3. _That Britain wanted the gold mines._--No possible accusation is more popular or more widely believed upon the Continent, and yet none could be more ridiculous when it is examined. The gold mines are private companies, with shares held by private shareholders, German and French, as well as British. Whether the British or the Boer flag flew over the country would not alienate a single share from any holder, nor would the wealth of Britain be in any way greater. She will be the poorer by the vast expense of the war, and it is unlikely that more than one-third of this expenditure can be covered by taxation of the profits of the gold mines. Apart from this limited contribution towards the war, how is Britain the richer because her flag flies over the Rand? The Transvaal will be a self-governing colony, like all other British colonies, with its own finance minister, its own budget, its own taxes, even its own power of imposing duties upon British merchandise. They will pay a British governor 10,000_l._, and he will be expected to spend 15,000_l._ _We_ know all this because it is part of our British system, but it is not familiar to those nations who look upon colonies as sources of direct revenue to the mother country. It is the most general, and at the same time the most untenable, of all Continental comments upon the war. The second Transvaal war was the logical sequel of the first, and the first was fought before gold was discovered in the country. 4. _That it was a monarchy against a republic._--This argument undoubtedly had weight with those true republics like the United States, France, and Switzerland, where people who were ignorant of the facts were led away by mere names. As a matter of fact Great Britain and the British colonies are among the most democratic communities in the world. They preserve, partly from sentiment, partly for political convenience, a hereditary chief, but the will of the people is decisive upon all questions, and every man by his vote helps to mould the destiny of the State. There is practically universal suffrage, and the highest offices of the State are within reach of any citizen who is competent to attain them. On the other hand, the Transvaal is an oligarchy, not a democracy, where half the inhabitants claim to be upon an entirely different footing from the other half. This rule represents the ascendency of one race over the other, such an ascendency as existed in Ireland in the eighteenth century. Technically the one country is a republic and the other a monarchy, but in truth the empire stood for liberty and the republic for tyranny, race ascendency, corruption, taxation without representation, and all that is most opposed to the broader conception of freedom.