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126 a very far-sighted preparation for the threat against Prussia. But in so far as the democracy did disagree with him, it was but the occasional and inevitable result of the theory by which the despot has to anticipate the democracy.

Thus the American King and the English President are the very opposite of each other; yet they are both the varied and very national indications of the same contemporary truth. It is the great weariness and contempt that have fallen upon common politics in both countries. It may be answered, with some show of truth, that the new American President represents a return to common politics; and that in that sense he marks a real rebuke to the last President and his more uncommon politics. And it is true that many who put Mr. Harding in power regard him as the symbol of something which they call normalcy; which may roughly be translated into English by the word normality. And by this they do mean, more or less, the return to the vague capitalist conservatism of the nineteenth century. They might call Mr. Harding a Victorian if they had ever lived under Victoria. Perhaps these people do entertain the extraordinary notion that the nineteenth century was normal. But there are very few who think so, and even they will not think so long. The blunder is the beginning of nearly all our present troubles. The nineteenth century was the very reverse of normal. It suffered a most unnatural strain in the combination of political equality in theory with extreme economic inequality in practice. Capitalism was not a normalcy but an abnormalcy. Property is normal, and is more normal in proportion as it is universal. Slavery may be normal and even natural, in the sense that a bad habit