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16, not the least among which has been the belief that back of this policy lay the strength of the British fleet. I know not with certainty how much of truth there has been in that assumption; but, thanks to the work of our plenipotentiary at Geneva, an understanding, secret and supplementary to the general treaty, was reached with the British representative, by which, in consideration of our withdrawal from the Euphrates Valley (which the collapse of the Turkish Empire has rendered less attractive to German enterprise than it was), Great Britain pledges herself to a neutral attitude on the 'Monroe Doctrine,' except so far as it affects her own North American possessions.

"With the fleet of Great Britain eliminated as an element in the problem, it becomes possible for Germany, as I shall show you later, to achieve, through the instrumentality of her fleet, a feat of arms