"Finally, besides the various} guarantees discussed at Boulogne, but not definitely accepted at that time by certain of our Allies, the Paris Conference clearly laid down that the penalties fixed for nonexecution of the disarmament terms should be applicable in tote to the problem of reparations.
"We need not emphasize to ydu the importance of such a decision, which is a derivative of the general terms of the Treaty of, Versailles. and which, being conceived in a strict spirit of justice and equity, in no way exceeds the Allies' indisputable right.
"The Conference would have achieved nothing, if it had limited itself to defining obligations without guaranteeing the execution of penalties. You are already conversant with these penalties, which the Allies have fixed by unanimous accord. They are:—The eventual prolongation. of the period of occupation of the Rhine territories the occupation of a further portion {of German territory (either the Ruhr basin or some other); the application of customs or - other measures in the Rhine territories, and the impossibility for Germany to join the League of Nations until she has given pledges of her loyal intention to fulfil the obligations she has undertaken.
Text read from the printed page and cleaned; old type leaves the occasional error.