ublic will obviously come into the comparison as the type-form of
economic policy in a democratic commonwealth. There is little to choose
between the economic policy pursued by such republics as France or
America on the one side and their nearest counterparts among the
constitutional monarchies on the other. It is even to be admitted out of
hand that the comparison does no credit to democratic institutions as
seen at work in these republics. They are, in fact, somewhat the crudest
and most singularly foolish in their economic policy of any peoples in
Christendom. And in view of the amazing facility with which these
democratic commonwealths are always ready to delude themselves in
everything that touches their national trade policies, it is obvious
that any league of neutrals whose fortunes are in any degree contingent
on their reasonable compliance with a call to neutralise their trade
regulations for the sake of peace, will have need of all the persuasive
power it can bring to bear.

However, the powers of darkness have one less line of defense to shelter
them and their work of malversation in these commonwealths than in the
constitutional monarchies. The American national establishment, e.g.,
which may be taken as a fairly characteristic type-form in this bearing,
is a government of businessmen for business ends; and there is no tabu
of axiomatic gentility or of certified pedigree to hedge about this
working syndicate of business interests. So that it is all nearer by one
remove to the disintegrating touch of the common man and his commonplace
circumstances. The businesslike regime of these democratic politicians
is as undeviating in its advocacy and aid of enterprise in pursuit of
private gain under shelter of national discrimination as the
circumstances will permit; and the circumstances will permit them to do
much and go far; for the limits of popular gullibility in all things
that touch the admirable feats of business enterprise are very wide in
these countries. There is a sentimental popular belief running to the
curious effect that because the citizens of such a commonwealth are
ungraded equals before the law, therefore somehow they can all and
several become wealthy by trading at the expense of their neighbours.

Yet, the fact remains that there is only the one line of defense in
these countries where the business interests have not the countenance of
a time-honored order of gentlefolk, with the sanction of roy