1.AND &? WATER 
September 19, 19 18 
LAND&WATER 
5 Chancery Lane, London, W,G,z. Tel. Holhom 2828 
THURSDAY, SEPTEMBER 19, 1918 
Contents 
page 
The Clear Conscience 
(Cartoon) 
Raemaekers 
I 
Current Events 
2 
The Two Threats to 
1 Enemy 
Communications 
Hilaire Belloc 
3 
Peace and the U-Boat 
A. H. PoUen 
6 
Peace by Bargain . . 
H. M. Hyndman 
8 
"Toy Dreadnoughts" , 
Herman Whitaker 
10 
With a Motor Convoy 
I.M. B. 
12 
To-day 
J. C. Squire 
14 
The Reader's Diary 
Peter Bell 
15 
The Theatre 
W. J. Turner 
16 
Bank Amalgamations 
Hartley Withers 
iS 
Household Notes . . 
/ 
20 
Notes on Kit 
22 
The Vocal Campaign 
FOR; weeks we have been referring here to the 
imminence of a "peace offensive" on an unpre- 
cedented scale. Our enemies now see that defeat 
is inevitable ; their numerical superiority has gone, 
the submarine war has definitely failed, the moral 
of their people is fast crumbling, and the interposition of 
America has made the end of the war, providing it is fought 
to a real decision, a. foregone conclusion. All this made it 
reasonable to expect a peace offensive ; but the plans of the 
Germans for it were so systematic and far-reaching that the 
Allied Governments possessed, we believe, definite evidence 
as to preparations and the nature of the temptations which 
would be offered. We say "temptations" advisedly. For 
the r61e of Austria and Germany is purely that of the tempter. 
As the Kaiser has recently explained, there is an unbridge- 
able gulf between the ideals of the two sides in the conflict ; '' 
and, as is clear from our War Aims (now pretty completely 
tabulated) there is an equally unbridgeable gulf between 
the notions of the' two sides as to a just re-arrangement of 
the map. Most Englishmen have realised this at one time 
or another ; some realise it aU the time ; the hope of the 
enemy is either that our Government should be tempted 
to talk and give him time for further military preparations 
or, better still, that the less resolute parts of the Allied 
populations should be tempted to say : "Our enemies want 
peace. Why waste further blood ? Let us meet them in 
a reasonable frame of mind," and that in this way a large 
and dangerous cleavage of opinion in England and France 
should be brought into existence. The truth is, as it has 
always been, that we cannot make terms with an unbeaten 
enemy. The fact that Austria is crying out for terms makes 
no difference. A provincial mayor is reported to have said 
on a certain occasion: "I propose to lean neither to par- 
tiality on one side nor to ImpartiaHty on the other." That 
sounds very judicious and fair ; so does a proposal for the 
belligerent Powers to meet on equal terms and discuss a 
reasonable settlement. But at this point the only settle- 
ment we could have in mind would be one which inclined 
"neither to injustice on one side nor to justice on the other. " 
That is to say, an unjust peace or none. 
Austria 
We are always surprised on these occasions by the ridicu- 
lous way in which our more vacillating papers treat Austria. 
The Austrians do their best to pose as people who are 
detached, who desire nothing out of the war, and who are 
anxious to adjust the claims of the real contestants — the 
Allies and Germany. This is done ii> order to distract atten- 
tion from Austria's real position ; and many Englishmen 
walk straight into the trap. What are the facts ? The 
facts are that the war originated immediatelj' from the 
anomalous nature of the Hapsburg Empire ; that the 
Austrians ar6 fully as guilty as the Prussians ; and that, 
although it is imperative that we break the military power 
of Prussia, the^ territorial changes contemplated in our pro- 
gramme affect Austria-Hungary far more extensively' (in 
Europe) than they do Germany. There is Posen and there 
is Alsace-Lorraine ; even if Slesvig, which is never men- 
tioned, be added, a large and compact Germany is left. 
Whether or not a German Empire would remain ; in what 
form of Confederation the " German Tribes " would be 
united ; these are other matters. But the Dual Empire is a 
congeries of peoples, two dominant races and a throne. The 
Allies' Austro-Hungarian programme, with its claims on 
behalf of Rumania, Italy, and Poland, and its promises to 
the Czecho-Slovaks and the Jugo-Slavs, implies, if it docs 
not in terms demand, the demolition of the Hapsburg Empire 
as we have known it. How, therefore, can people accept 
Austria-Hungary as a unit with which we can negotiate in 
the present position of things ? The Bohemians cannot be 
"somewhat" freed; Italy cannot take "a half-way house" 
in the Trentino ; the limbs of Austria cannot b^ partjally 
severed ; and the Hapsburg Government cannot conceiv- 
ably consent to any concessions which matter. Even if 
Austria "persuaded" her powerful partner to "compromise." 
Austria herself would remain, the nationality problems 
would remain, and, above all, the bonds between Hapsburgs 
and Hohenzollerns would remain. Unless the subjects of 
the Dual Empire surprise the world by voluntarily electing 
to remain within its frontiers, that "ramshackle Empire" 
(Mr. Lloyd George's phrase) has no future save in so far as 
' it may be presented with one by our loose grasp of our own 
principles. Its rulers and those of Germany know this ; 
and before long their love of peace will get more and more 
passionate ' and ideaUstic, and their willingness to make 
concessions greater and greater. In the end we shall get a 
public, and plausible, and detailed offer. 
Silver Scarcity 
We notice in the Times a complaint about "Scarcity of 
Silver Coin." To many people, of course, there will be nothing 
new about this scarcity ; it was noticeable, and even acute, 
long before the war. But the general scarcity now under 
notice is pecuhar and has been getting pronounced in recent 
weeks. It is suggested that if it continues five-shilling 
currency notes may be issued. We doubt whether this is 
necessary. The main reason for the great demand for silver 
is the slowness with which the authorities issue new Treasury 
Notes in place of those which are long past their prime. 
The replacement of dirty and cnimpled notes is not now, 
we believe, half so thoroughly and rapidly conducted as it 
was a year or two ago. Why, we do not know ; presumably 
either for economy's sake or because of some recommenda- 
tion of the Paper Controller. But it does not need much 
demonstration that when a lot of begrimed and diminished 
paper-money is about people will prefer to take silver, and 
also will make a point of getting rid of their paper as fast as 
they acquire it. Many of the notes in circulation have a 
pronounced tendency to curl up into small black balls, 
indistinguishable from little wads of miscellaneous paper ; 
this is especially so with the ten-shilling notes, most of which 
have a highly disreputable appearance, suggesting that they 
have spent the night in the gutter. There are, of course, no 
limits to the possibility of using paper money. Before the 
Revolution, the Tsar's Government was issuing notes foi; 
half a farthing, and after the Revolution 8,000 men were 
employed day and night in making them. Five-shilling notes 
win be used if they are issued ; we shall not have the option. 
But if they can be avoided, we should hke to avoid them 
simply on grounds of personal convenience and because, 
though silver may collect dirt, at least it does not so con- 
spicuously show it. 
