In the issue of June 1971, there appeared David Felix's “Reparations Reconsidered with a Vengeance,” which constitutes an assault upon my article, “Reparations Reconsidered: A Reminder,” in the December 1969 issue. Unfortunately, Mr. Felix has attacked an article which I did not write rather than the one which I did write. My brief ten-page essay addressed itself exclusively to the question of how much Germany was initially asked to pay and consisted of little more than a close textual analysis of the London Schedule of Payments of May 5, 1921. My main point, which Mr. Felix accepts, was that this document established the German reparations debt at a nominal value of 50 billion gold marks, not the figure of 132 billion gold marks widely cited in the general literature concerning the period. Secondly, I pointed out that Germany had offered to pay a considerably larger amount less than two weeks before. Mr. Felix ignores this point while attacking my conclusion based upon it to the effect that the London Schedule constituted a victory for the Germans. Finally, I remarked briefly that, with a high ostensible figure and much lower actual payments, the Germans had an excellent propaganda position and made the most of it, leading the English-speaking world to believe that the reparations burden was both outrageous and unpayable. I concluded that “We shall never know what Germany could have paid, had she seen any reason to do so, but we can easily demonstrate that the settlement was not outrageous, even in German eyes” (p. 365).