264 THE ECONOMIC CONSEQUENCES OF THE PEACE ch.

oppressive scale, represented by no real assets, andless closely associated with the property system, isnatural and reasonable and in conformity with humannature.

I doubt this view of the world. Even capitalismat home, which engages many local sympathies, whichplays a real part in the daily process of production,and upon the security of which the present organisa-tion of society largely depends, is not very safe. Buthowever this may be, will the discontented peoplesof Europe be willing for a generation to come so toorder their lives that an appreciable part of theirdaily produce may be available to meet a foreignpayment, the reason of which, whether as betweenEurope and America, or as between Germany and therest of Europe , does not spring compellingly fromtheir sense of justice or duty?

On the one hand, Europe must depend in the longrun on her own daily labour and not on the largesseof America; but, on the other hand, she will notpinch herself in order that the fruit of her daily labourmay go elsewhere. In short, I do not believe thatany of these tributes will continue to be paid, at thebest, for more than a very few years. They do notsquare with human nature or agree with the spiritof the age.

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If there is any force in this mode of thought,expediency and generosity agree together, and thepolicy which will best promote immediate friendship