It is not a matter of equity.

Accepting the situation as it stands, it is evident that any peace can only have a qualified meaning, in the sense of armistice, so long as there is opportunity for national enterprise of the character on which these two enterprising national establishments are bent, and so long as these and the like national establishments remain.

So, taking the peaceable professions of their spokesmen at a discount of one hundred percent, as one necessarily must, and looking to the circumstantial evidence of the case, it is abundantly plain that at least these two imperial Powers may be counted on consistently to manoeuvre for warlike advantage so long as any peace compact holds, and to break the peace so soon as the strategy of Imperial enterprise appears to require it.
There has been much courteous make-believe of amiable and upright solicitude on this head the past few years, both in diplomatic intercourse and among men out of doors; and since make-believe is a matter of course in diplomatic intercourse it is right and seemly, of course, that no overt recognition of unavowed facts should be allowed to traverse this run of make-believe within the precincts of diplomatic intercourse.

But in any ingenuous inquiry into the nature of peace and the conditions of its maintenance there can be no harm in conveniently leaving the diplomatic make-believe on one side and looking to the circumstances that condition the case, rather than to the formal professions designed to mask the circumstances.
* * * * * Chief among the relevant circumstances in the current situation are the imperial designs of Germany and Japan.

These two national establishments are very much alike.