On the 22nd of November he and Mr.
Bonar Law issued their Election Manifesto.

It contains no allusion of any kind either to the one or to the other but, speaking, rather, of Disarmament and the League of Nations, concludes that "our first task must be to conclude a just and lasting peace, and so to establish the foundations of a new Europe that occasion for further wars may be for ever averted." In his speech at Wolverhampton on the eve of the Dissolution (November 24), there is no word of Reparation or Indemnity.
On the following day at Glasgow, Mr.Bonar Law would promise nothing.
"We are going to the Conference," he said, "as one of a number of allies, and you cannot expect a member of the Government, whatever he may think, to state in public before he goes into that Conference, what line he is going to take in regard to any particular question." But a few days later at Newcastle (November 29) the Prime Minister was warming to his work: "When Germany defeated France she made France pay.

That is the principle which she herself has established.

There is absolutely no doubt about the principle, and that is the principle we should proceed upon--that Germany must pay the costs of the war up to the limit of her capacity to do so." But he accompanied this statement of principle with many "words of warning" as to the practical difficulties of the case: "We have appointed a strong Committee of experts, representing every shade of opinion, to consider this question very carefully and to advise us.

There is no doubt as to the justice of the demand.