It is not unlikely that the collapse which later took place in Russia might have come about then, and after a success of that nature, with no "America" as yet on the horizon, we might perhaps have brought the war to an end.

Two things, however, were required: in the first place, the Roumanians demanded, as the price of their co-operation, a rectification of the Hungarian frontier, and this first condition was flatly refused by Hungary; the second condition, which naturally then did not come into question at all, would have been that we should even then, after such a success, have proved strong enough to bear a peace with sacrifice.

We were not called upon to agree to this, but the second requirement would undoubtedly have been refused by Germany, just as the first had been by Hungary.

I do not positively assert that peace would have been possible in this or any other case, but I do positively maintain that during my period of office _such a peace by sacrifice was the utmost we and Germany could have attained_.

The future will show what superhuman efforts we have made to induce Germany to give way.