[Footnote 3: This reply has been reprinted _verbatim_ from the _Daily Graphic_. On the other hand, in preparing my own articles for republication I have made certain modifications with a view of meeting Mr. Williams’s objections, where I thought they were worth that trouble. Many of the objections have therefore lost their point; but I thought it better to let Mr. Williams’s reply stand as he wrote it.] _To the Editor of the “Daily Graphic.”_ Sir,—The first reflection arising from a perusal of your correspondent’s criticism of “Made in Germany” is that perhaps it is as well that he and I are English and not French journalists. Across the Channel disagreeable formalities sometimes ensue when one writer takes to dealing in such expressions as “artfully picked out,” “trickery,” “gross exaggeration and suppression,” “misrepresentations,” “exaggerations—to use the mildest possible term,” “grossest exaggeration,” “skilfully conveyed a false impression,” “twisting the truth,” and others of like offensiveness. As they are a direct impeachment of my honour as a man, apart from my ability as an economist, I am compelled to preface my defence with a protest. The adoption of this style is a pity, too, in that it was wholly unnecessary. My antagonist was not in the position of the proverbially abusive lawyer; he had a case to state; and, apart from personalities and some other faults to be mentioned later, I sincerely congratulate him on the ability with which he has stated that case. Of course no one will mistake my meaning. By admitting that my opponent has a case I am not confessing defeat; I am simply testifying to the general truth of the saying that there are two sides to every question, albeit one side is the right one. THE “ADVOCATUS DIABOLUS.”