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1885.] Hence it happens that highly moral financiers are apt to regard things as wicked in the degree in which they are costly, while they are too short-sighted as statesmen to perceive that a prompt expenditure is often the best way of saving a far heavier amount, which must be the result of the delay – or, in homely phraseology, that a stitch in time saves nine. The most economical and the most moral method of self-preservation, then, will be found in consolidating, protecting, and extending the commercial position and moral influence of the great English-speaking people in all quarters of the globe. At this moment, though surrounded by enemies who envy and hate her, there is no country more safe from attack than Germany, because she is governed by a statesman who never shirks responsibility, cowers before danger, or, in moments of difficulty, takes refuge in compromise or concession. It is not England, with her horror of war, that has, during the last decade, been the Power which has prevented a European war, otherwise inevitable, from breaking forth; the statesman to whom the peace of Europe has been due, upon whom that peace now depends, and who is therefore doing the most for the moral progress of Europe, is exactly that statesman who never indulges in moral platitudes, and whom his worst enemy cannot accuse of hypocrisy. No one will pretend that peace is not more conducive to economy and moral progress than war; but to secure it, a great military position and a great national prestige are alike indispensable. England has, or should have, the first naval position in the world, and, until lately, her national prestige was second to none. These advantages confer on her great responsibilities; to part with them is to diminish her powers of usefulness in the world, and her mission of civilising it. As the champion of civil and religious liberty, she owes a duty to humanity, which it would be a crime alike in the eyes of God and man for her to relinquish, even though it may cost blood and treasure to maintain it, – for the amount expended to maintain it would be as nothing compared to the sacrifices of both life and money which the abandonment of this duty would entail upon the world. I speak feelingly, for I cannot conceive a greater disaster befall the human race, than to see the place of England usurped by the nation of which I have the honour of being a humble member," here Ivan smiled bitterly. "So absorbed are you in your own vestry quarrels, that you either forget or are ignorant of the place you occupy in the regard of millions, who see in England the apostle of free thought, free speech, free institutions. Your standard, which we look up to as the flag of liberty, and which should be nailed to the mast, we watch you with dismay lowering to every piratical craft, while the crew are fighting about a distribution of provisions, and the pilot seems to prefer running his ship on the rocks to boldly facing the enemy's cruisers. Nothing strikes us members of the oppressed and suppressed races as more anomalous and incomprehensible, than the fact that the party in England which are most ready to compromise the honour of that flag, and to haul it down on the least provocation, are precisely that party who are most loud-tongued in their profession of sympathy for those races to whom it is the banner on which their hopes are fixed – the symbol in their eyes of progress, civilisation, and political freedom. Hence it is that all