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We have written on this subject elsewhere and will remark

here only that virtually all Englishmen are now agreed that Sir John Bradbury's policy of moderation is the one right course. We have often quoted in justification of moderation as a post-war policy the memorable correspondence between Castlereagh and the Duke of Wellington. The temper in which those great statesmen treated France when Napoleon had been defeated is a model of the manner in which we ought to treat Germany now. We are particularly glad to see that this is recommended by the Times in a leading article of Thursday, quoting the correspondence. During the past few days the Times has altered its tone about the Reparations and the change, in our judgment, is enormously to the good.

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