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Rh years before his death, that he, the last of the Peelites, regarded economy as a main principle in his domestic policy, and as a weapon which he had borrowed from the armoury of his master, Sir Robert Peel. For these statesmen considered that money fructified better in the pockets of the people than in the greenhouse of the Treasury.

Thirdly, there has been the enactment of a multitude of laws in restraint of capital, on the view that, in our industrial revolution, as in other revolutions, undue ascendency is secured by men intent upon what Bacon called "the Sabbathless pursuit of fortune." To that end the State, formerly aloof as Buddha, has emerged as the busy tutelary god of labour.

Fourthly, we have embarked on socialism, chiefly of a municipal kind. As long ago as 1889 the Fabian essayists pointed out the wide extent to which socialism of this sort was already in operation here. And during the quarter of a century since those days, our advance in that direction has been decided.

The fifth line of remedy has been an extensive alteration of our institutions, with the object, it is hoped, of enabling the voice of the people to be heard more clearly, more emphatically, and more immediately. And sixthly, we have launched out, since the retirement of Mr. Gladstone, upon that running tide of public expenditure, so bewildering in its speed of current and volume, and so familiar to us all.