FOOTNOTES:
[60] A fairly adequate account of this controversy during the Peace Conference can be pieced together from the following passages: Baruch, Making of Reparation and Economic Sections of the Treaty, pp. 45–55; Lamont, What really happened at Paris, pp. 262–265; Tardieu, The Truth about the Treaty, pp. 294–309.
[61] For these figures see Tardieu, op. cit., p. 305.
[62] It is of these passages that M. Clemenceau wrote as follows in his preface to M. Tardieuʼs book: “Fort en thème dʼéconomiste, M. Keynes (qui ne fut pas seul, dans la Conférence, à professer cette opinion) combat, sans aucun ménagement, ‘lʼabus des exigences des Alliés’ (lisez: ‘de la France’) et de ses négociateurs.... Ces reproches et tant dʼautres dʼune violence brutale, dont je nʼaurais rien dit, si lʼauteur, à tous risques, nʼeût cru servir sa cause en les livrant à la publicité, font assez clairement voir jusquʼoù certains esprits sʼétaient montés.” (In the English edition, M. Tardieu has caused the words fort en thème dʼéconomiste to be translated by the words “with some knowledge of economics but neither imagination nor character”—which seems rather a free rendering.)
[63] At about the same date, the German Indemnity Commission (Reichsentschädigungskommission) estimated the cost at 7228 million gold marks, also on the basis of pre–war prices; that is to say, at about one–seventh of M. Duboisʼ estimate.
[64] The details of this claim, so far as they have been published, are given in Appendix No. 3. The above figure comprises the items for Industrial Damages, Damage to Houses, Furniture and Fittings, Unbuilt–on Land, State Property, and Public Works.
[65] See M. Loucheurʼs speech in the French Chamber, May 20, 1921.
[66] For this rate to be justified the exchange value of the franc in New York must rise to about 11 cents.