The next grave danger is financial.

The European Allies have so bled the English for money that the English would by this time probably have been on a paper money basis (and of course all the Allies as well) if we had not come to their financial aid.

And we've got to keep our financial aid going to them to prevent this disastrous result.

That wouldn't at once end the war, if they had all abandoned specie payments; but it would be a frightfully severe blow and it might later bring defeat.

That is a real danger.