Who could have believed five years ago that we should ever have heard again, from any quarter more deserving of notice than the foolish and impotent Cobden Club, the almost forgotten cry of “Peace, Retrenchment and Reform.” That it has become once more the rallying cry of the whole Liberal party is significant, as nothing else could be, of the extent to which that party has moved backwards during the last decade or so. So far from the Liberal party having been “permeated” with Socialism since 1885, everything that has happened since then has tended to weaken the progressive collectivist element in its ranks and to strengthen the reactionary individualist element. We hear nothing now of the well-meant if somewhat amateurish attempts at social reform which were popular with the followers of Mr. Joseph Chamberlain twenty years ago,--nothing of “ransom” or of “three acres and a cow.” As little do we hear or see of the Collectivist-Radical ideals of the early nineties, of which the _Star_ and the old _Daily Chronicle_ were once such vigorous exponents. Not only do the leaders of Liberalism care for none of these things, but those who professed such enthusiasm for them speak of them less and less. Mr. Massingham now-a-days appears to have eyes and ears for nothing but the diabolical wickedness of Imperialism. Dr. Clifford, once the rising hope of collectivist Dissent, is now too busy promoting sectarian anarchism to pay any perceptible attention to the “condition-of-the-people” question. It used at one time to be said that Mr. Gladstone’s stupendous authority made it difficult for the party to become definitely Collectivist while he led it; but when he retired the new era was to begin. Well, Mr. Gladstone is dead; but where is the new era? Mr. Gladstone’s place has been taken by men who have inherited all his obsolete prejudices--only lacking his abilities; the “left wing” of the Liberal party on which so many hopes were built is weaker and less disposed to a forward movement than ever. The consequence is that since 1895 we have seen nothing but Ghosts--ghosts of dead things which everyone thought to have been nicely nailed down and buried long ago. The South African War raised the ghost of Gladstone with his anti-imperial bias and his narrow nationalist philosophy. Then the Education controversy brought up the ghost of Miall with all the Dissidence of Dissent and all the Protestantism of the Protestant Religion. Lastly with the Fiscal Question has come to light the yet older and mouldier ghost of Cobden from whose shadowy lips issue the once famous formula--“Peace, Retrenchment and Reform.”