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There is pending a grant of authority to the administrative branch of the Government for the funding and settlement of our vast foreign loans growing out of our grant of war credits. With the hands of the executive branch held impotent to deal with these debts we are hindering urgent readjustments among our debtors and accomplishing nothing for ourselves.

Orders were given to cease all further active operations on a large scale in Palestine, and to send to France all the men that could be spared. Accordingly, there was no alternative but to consolidate, to heavily wire and sangar in upon the line that had been already reached, making such tactical readjustments as were necessary.

They fulfill their destiny in issuing, later on, into specific and perceptible acts. And these inchoate, budding organic readjustments are important because they are our sole escape from the dominion of routine habits and blind impulse. They are activities having a new meaning in process of development.

Readjustments in the Russian Camp were manifold: but these are as nothing, in the tumultuous business of the day. Carting of their baggage, every article of value, to that safe Wagenburg in the River; driving of cattle, the very driving of cattle through Frankfurt, endless herds of them, gathered by the Cossacks from far and wide, "lasted for four-and-twenty hours."

Bondmen gave place to hirelings and peasant proprietors, status gave place to contract, industrial society was enabled to make redistributions and readjustments at will, as it had never been before. In view of the prevailing traits and the density of the population a general return whether to slavery or serfdom was economically unthinkable.

For they also exist in order to shape and reshape the entire larynx within itself according to the note to be produced, and the opening or closing of the glottis with the degree of tension of the vocal cords resulting therefrom is but one detail in the coördination of adjustments and readjustments which prepare the vocal tract to produce the tone the singer hears in his mind.

Considerable difficulty was experienced in selecting a bivouac area which would not be in view of the enemy from one position or another, but one was at length found, although there were some readjustments to be made the next day. That night we learned that our commanding officer, Colonel Morrison, had died in hospital at Alexandria.

Whatever the causes may be, the vast liquidation and readjustments which have taken place have left us with a large degree of credit paralysis, which together with the situation in our railways and the conditions abroad, are now the outstanding obstacles to recuperation.

I think Great Britain and her Allies have all of them to prepare their minds for a certain release of their grip upon their "possessions," if they wish to build up a larger unity; I do not see that any secure unanimity of purpose is possible without such releases and readjustments.

If, for example, one were to infer from the vast territorial readjustments and the still vaster demands of the various belligerents at the Conference, the motives that had determined them to enter the war, the conclusion except in the case of the American people, whose disinterestedness is beyond the reach of cavil would indeed be distressing.