Here also the effect has been for unity combined with a good deal of disunion. Twenty years ago it used to be said that feeling in the Western States of America was very strongly anti-English because most of the Western farmers were indebted to English moneylenders, and on the whole it may be said that the relations between the borrower and lender are not likely to be so friendly and so likely to promote unity as those between buyer and seller. There is really no logical reason why this should be so: the basis of the bargain between the two is exactly the same. In commercial transactions one man sells to another because the other man wants something that he has got more than he does. It is exactly the same with the borrower and lender of money. A man borrows because he wants money and is prepared to pay a rate of interest for it. The lender lends because he has money to lend and wants to earn interest on it. Nevertheless there is something in this relationship which seems to produce discord. It is not many years since the Australian newspapers used to talk of England as John Bull Cohen, implying that the English money market made more than it ought to do by developing, with the help of its financial resources, the production and commerce of the young countries of the world. Perhaps it is human to feel a grudge against a creditor, because the money has to be paid back, whereas a commercial bargain is done with. Nevertheless, after allowing for all the friction that money-lending seems to produce, there can be no question that the establishment of the international market in securities has enormously widened the world's output of commodities, and it has greatly promoted that unity of interests which has brought mankind together more than anything else.