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Rh. Institutions cannot preserve liberty unless men realize that liberty is precious and are willing to exert themselves to keep it alive.

There is a traditional objection to every imperium in imperio, but this is only the jealousy of the tyrant. In actual fact, the modern State contains many organizations which it cannot defeat, except perhaps on rare occasions when public opinion is roused against them. Mr. Lloyd George's long fight with the medical profession over the Insurance Act was full of Homeric fluctuations of fortune. The Welsh miners recently routed the whole power of the State, backed by an excited nation. As for the financiers, no Government would dream of a conflict with them. When all other classes are exhorted to patriotism, they are allowed their 4½ per cent. and an increase of interest on their consols. It is well understood on all sides that an appeal to their patriotism would show gross ignorance of the world. It is against the traditions of the State to extort their money by threatening to withdraw police protection. This is not due to the difficulty of such a measure, but only to the fact that great wealth wins genuine admiration from us all, and we cannot