terms.  They form an aristocracy among the working- class; they have succeeded in enforcing for themselves a relatively comfortable position, and they accept it as final.  They are the model working-men of Messrs. Leone Levi & Giffen, and they are very nice people indeed nowadays to deal with, for any sensible capitalist in particular and for the whole capitalist class in general.

“But as to the great mass of working-people, the state of misery and insecurity in which they live now is as low as ever, if not lower.  The East End of London is an everspreading pool of stagnant misery and desolation, of starvation when out of work, and degradation, physical and moral, when in work.  And so in all other large towns—­abstraction made of the privileged minority of the workers; and so in the smaller towns and in the agricultural districts.  The law which reduces the value of labour-power to the value of the necessary means of subsistence, and the other law which reduces its average price, as a rule, to the minimum of those means of subsistence, these laws act upon them with the irresistible force of an automatic engine, which crushes them between its wheels.

“This, then, was the position created by the Free Trade policy of 1847, and by twenty years of the rule of the manufacturing capitalists.  But, then, a change came.  The crash of 1866 was, indeed, followed by a slight and short revival about 1873; but that did not last.  We did not, indeed, pass through the full crisis at the time it was due, in 1877 or 1878; but we have had, ever since 1876, a chronic state of stagnation in all dominant branches of industry.  Neither will the full crash come; nor will the period of longed-for prosperity to which we used to be entitled before and after it.  A dull depression, a chronic glut of all markets for all trades, that is what we have been living in for nearly ten years.  How is this?

“The Free Trade theory was based upon one assumption:  that England was to be the one great manufacturing centre of an agricultural world.  And the actual fact is that this assumption has turned out to be a pure delusion.  The conditions of modern industry, steam-power and machinery, can be established wherever there is fuel, especially coals.  And other countries beside England,—­France, Belgium, Germany, America, even Russia,—­have coals.  And the people over there did not see the advantage of being turned into Irish pauper farmers merely for the greater wealth and glory of English capitalists.  They set resolutely about manufacturing, not only for themselves, but for the rest of the world; and the consequence is, that the manufacturing monopoly enjoyed by England for nearly a century is irretrievably broken up.

“But the manufacturing monopoly of England is the pivot of the present social system of England.  Even while that monopoly lasted, the markets could not keep pace with the increasing