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"New York Times Current History: The European War from the Beginning to March 1915, Vol 1, No. 2 Who Began the War, and Why?"

The amount of harm that can be done by an enemy
ship to our trade is infinitesimal, compared with the amount of harm
that must be done by the economic condition that is caused on the
Continent.
The most awful responsibility is resting upon the Government in deciding
what to advise the House of Commons to do. We have disclosed our minds
to the House of Commons. We have disclosed the issue, the information
which we have, and made clear to the House, I trust, that we are
prepared to face that situation, and that should it develop, as probably
it may develop, we will face it. We worked for peace up to the last
moment, and beyond the last moment. How hard, how persistently, and how
earnestly we strove for peace last week the House will see from the
papers that will be before it.
But that is over, as far as the peace of Europe is concerned. We are now
face to face with a situation and all the consequences which it may yet
have to unfold. We believe we shall have the support of the House at
large in proceeding to whatever the consequences may be and whatever
measures may be forced upon us by the development of facts or action
taken by others. I believe the country, so quickly has the situation
been forced upon it, has not had time to realize the issue.


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