It is generally admitted that the present rivalry in armaments in Europe--notably such as that now in progress between England and Germany--cannot go on in its present form indefinitely. The net result of each side meeting the efforts of the other with similar efforts is that at the end of a given period the relative position of each is what it was originally, and the enormous sacrifices of both have gone for nothing. If as between England and Germany it is claimed that England is in a position to maintain the lead because she has the money, Germany can retort that she is in a position to maintain the lead because she has the population, which must, in the case of a highly organized European nation, in the end mean money. Meanwhile, neither side can yield to the other, as the one so doing would, it is felt, be placed at the mercy of the other, a situation which neither will accept. There are two current solutions which are offered as a means of egress from this _impasse_. There is that of the smaller party, regarded in both countries for the most part as one of dreamers and doctrinaires, who hope to solve the problem by a resort to general disarmament, or, at least, a limitation of armament by agreement. And there is that of the larger, which is esteemed the more practical party, of those who are persuaded that the present state of rivalry and recurrent irritation is bound to culminate in an armed conflict, which, by definitely reducing one or other of the parties to a position of manifest inferiority, will settle the thing for at least some time, until after a longer or shorter period a state of relative equilibrium is established, and the whole process will be recommenced _da capo_. This second solution is, on the whole, accepted as one of the laws of life: one of the hard facts of existence which men of ordinary courage take as all in the day's work. And in every country those favoring the other solution are looked upon either as people who fail to realize the hard facts of the world in which they live, or as people less concerned with the security of their country than with upholding a somewhat emasculate ideal; ready to weaken the defences of their own country on no better assurance than that the prospective enemy will not be so wicked as to attack them.