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28 the means of payment. It will appeal to your sense of the fitness of things that the United States, which has contributed so largely to our defeat, should pay the costs of this war and that the navy should play the part of collector.

"If it should be said that this descent upon the coasts of the United States is a premeditated attack upon a friendly power, our reply will be, that, though the charge is technically true, ethically it is false. When that neutral country turned itself into an arsenal for the supply of guns, ammunition, and military stores and equipment to the enemies of Germany, it became in effect an active participant in our overthrow. You, Von Falkenhayn, will agree with me that the military supplies furnished to the Allies by the United States were of more value to them than several army corps. It was the preponderance of artillery, due in large measure to