"No, we absolutely cannot wait until the Germans have occupied all of France before seeking peace with them. By then, it will be utterly useless. At that point, the Germans will no longer need us to beg for peace—they will have free rein to do as they please," President Poincaré declared.
"Indeed, by then, we will not be seeking peace, but surrender. There is a vast difference between the two," Prime Minister René Viviani added.
While seeking peace would admittedly place them in a humiliating position, it would still offer room for negotiation. Surrender, on the other hand, would render them powerless, like meat on a chopping block, at the mercy of their conquerors.
"Then, let us prepare and contact the Germans as soon as possible," President Poincaré decided.
After making this decision, a deep sense of helplessness overcame him. The Franco-Prussian War, over forty years ago, had led to the downfall of the Second French Empire. The Emperor had been captured, and the empire had collapsed. Now, once again, the French Republic faced defeat, and it seemed inevitable that the Third Republic would soon meet its end.
"Yes, Mr. President. However, if we are to surrender, the Germans will undoubtedly impose harsh terms. How should we respond when they do?" asked Minister Théophile Delcassé.
Indeed, France was the losing party in this war, and to end it and achieve peace, there would inevitably be a price to pay. Judging by Germany's appetite, the terms would undoubtedly be severe.
"Mr. President, the Germans are insatiable. Even Russia, seeking to exit the war, was extorted for vast sums in reparations and had to cede large swaths of territory. If we seek peace, we can be sure that Germany will demand a similar—or worse—price from us," Minister of Finance Alexandre Ribert added.
"Such is inevitable," Prime Minister Viviani sighed. "Our military has failed, and now we must seek peace. Our only option is to minimize the cost and limit the damage as much as possible."
Being at the mercy of the Germans was a bitter pill for everyone to swallow. Yet, there was no alternative. Once the military had been defeated, the only way to avoid the collapse of the nation was to make concessions elsewhere.
"What kind of terms do you think the Germans will demand?" President Poincaré asked.
"Mr. President, I fear our overseas colonies will be among the first to be lost. The Germans have long coveted our colonies. The roots of this war stem from their dissatisfaction with our extensive overseas holdings. If we seek peace, we can be certain they will demand the transfer of our colonies to them," Théophile Delcassé replied.
Both President Poincaré and Prime Minister Viviani furrowed their brows. France's overseas colonies were second only to Britain's in size. Though not as rich as the British colonies, they still generated substantial annual revenue for France. Losing them would deal a heavy blow to the nation.
Of course, if the Germans insisted on taking all of France's colonies, they would have little choice. The situation had grown dire, and in order to minimize further losses on the home front, they would have to acquiesce to Germany's demands.
"Though it is regrettable to lose our colonies, the French Republic's heart lies in its homeland. If the Germans want those colonies, let them have them. As long as we can preserve the mainland, the loss won't be catastrophic," Prime Minister Viviani stated.
President Poincaré nodded. Indeed, the homeland held far greater importance than the colonies. Though the colonies spanned twenty times the size of France's mainland and boasted a population far larger than that of the homeland, if forced to choose, they would preserve the homeland, not the colonies.
"Mr. President, Mr. Prime Minister, in addition to the colonies, I fear we may have to cede some of our own territory as well. The extent of Germany's demands is still uncertain," Delcassé continued.
"France's territory is not comparable to Russia's. They ceded vast regions to the Germans, yet their land area remained vast. If the Germans were to take our territory, France would have little left," President Poincaré said.
"No one wishes to cede any of our land, Mr. President. But if the Germans insist, we may have no choice," Delcassé replied.
"We will fight for every inch. We may be forced to make concessions in other areas, but we must hold on to our territory as much as possible," Poincaré insisted.
"Yes, Mr. President," Delcassé nodded. However, he suspected that this would prove very difficult. After all, Germany's appetite for conquest was far from satisfied.
"Another matter is the war indemnities. The Germans extorted two hundred billion marks from Russia. If we seek peace, they will undoubtedly demand a substantial indemnity from us as well," Delcassé added.
"If the Germans demand only two hundred billion marks, that would not be insurmountable. With our overseas investments, we could easily meet such a demand," Minister Ribert stated.
France, often referred to as the "Empire of Usury," had extensive investments worldwide, which had made the nation exceedingly wealthy. However, this focus on lending had caused France's domestic industrial development to stagnate. After all, who would bother with industrial development when the allure of high-interest loans was so great?
At this time, France's overseas investments exceeded five hundred billion francs, or roughly four hundred billion marks. Therefore, if the Germans demanded only two hundred billion marks in war indemnities, it would be a small price to pay for France.
"However, the Germans will likely demand more. After all, we are far wealthier than Russia," Prime Minister Viviani observed.
"Whatever the case, we must do everything we can to minimize the indemnity in the negotiations," President Poincaré concluded.
After much deliberation, the French government appointed Foreign Minister Théophile Delcassé as the plenipotentiary envoy to represent France in peace talks with Germany.