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132 that those who thought so, might as well argue that 5 per cent was the natural rate of interest.

The truth is that neither in ancient, nor in modern, times have the European nations entertained fixed animosities against each other, and this we can see best in our own case. Between us and Russia the fiercest hatred has been alight during the nineteenth century. Yet during the seventeenth and eighteenth centuries we were regarded as her natural and ancient friend. It was only as the eighteenth century ended that our feeling changed towards suspicion of Russia, from the date when Catherine II. organised the league of the Armed Neutrality against us, a feeling much strengthened when, in 1800, the Czar turned against England, and, above all, when, in 1807, after Friedland, he abruptly abandoned our alliance at a most critical hour.

But this suspicion changed to genuine dislike during the years succeeding 1820, as we witnessed the rapid approach of Russia towards India and Constantinople, marked by the Treaties of Turco-Manchai and Unkiar Skelessi. This emotion has lasted almost up to the present date, when, for reasons known to all of us, the tide of public sentiment which, since 1780 and the days of Catherine II., had been running strongly against Russia, has reverted to its more ancient direction of friendship and goodwill.

Or take again our feelings towards Spain. To an Elizabethan Englishman our animosity with