ay of moving with the times, its hopeless
habit of discarding what it would call the old shibboleths when it
wrongly imagined them to be outworn. My decision to leave a party that
has long ceased to deserve its honoured name was immediately due to a
Liberal Paper which editorially ridiculed the Liberty League, formed
for the defeat of Bolshevist propaganda, and pooh-poohed the idea of
the existence of dangerous Bolshevist elements in the country. This
attitude attracted me enormously; for I recalled the standpoint of the
same paper in the days before the War--how it ridiculed the alleged
German menace and pooh-poohed the idea of the existence of hostile
German elements in our midst. Here, I said, is the party for me; here
is your authentic Bourbon spirit--the type that learns nothing
and forgets nothing; that in the midst of a changing world remains
immovable as a rock. Yes, Sir, for a Tory of the old school there is
no place to-day except in the ranks of Liberalism.

Yours faithfully,
SEMPER EADEM.

* * * * *

[Illustration: MODERN DRAMA BELOW STAIRS.

THE "MAID'S" HOSPITALITY TO "ROBERT."]

* * * * *

RATES OF EXCHANGE.

Jones was reading his morning paper in the opposite corner seat with
unusual attention, and he disregarded my greeting.

"Why this absorption?" I inquired. "Usually you come to the station
with a piece of toast behind one ear, fastening your boots as you run,
and wake us all up with your first fine morning rapture."

"I was just taking a look at the exchanges," he replied. "The mark's
about the same price as fly-paper, and, judging by the news from New
York, your chewing-gum is going to cost you more shortly. Do you know
anything about the money market?"

"I occasionally see it stated that 'money is plentiful' in it," I
returned. "I should think it must be an ideal place."

"The most gorgeous thing in the world is to make a bit on exchange,"
he said. "There's such a splendid feeling of not having earned it, you
know."

"I understand exactly," I replied. "Cox once credited me with an extra
month's pay by mistake. But I didn't realise that you ever had to
think about money matters after having run our Mess in France."

He appeared to take no offence. His capacity for being insulted in
that direction had probably been exhausted during the period in point.

"I know quite a lot about exchange," he remarked with a reminiscen