We -cannot say haw profoundly we agree with Mr. Baldwin.
Those who refrain from waste and put their money into industry are the real benefactors of the country. Our readers. will _remember how often we have expressed the opinion of late that the true policy for the Unionist Party is to make every man a capitalist ; America has shown us how easily and peacefully this great revolution can be effected. When we are re- ferring to America there is another thing to be said. Americans do not yet understand our national habit of self-depreciation.- When we moan over our smaller miseries and exaggerate our troubles (meanwhile for- getting to mention our really prodigious acts of financial valour) they—and all foreigners too—take us at our word. They positively believe that we have lost heart and energy and efficiency. They think that on our own admission we are "down and out." Greater nonsense was never believed of any nation. Our power of re- covery, our will to win against odds, our stamina, our skill and our underlying cheerfulness are as strong as ever they were—and, we- think, stronger..
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