Though I trust we shall succeed in holding out during the next few months and carry out a successful defence, I am nevertheless quite convinced that another winter campaign would be absolutely out of the question; in other words, that in the late summer or in the autumn an end must be put to the war at all costs.

Without a doubt, it will be most important to begin peace negotiations at a moment when the enemy has not yet grasped the fact of our waning strength. If we approach the Entente at a moment when disturbances in the interior of the Empire reveal the coming breakdown every step will have been in vain, and the Entente will agree to no terms except such as would mean the absolute destruction of the Central Powers. To begin at the right time is, therefore, of extreme importance.

I cannot here ignore the subject on which lies the crux of the whole argument. That is, the danger of revolution which is rising on the horizon of all Europe and which, supported by England, is demonstrating a new mode of fighting. Five monarchs have been dethroned in this war, and the amazing facility with which the strongest Monarchy in the world was overthrown may help to make us feel anxious and call to our memory the saying: exempla trahunt. Let it not be said that in Germany or Austria-Hungary the conditions are different; let it not be contested that the firmly rooted monarchist tendencies in Berlin and Vienna exclude the possibility of such an event. This war has opened a new era in the history of the world; it is without example and without precedent. The world is no longer what it was three years ago, and it will be vain to seek in the history of the world a parallel to the happenings that have now become daily occurrences.

The statesman who is neither blind nor deaf must be aware how the dull despair of the population increases day by day; he is bound to hear the sullen grumbling of the great masses, and if he be conscious of his own responsibility he must pay due regard to that factor.

Your Majesty has seen the secret reports from the governor of the town. Two things are obvious. The Russian Revolution affects our Slavs more than it does the Germans, and the responsibility for the continuation of the war is a far greater one for the Monarch whose country is only united through the dynasty than for the one where the people themselves are fighting for their national independence. Your Majesty knows that the burden laid upon the population has assumed proportions that are unbearable; Your Majesty knows that the bow is strained to such a point that any day it may be expected to snap. But should serious disturbances occur, either here or in Germany, it will be impossible to conceal the fact from the Entente, and from that moment all further efforts to secure peace will be defeated.

I do not think that the internal situation in Germany is widely different from what it is here. I am only afraid that the military circles in Berlin are deceiving themselves in certain matters. I am firmly convinced that Germany, too, like ourselves, has reached the limit of her strength, and the responsible political leaders in Berlin do not seek to deny it.

I am firmly persuaded that, if Germany were to attempt to embark on another winter campaign, there would be an upheaval in the interior of the country which, to my mind, would be far worse than a peace concluded by the Monarchs. If the Monarchs of the Central Powers are not able to conclude peace within the next few months, it will be done for them by their people, and then will the tide of revolution sweep away all that for which our sons and brothers fought and died.

I do not wish to make any oratio pro domo, but I beg Your Majesty graciously to remember that I, the only one to predict the Roumanian war two years before, spoke to deaf ears, and that when I, two months before the war broke out, prophesied almost the very day when it would begin, nobody would believe me. I am just as convinced of my present diagnosis as I was of the former one, and I cannot too insistently urge you not to estimate too lightly the dangers that I see ahead.

Without a doubt, the American declaration of war has greatly aggravated the situation. It may be many months before America can throw any noteworthy forces into the field, but the moral fact, the fact that the Entente has the hope of fresh forces, brings the situation to an unfavourable stage for us, because our enemies have more time before them than we have and can afford to wait longer than we, unfortunately, are able to do. It cannot yet be said what course events will take in Russia. I hope—and this is the vital point of my whole argument—that Russia has lost her motive power for a long time to come, perhaps for ever, and that this important factor will be made use of. I expect, nevertheless, that a Franco-English, probably also an Italian, offensive will be launched at the first opportunity, though I hope and trust that we shall be able to repulse both attacks. If this succeeds—and I reckon it can be done in two or three months—we must then, before America takes any further military action to our disadvantage, make a more comprehensive and detailed peace proposal and not shrink from the probably great and heavy sacrifices we may have to make.

Germany places great hopes on the U-boat warfare. I consider such hopes are deceptive. I do not for a moment disparage the fabulous deeds of the German sea heroes; I admit admiringly that the tonnage sunk per month is phenomenal, but I assert that the success anticipated and predicted by the Germans has not been achieved.