can pay, that she is only shamming insolvency, and that all that you have to do is to apply the thumbscrew firmly and cash will be forthcoming.
Logically I can understand either of these two alternatives, but I fail to comprehend the reason for a proposal that will grant a moratorium on the ground that Germany cannot pay, and at the same time apply the thumbscrew until she pays.
I am glad the British Prime Minister has had the wisdom not to associate himself with a policy which will bring inevitable discredit upon those who share the responsibility of enforcing it.
Meanwhile, the prospects of Europe's recovery are once more to be retarded by the vain stubbornness of some of her rulers.
Ronda (Spain), January 6th, 1923.