Dear Mr. McDonald:
It is pleasant to hear from you, and I think that the best way to send you my frank judgment on the situation is to enclose a cutting from the "Westminster Gazette", which gives a summary of an address which I [made at a?] meeting in London a few days ago. There is much confusion of opinion in this country, but I believe a real desire to bring the friction of war to an end, and to introduce an era of peaceful industrial reconstruction.
The terms of settlement suggested at the Paris Conference are certainly impossible, but France and Great Britain must realize that any attempt to force such terms on Germany could only lead to further financial disaster, and probably the impossibility of obtaining any indemnity. I can quite understand your view that America will only come in if she can be persuaded that her [cooperation] will be the means of restoring the European market. The restoration of that market is essentially a first preliminary, unless the whole industrial stability of Europe is to be undermined.
Thank you for sending me a copy of your letter to Lord Bryce, full as it is of interesting matter. You know how interested those who think with me are on maintaining a full measure of American friendship and [cooperation]; and we hope that it may be possible before long to find a remedy for the unfortunate conditions which prevail in Ireland, and to throw our influence decidedly in [favor] of a fair settlement as the only basis of a lasting peace in Europe.
Believe me to be
Very sincerely yours,