the particular question, as to whether in practice the exaction of a large monetary indemnity from a conquered foe can ever be economically profitable or of real advantage to the conqueror, is of a simpler character. If we put the question in this form, "Was the receipt of the indemnity, in the most characteristic and successful case in history, of advantage to the conqueror?" the reply is simple enough: all the evidence plainly and conclusively shows that it was of no advantage; that the conqueror would probably have been better without it.
Even if we draw from that evidence a contrary conclusion, even if we conclude that the actual payment of the indemnity was as beneficial as all the evidence would seem to show it was mischievous; even if we could set aside completely the financial and commercial difficulties which its payment seems to have involved; if we ascribe to other causes the great financial crises which followed that payment; if we deduct no discount from the nominal value of the indemnity, but assume that every mark and thaler of it represented its full face value to Germany—even admitting all this, it is still inevitable that *the direct cost of preparing for a war and of guarding against a subsequent war of retribution must, from the nature of the case, exceed the value of the