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Updated: May 29, 2025
Helfferich was asked to go into the question of German finance and the relation of America to it. Dr. Solf, the Colonial Minister, who had been a very good friend of Ambassador Gerard, discussed the question of the submarine warfare from the stand-point of its relation to Germany's position as a world power.
Zimmermann referred to our personal friendship and said that he was sure that we should be able to manage everything together. Helfferich in his speech said that I, by learning German and studying the life of the German people, was one of the few diplomats that had come to Germany who had learned something of the real life and psychology of the Germans.
Karl Helfferich's account in Weltkrieg gives the impression that the question of American mediation was mentioned for the first time on the 1st May. The two journeys of Colonel House, which were of far greater importance than Mr. Gerard's visit to G.H.Q., are not mentioned in the Helfferich account.
About ten people were present at these dinners, the Chancellor's son-in-law, Zech, Prittwitz, two experts in international law, both attached to the Foreign Office, and, at two dinners, von Treutler, the Prussian Minister to Bavaria, who had been assigned to represent the Foreign Office near the person of the Kaiser and Helfferich who, towards the end of our stay, had been summoned from Berlin.
Many anonymous lies and rumours were flying about Berlin at this period, and even Helfferich had to deny publicly the anonymous charges that he had been anonymously attacking the Chancellor. In July, the committee called the National Committee for an Honourable Peace was formed with Prince Wedel at its head.
Helfferich shadowed this forth in his speech in the Reichstag, on August 20, 1915, when he said: "If we wish to have the power to settle the terms of peace according to our interests and our requirements, then we must not forget the question of cost. We must have in view that the whole future activity of our people, so far as this is at all possible, shall be free from burdens.
Karl Helfferich, the Vice Chancellor and Minister of Interior, Secretary of State von Jagow, and Count von Roedern, Minister of Finance, replied to adjust the difficulty. The Army and Navy said in effect: "If you can adjust it without stopping the submarine warfare and without breaking with the United States do so."
I had been working hard at German and as von Bethmann-Hollweg does not like to talk English and as some of these persons did not speak that language we tried to carry on the table conversation in German, but I know that when I tried to explain, in German, to Helfferich the various tax systems of America, I swam out far beyond my linguistic depth.
When he enlarged upon the powers of the British Government he was interrupted by cries of "It is a question not of theory but of practice," and the Socialist leader Herr Stadthagen made a scathing reply. He said: "Even if everything in England is as Herr Helfferich described it, the state of things is much better there than in Germany.
And I am convinced that at this time, at any rate, the influence of Helfferich was cast in the scale in favour of peace. Finally, I was told that on the next day, which was Monday, May first, I was to lunch with the Emperor.
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