any purpose or cause for such revolutionary changes
other than mere vengeance of their enemies and this
alone would strongly tend towards the most bitter
reactions.
 
 
 I am prepared to accede to the argument
that even if German resources were wiped off the map,
the European economy would somehow readjust itself,
perhaps with the help of Great Britain and this country.
And the world would go on. The benefit to England by             
the suppression of German competition is greatly stressed
in the Treasury memorandum. But this is an argument              
addressed to a shortsighted cupidity of the victors and
the negation of all that Secretary Hull has been trying
to accomplish since 1933. I am aware of England's
need, but I do not and cannot believe that she wishes
this kind of remedy. I feel certain that in her own in-
terest she could not afford to follow this path. The
total elimination of a competitor (who is always also
a potential purchaser) is rarely a satisfactory solution
of a commercial problem.
 
 
 The sum total of the drastic political and
economic steps proposed by the Treasury is an open