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 ment she has wiped out her internal debt and also the debts and charges of her industry and her agriculture. And even now after all that we have heard about the impossible demands of the Allies, it is quite likely that Germany may yet prove to haye been let off much too lightly, unless someone can devise some ingenious scheme by which the Allies will benefit from an unexpectedly quick recovery of her economic strength, without discouraging her effort to secure it.