The war has ended with every one owing every one else immense sums of money.

Germany owes a large sum to the Allies, the Allies owe a large sum to Great Britain, and Great Britain owes a large sum to the United States.

The holders of war loan in every country are owed a large sum by the State, and the State in its turn is owed a large sum by these and other taxpayers.

The whole position is in the highest degree artificial, misleading, and vexatious.
We shall never be able to move again, unless we can free our limbs from these paper shackles.

A general bonfire is so great a necessity that unless we can make of it an orderly and good-tempered affair in which no serious injustice is done to any one, it will, when it comes at last, grow into a conflagration that may destroy much else as well.