It is hardly to be supposed that the Council of Four can retrace their steps, even if they wished to do so.

The replacement of the existing Governments of Europe is, therefore, an almost indispensable preliminary.
I propose then to discuss a program, for those who believe that the Peace of Versailles cannot stand, under the following heads: 1.

The Revision of the Treaty.
2.

The settlement of inter-Ally indebtedness.
3.

An international loan and the reform of the currency.
4.