The German Government gave notice, last week, of a bill to revalorize $17,500,000,000 of War and pre-War Government loans (Federal, state and municipal) at $875,000,000, or 5% of their original value. This was a reminder that Germany has not escaped the cost of the War; the Government is to pay 5%, the people 95%; for, to the latter, such partial revaluation is all but equivalent to repudiation.

In making this offer, the Government expressly stated that it recognized only its moral and not its legal responsibility. The bill...

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