“There may be much that is true in what you say, Herr Chancellor.  But the extension of our colonial possessions will, first and foremost, benefit trade, and the merchant will naturally become of greater importance with us.  There is already talk of great plantation societies to be started with enormous capital.”

“It is just against the formation of these societies that I intend to exert my whole influence, Your Royal Highness.  We could commit no more fatal error than to allow the state-privileged speculation in landed property, which has produced such unwholesome fruits in the old civilised states, to exist in our colonies.  Real property must be no object of speculation, it must remain the property of the state.  Agriculture belongs to the classes, who at the present time suffer most from economic depression.  Nothing but an increase of the protective duties can preserve the agricultural population from the threatening danger of economic ruin.  Increase of protective duty will bring with it increased profit, combined with a further increase in the value of land, which is also an article of traffic.  Then the increase of land values will at the same time create an increase of the rents to be obtained from landed property, and for this reason I cannot help fearing that, in spite of an increase of protective duties, agriculture will have to suffer in the next generation from the further increase in the value of land and the higher rents that will be the result.

“In our colonies we must not fall into the same error that has produced the socialist question in modern civilised states.  The earth belongs to those creatures who live on it and by it in accordance with a higher law than human imperfection has framed.  Therefore the soil of our earth must be no object of traffic.  Its growth is inseparable from that of the body of the state.  I dare not hope that it will be allotted to me or my contemporaries to solve this question, yet I shall never tire of using all my influence to prevent at least a false agrarian policy in our young colonies.  Injustice dies from its results, for injustice breeds its own avenger.  Mankind committed a fatal wrong in permitting the land that supported them to become an object of speculation.  This noxious seed brings noxious fruits to light.  It must be the highest task of all governments to carry out land reform—­the great problem that decides the destiny of a world—­by all possible legislative measures.  Now that, in all human probability, peace is assured, now that external dangers no longer threaten the existence of our Empire, there is nothing to exonerate us from the serious and sacred obligation to commence the greatest and most powerful work of reform that humanity can undertake.  Then our path will lead us—­from the conquest of nations to self-conquests.”

At this moment the door of the room opened, and a royal messenger, introduced by the adjutant on duty, handed the Prince a letter decorated with the imperial crown and the initial of the imperial name.