_An International Loan_ I pass to a second financial proposal.

The requirements of Europe are _immediate_.

The prospect of being relieved of oppressive interest payments to England and America over the whole life of the next two generations (and of receiving from Germany some assistance year by year to the costs of restoration) would free the future from excessive anxiety.

But it would not meet the ills of the immediate present,--the excess of Europe's imports over her exports, the adverse exchange, and the disorder of the currency.

It will be very difficult for European production to get started again without a temporary measure of external assistance.