[8] The full text is given in Appendix No. 4.
[9] Compare this with the fixed payment of $500,000,000 and an export proportion of 26 per cent proposed in the second Ultimatum of London, only two months later.
[10] The Times, March 8, 1921.
[11] The Times, March 8, 1921.
[12] A week or two later the German Government made a formal appeal to the League of Nations against the legality of this act; but I am not aware that the League took any action on it.
[13] A few weeks later the Reparation Commission endeavored to put the action of the Supreme Council in order, by demanding one milliard marks in gold ($250,000,000), that is to say, the greater part of the reserve of the Reichsbank against its note issue. This demand was afterwards dropped.
[14] The full text is given in Appendix No. 5.
[15] The practicability of such a loan on a large scale is of course more than doubtful.
[16] The German Government is reported also to have offered, alternatively, to accept any sum which the President of the United States might fix.
[17] After the enforcement of the Sanctions and the failure of the counter–proposals, the Cabinet of Herr Fehrenbach and Dr. Simons was succeeded by that of Dr. Wirth.