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 over the world, locked up maybe in the coffers of Christians. It is of course possible to get at shares and debentures in railways, banks and industrial concerns of all descriptions, by taxation, and where the progressive income-tax is in force, all our realized property can eventually be laid hold of. But all these efforts cannot be directed against Jews alone, and where they have nevertheless been made, severe economic crises with far-reaching effects have been their immediate consequence. The very, impossibility of getting at the Jews nourishes and embitters hatred of them. Anti-Semitism increases day by day and hour by hour among the nations; indeed, it is bound to increase, because the causes of its growth continue to exist, and cannot be removed. Its remote cause is our loss of the power of assimilation during the Middle Ages; its immediate cause is our excessive production of mediocre intellects, who cannot find an outlet downwards or upwards—that is to say, no wholesome outlet in either direction. When we sink, we become a revolutionary proletariat, the subordinate officers of the revolutionary party; when we rise, there rises also our terrible power of the purse.

EFFECTS OF ANTI-SEMITISM. The oppression we endure does not improve us, for we are not a whit better than ordinary people. It is true that we do not love our enemies; but he alone who can conquer himself dare reproach us with that fault. Oppression naturally creates hostility against oppressors, and our hostility aggravates the pressure. It is impossible to escape from this eternal round.

"No!" some soft-hearted visionaries will say; "no, it is possible! Possible by means of the ultimate perfection of humanity."

Is it worth while pointing out the sentimental folly of this view? He who would found his hope for improved conditions on the ultimate perfection of humanity, would indeed be painting a Utopia!

I referred previously to our "assimilation"; I do not for a moment wish to imply that I desire such an end. Our national character is too historically famous, and, spite of every degradation, too fine, to make its annihilation desirable. We might perhaps be able to merge ourselves entirely into surrounding races, if these were to leave us in peace for a space of two generations. But they will not leave us in peace. For a little period they manage to tolerate us, and then their hostility breaks out again and again. The world is provoked by our prosperity, because it has for many centuries been accustomed to consider us as the most contemptible among the poverty-stricken. It forgets, in its ignorance and narrowness of heart, that prosperity weakens our Judaism and extinguishes our peculiarities. It is only pressure that forces us back to the parent stem; it is only hatred encompassing us that makes us strangers once more.

Thus, whether we like it or not, we are now, and shall henceforth remain, a historic group with unmistakable characteristics common to us all.

We are one people—our enemies have made us one in our despite, as repeatedly happens in history. Distress binds us together, and, thus united, we suddenly discover our strength. Yes, we are strong enough to form a State, and a model State. We possess all human and material resources necessary for the purpose.

This is the strictly appropriate place for an account of what has been somewhat rudely termed our human material. But it would not be appreciated till the broad lines of the plan, on which everything depends, had first been marked out.