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14 whose good will, as you well know, it has been my earnest endeavor to win. And as for our lost colonial possessions, I, as well as you, have long recognized that they were too widely scattered, too little coordinated, to carry much military value; moreover, as outlets for our expanding population, they have failed of their purpose.

"Of the crime of Kiao-Chou I will say no more than that Germany never forgets!

"Has Germany, then, no future beyond the seas? She has, most assuredly, and it lies (would that we had recognized the fact, and recognizing, acted upon it long ago) in the Western Hemisphere, in the southern half of the great American continent. South America beckons the German colonist and calls to us for the further exploitation of its abundant natural resources by that combination of German science, capital, and organization, with