It is well known that the scarlet thread running through the whole character of William II. was his firm conviction that he was the "elect of God," and that the dynasty was inextricably bound to the German people. Bismarck also believed in the dynastic fidelity of the Germans. It seems to me that there is just as little dynastic as republican spirit in nations--just as little in the Germans as in others. There is merely a feeling of content or discontent which manifests itself either for or against the dynasty and the form of government. Bismarck himself was a proof of the justice of this argument. As he himself always maintained, he was thoroughly dynastic--but only during the lifetime of the Emperor William I. He had no love for William II., who had treated him badly, and made no secret of his feelings. He hung the picture of the "young man" in the scullery and wrote a book about him which, owing to its contents, could not be published. The Monarchists who derive benefit from their attachment to the reigning monarch deceive themselves as to their true feelings. They are Monarchists because they consider that form of government the most satisfactory one. The Republicans, who apparently glorify the majesty of the people, really mean themselves. But in the long run a people will always recognise that form of government which soonest can give it order, work, prosperity and contentment. In ninety-nine per cent. of the population the patriotism and enthusiasm for one or other form of government is nothing but a matter of material considerations. They prefer a good king to a bad republic, and vice versa; the form of government is the means to the end, but the end is the contentment of the people governed. Nor has the liberty of those governed anything to do with the form of government. Monarchical England is just as free as Republican America, and the Bolshevists have demonstrated _ad oculus_ to the whole world that the proletariat exercises the greatest tyranny. The war that was lost swept away the monarchs, but the Republics will only be maintained if they can convince the people that they are more successful in satisfying the masses than the monarchs were, a proof which--it seems to me--the German-Austrian Republic, at any rate, has hitherto failed to give.