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 can remember the time when the Bank of England was relieved by law from the obligation to give gold for its notes. When a State undertakes enterprises beyond its strength, it always does it at the risk of bankruptcy, whatever its good intentions may be. The question is, whether the tendency to State Socialism may not be a tendency also to the running up of large debts.

Two consequences seem to follow inevitably upon repudiation of any kind. The one is that the private as well as the public standard of honour will be lowered. Individuals do not as a rule profess to be more moral than the Government and the law, especially in countries where the State is highly organised. The other is, that the class ruined by repudiation is likely to be that class which is essentially conservative of tradition, of refinement, of all the passive elements of character. In such a case as has been assumed, the aristocracy, deprived of power and prestige by the forcible purchase of their landed property, would be reduced to insignificance by the resumption of a large part of the compensation first awarded them.

The general purport of the argument has been in agreement with Mr. Ticknor's predictions, though it is rather more optimistic than Mr. Ticknor would perhaps have agreed to. That standing armies are likely to increase seems probable. What we have to say, on the other hand, is, that wars need not necessarily increase in proportion, and that the training of a soldier may prove a valuable adjunct to the primary school. That cities will increase more and more upon country districts seems inevitable; and it has to be admitted that the life of the poor in an overgrown town is stunted and etiolated: neither physically sound nor morally complete. On the other hand, science and