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 newspaper; the higher drama by the novel.—It is only an apparent exception that the drama maintains itself in Paris, and that Ibsen has had a success of esteem.—The city music-hall is not appreciably superior to the city tavern.—The sordid frugality of a country population is due to its circumstances, and the changes imminent in city life are such as will naturally engender avarice.—National debts may be incurred for justifiable and good reasons.—Countries with great natural resources appear to be warranted in mortgaging their future, in order to develop their resources. There may, however, be periods of depression, even of decline for prosperous states.—Under the influence of theories of State Socialism, a country may engage in a vast speculation, such as buying up the land and leasing it to small cultivators; and this speculation may prove to be unremunerative.—In such a case, there might be a danger of the taxpayer repudiating his engagements to the fund-holder, and, indeed, that he could not fulfil them.—Examples of national bankruptcy are very numerous in the past.—Repudiation lowers the tone of national character; and the impoverishment of the fund-holders would extinguish a class that is very conservative of certain valuable qualities.—Whether large armies, large cities, large debts are to ruin modern society, depends upon how we use the armies, how far we can neutralise town influences, and whether we allow the indebtedness to corrode national morality.

late Mr. Ticknor, a learned student of history, and who was also a sagacious observer of modern society, used to express the opinion that the "ancient civilisations of the world had been undermined and destroyed by two causes—the increase of standing armies, and the growth of great cities; and that modern civilisation had now added to these sources of decay a third in the hypothecation of every nation's property to other nations." It has been a part of the argument in these pages to show that the maintenance of large armies, easily mobilised, is as much a necessity now as it has been in past times. For many years to come the nations of the Temperate Zones will be trying to encroach upon one another, or on the uncivilised parts of the world, not necessarily because the spirit of an Alexander or a Napoleon animates any modern monarch, but because