listen to her words: 'I would have the King of Denmark, and all Princes Christian and Heathen to know, that England hath no need to crave peace; nor myself endured one hour's fear since I attained the crown thereof, being guarded with so valiant and faithful subjects.' In the end the power and menace of Spain faded away, and when peace was made, in 1604, this nation never again, from that day to this, feared the worst that Spain could do. What were our gains from the war with Spain? Freedom to live our lives in our own way, unthreatened; freedom to colonize America. The gains of a great war are never visible immediately; they are deferred, and extended over many years. What did we gain by our war with Napoleon, which ended in the victory of Waterloo? For long years after Waterloo this country was full of riots and discontents; there were rick-burnings, agitations, popular risings, and something very near to famine in the land. But all these things, from a distance, are now seen to have been the broken water that follows the passage of a great storm. The real gains of Waterloo, and still more of Trafalgar, are evident in the enormous commercial and industrial development of England during the nineteenth century, and in the peaceful foundation of the great dominions of Canada, Australia, and South Africa, which was made possible only by our unchallenged use of the seas. The men who won those two great battles did not live to gather the fruits of their victory; but their children did. If we defeat Germany as completely as we hope, we shall not be able to point at once to our gains. But it is not a rash forecast to say that our children and children's children will live in greater security and freedom than we have ever tasted.