It is seldom necessary to meet political assassination by repressive measures, for they must always create a danger which they intend to avert.  There was not the slightest ground for supposing that either Hobel or Nobeling had any confederates; there was no plot; it was but the wild and wicked action of an individual.  It was as absurd to put a large party under police control for this reason as it was to punish Liberals for the action of Sand.  And it was ineffective, as the events of the next years shewed; for the Socialist law did not spare Germany from the infection of outrage which in these years overran Europe.

The Socialist laws were soon followed by other proposals of a more useful kind, and now we come to one of the most remarkable episodes in Bismarck’s career.  He was over sixty years of age; his health was uncertain; he had long complained of the extreme toil and the constant annoyance which his public duties brought upon him.  It might appear that he had finished his work, and, if he could not retire altogether, would give over the management of all internal affairs to others.  That he would now take upon himself a whole new department of public duties, that he would after his prolonged absence appear again as leader and innovator in Parliamentary strife—­this no one anticipated.

Up to the year 1876 he had taken little active part in finance; his energies had been entirely absorbed by foreign affairs and he had been content to adopt and support the measures recommended by his technical advisers.  When he had interfered at all it had only been on those occasions when, as with regard to commercial treaties, the policy of his colleagues had impeded his own political objects.  In 1864 he had been much annoyed because difference on commercial matters had interfered with the good understanding with Austria, which at that time he was trying to maintain.  Since the foundation of the Empire almost the complete control over the commercial policy of the Empire had been entrusted to Delbrueck, who held the very important post of President of the Imperial Chancery, and was treated by Bismarck with a deference and consideration which no other of his fellow-workers received, except Moltke and Roon.  Delbrueck was a confirmed Free-Trader, and the result was that, partly by commercial treaties, and partly by the abolition of customs dues, the tariff had been reduced and simplified.  The years following the war had, however, not been altogether prosperous; a great outbreak of speculation was followed in 1873 by a serious commercial crisis.  And since that year there had been a permanent decrease in the Imperial receipts.  This was, for political reasons, a serious inconvenience.  By the arrangement made in 1866 the proceeds of the customs and of the indirect taxation (with some exceptions) were paid into the Exchequer of the Federation, and afterwards of the Empire.  If the receipts from these sources were not sufficient to meet the Imperial requirements,