"Restitution of Belgium under definite guarantees for the safety of Germany, which would have to be determined by means of negotiations with the Belgian Government.
"Economic and financial settlement, on the basis of exchange, of the territory invaded by both sides, and to be restituted by the conclusion of peace.
"Compensation for German undertakings and private persons who have suffered damage through the war.
"Renunciation of all economic arrangements and measures, which after the peace would constitute an obstacle in the way of normal commerce and trade, with the conclusion of corresponding commercial treaties.
"The Freedom of the Seas to be placed on a secure basis.
"The peace terms of our Allies coincide with our own views, and observe the same limits.
"We are, moreover, prepared to enter the International Conference which he wishes to invoke after the war on the basis of his communication to the Senate.
"Your Excellency will give President these details at the same time as you hand him Note relating unrestricted U-boat war, and will inform him as follows:
"If his offer had only reached us a few days earlier, we should have been able to postpone opening of the new U-boat war. Now, however, in spite of best will in the world, it is, owing to technical reasons, unfortunately too late, as far-reaching military preparations have already been made which cannot be undone, and U-boats have already sailed with new instructions. Form and content of enemy's reply to our offer of peace, and the Note of the President, were so abrupt and harsh, that, in view of the life and death struggle which has once again been proclaimed against us, we cannot any longer delay the use of those means which appear to us best calculated to end the war quickly, and for the relinquishment of which we could not have taken the responsibility in the face of our whole nation.
"As the order regarding the unrestricted U-boat war shows, we are prepared, at any moment, to make every possible allowances for America's needs. We would beg the President to prosecute—that is to say, pursue, his plan notwithstanding, and declare ourselves ready to discontinue the unrestricted U-boat war the moment we are completely assured that the President's efforts will lead to a peace that would be acceptable to us.