July 29th, 6.30 p.m.
I have received Your telegram and I share Your desire for the conservation of peace. However: I cannot-as I told You in my first telegram-consider the action of Austria-Hungary as an "ignominious war". Austria-Hungary knows from experience that the promises of Servia as long as they are merely on paper are entirely unreliable.
According to my opinion the action of Austria-Hungary is to be considered as an attempt to receive full guaranty that the promises of Servia are effectively translated into deeds. In this opinion I am strengthened by the explanation of the Austrian cabinet that Austria-Hungary intended no territorial gain at the expense of Servia. I am therefore of opinion that it is perfectly possible for Russia to remain a spectator in the Austro-Servian war without drawing Europe into the most terrible war it has ever seen. I believe that a direct understanding is possible and desirable between Your Government and Vienna, an understanding which-as I have already telegraphed You-my Government endeavors to aid with all possible effort. Naturally military measures by Russia, which might be construed as a menace by Austria-Hungary, would accelerate a calamity which both of us desire to avoid and would undermine my position as mediator which-upon Your appeal to my friendship and aid-I willingly accepted.
signed: Wilhelm.
EXHIBIT 23.