Of the two promises the second, though perhaps less startling,
is the more wildly impossible of fulfilment. Evidently many Liberals are not happy about it. Mr. Runciman has spoken frostily about the proposed borrowing and Mr. Vivian Phillipps, the ex-Liberal Whip, has said that " as sure as night follows day so will a lowered national credit follow borrowing on the scale suggested." The Daily Telegraph usefully reminds us that in 1921 the Labour Mayor of Hackney presented Mr. Lloyd George with almost exactly the same programme as now stands in the Liberal name. The State was to be responsible for the scheme and find the money. Mr. Lloyd George's answer was, " It is no use to come to the State only. Countries which look to the State generally find them- selves let down in the end because there is a feeling that you need not worry—the State will do it for you. The State cannot. It did not do it during the War except with the co-operation of all interests."
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