What the German oligarchy desired was a peace which they could picture to their deluded people as a triumph, one that would enable them to extricate themselves at the smallest possible cost from what seemed a desperate position, to escape the penalties of their crimes, to emerge from their failure with a Germany still powerful, both in economic resources and in arms, and to set to work again industriously preparing for a renewal of the struggle at a more favourable time.

If negotiations resulted in such a truce, the German purpose would be splendidly served; even if they failed, however, the gain for Germany would still be great.

Germany could appear as the belligerent which desired peace and the Entente could perhaps be manoeuvred into the position of the side responsible for continuing the war.

The consideration which was chiefly at stake in these tortuous proceedings was public opinion in the United States.

Americans do not yet understand the extent to which their country was regarded as the determining power.