So that instead of bringing the war to an end, we should be merely changing one opponent for another and delivering up provinces hitherto spared--such as Bohemia and Tyrol--to the fury of battle, only to be wrecked completely in the end.
On the other hand, we might perhaps, in a few months' time, secure peace all round, with Germany as well--a tolerable peace of mutual understanding--always provided the German offensive turns out successful.

The Emperor was more silent then.

Among his entourage, one pulls this way, another that--and we gain nothing in that manner among the Entente, while we are constantly losing the confidence of Berlin.

If a man wishes to go over to the enemy, then let him do it--_le remede sera pire que le mal_--but to be for ever dallying with the idea of treachery and adopting the pose without carrying it out in reality--this I cannot regard as prudent policy.
I believe we could arrive at a tolerable peace of understanding; we should lose something to Italy, and should, of course, gain nothing in exchange.

Furthermore, we should have to alter the entire structure of the Monarchy--after the fashion of the _federation Danubienne_ proposed in France--and I am certainly rather at a loss to see how this can be done in face of the Germans and Hungarians.