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1887] 1849, been compelled to fly from the country and had lived many years in England. In 1865 he had entered Bismarck's service. He had acquired a peculiar enmity to the Cobden Club, and looked on that institution as the subtle instrument of a deep-laid plot to persuade other nations to adopt a policy which was entirely for the benefit of England. He drew attention to Cobden's words—"All we desire is the prosperity and greatness of England." We may in fact look on the Cobden Club and the principles it advocated from two points of view. Either they are, as Bucher maintained, simply English and their only result will be the prosperity of England, or they are merely one expression of a general form of thought which we know as Liberalism; it was an attempt to create cosmopolitan institutions and to induce German politicians to take their economic doctrines from England, just as a few years before they had taken their political theories. In either case these doctrines would be very distasteful to Bismarck, who disliked internationalism in finance as much as he did in constitutional law or Socialist propaganda.

Bismarck in adopting Protection was influenced, not by economic theory, but by the observation of facts. "All nations," he said, "which have Protective duties enjoy a certain prosperity; what great advantages has America reached since it threatened to reduce duties twice, five times, ten times as high as ours!" England alone clung to Free Trade, and why? Because she had grown so strong under the old system of Protection that she could now as a