Whom have you representing to-day the few great Jewish fortunes of the early Middle Ages in England? They were all ruined before the end of the thirteenth century. Whom have you representing the later great Jewish fortunes on the Rhine, the fortunes of the sixteenth century and the early seventeenth? They have utterly gone. Who have you left representing the considerable Jewish houses of Medieval Venice? of Genoa? of Rome? The causes of this rapid fluctuation are many. They all attach to the peculiar position, as well as to the peculiar character, of the Jew. We find them partly in the passion for speculation which the Jewish intelligence naturally harbours. We find them still more, I think, in the instinctive opposition to the Jew which his alien surroundings perpetually arouse. It is, however, important to remember this last point. From our point of view the Jew, when he does get rich, seems to get much too rich and to get rich much too quickly, and he exercises far too much power through his wealth; for we think of him the whole time as an alien with no right to any position. But the Jew sees it in a very different light. In his point of view his effort to accumulate wealth is always heavily handicapped. When he succeeds he only succeeds through his own tenacity and the patriotic co-operation of his fellows, and he always holds his new-found wealth on an insecure tenure. What looks to us like the breakdown of a Jewish fortune through speculation, seems to the Jew the fatal recurrent result of unending opposition. In connection with the illusion of a wealthy Jewish race, you have, of course, the matter which I briefly mentioned above, the connection between our wealthier, and therefore governing classes, and the Jewish wealth of the moment. A great part of the illusion, as I have said, is due to the fact that the gentry of every epoch come into contact with the Jew _only_ as a rich man, and it is the capital modern vice of our own gentry, their passion for mere wealth and their subservience to it, which has largely accounted for this dangerous misunderstanding.