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 dispensation of Providence he sees cupidity and competition furthering the ends of charity and peace. But here once more I am unable to follow his audacious flight. Confined to the sphere of observation, I cannot but note that in the long and sanguinary course of history there has been no cause so fruitful of war as the rivalries of trade. Our own annals at every point are eloquent of this truth; nor do I see anything in the conditions of the modern world that should limit its application. We have been told that all nations will adopt our fiscal policy. Why should they, unless it is to their interest? We adopted it because we thought it was to ours; and we shall abandon it if we ever change our opinion. And when I say 'interest' I would not be understood to mean economic interest in the narrower sense. A nation, like an individual, I conceive, has a personality to maintain. It must be its object not to accumulate wealth at all costs, but to develop and maintain capacity, to be powerful, energetic, many-sided, and above all independent. Whether the policy we have adopted will continue to guarantee this result, I am not prophet enough to venture to affirm. But if it does not, I cannot doubt