"Obviously the League of Nations is an attempt to form a trust, to put down international competition. In that sense it is "a step in the right direction" for capitalism. And just as any trust is helpful and sympathetic toward a private individual who is trying to gain his freedom in his own way, just so the League of Nations will help and sympathize with Ireland, or Hungary, or any nation struggling for its own kind of freedom-especially if that freedom happens to be industrial in its nature and not merely political. That is the covenant. It is the last stand of Commercial aristocracy, in collusion with kings, premiers and labor fakirs. But it is not yet plain to American business that we had better form such an alliance. If we do, there must be plenty of reservations. Capitalism of course is already international, so why make a covenant out of it? The next thing you know, people will become international and align themselves boldly against the common enemy. So let us make "reasonable" reservations."