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Are we ruined by the Germans?

Note 3 — APPENDIX.

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This reply has been reprinted verbatim from the Daily Graphic. On the other hand, in preparing my own articles for republication I have made certain modifications with a view of meeting Mr. Williams’s objections, where I thought they were worth that trouble. Many of the objections have therefore lost their point; but I thought it better to let Mr. Williams’s reply stand as he wrote it.

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