If it is said that the war is won, it would perhaps be more accurate to say that there is a lull in the storm. At the very least, it is necessary to provide for all eventualities. Recent discoveries have enabled us to pierce the enemy's designs to a greater extent than hitherto. They were not merely a dream of military domination on the part of Prussia, but a definite conspiracy expressly aiming at the extermination of France. Industrially France is extremely difficult to reconstruct, whereas Germany has kept her factories intact and ready to start working efficiently forthwith. Indeed, industrially and commercially, as between France and Prussia, the victory is the latter's. ... the war debt of Germany is almost entirely domestic and can easily be repudiated, while that of France must be paid. In the immediate future we shall have to pay regularly abroad immense sums, by way of interest solely, out of our internal resources.