Now, of course, it is at once obvious that this view would be very unjust to commerce; but that modification, as a matter of fact, very strongly supports the general theory at the moment under consideration. Commerce is really an arbitrary phrase, a thing including a million motives, from the motive which makes a man drink to the motive which makes him reform; from the motive that makes a starving man eat a horse to the motive which makes an idle man chase a butterfly. But whatever other spirits there are in commerce, there is, beyond all reasonable [Illustration: MAMMON.] question, in it this powerful and enduring spirit which Watts has painted. There is, as a ruling element in modern life, in all life, this blind and asinine appetite for mere power. There is a spirit abroad among the nations of the earth which drives men incessantly on to destroy what they cannot understand, and to capture what they cannot enjoy. This, and not commerce, is what Watts has painted. He has painted, not the allegory of a great institution, but the vision of a great appetite, the vision of a great motive. It is not true that this is a picture of Commerce; but that Commerce and Watts’ picture spring from the same source. There does exist a certain dark and driving force in the world; one of its products is this picture, another is Commerce. The picture is not Commerce, it is Mammon. And, indeed, so powerfully and perfectly has Watts, in this case, realized the awful being whom he was endeavouring to call up by his artistic incantation, that we may even say the common positions of allegory and reality are reversed. The fact is not that here we have an effective presentation under a certain symbol of red robes and smoke and a throne, of what the financial world is, but rather that here we have something of the truth that is hidden behind the symbol of white waistcoats and hats on the back of the head, of financial papers and sporting prophets, of butter closing quiet and Pendragon being meant to win. This is not a symbol of commerce: commerce is a symbol of this.