In the one-fluid theory everything is the same as in the theory of two fluids, except that, instead of supposing the two substances equal and opposite in all respects, one of them, generally the negative one, has been endowed with the properties and name of ordinary matter, while the other retains the name of the electric fluid. The particles of the fluid are supposed to repel each other according to the law of the inverse square of the distance, and to attract those of matter according to the same law. Those of matter are supposed to repel each other and attract those of electricity. This theory requires us, however, to suppose the mass of the electric fluid so small that no attainable positive or negative electrification has yet perceptibly increased or diminished the mass or the weight of a body, and it has not yet been able to assign sufficient reasons why the positive rather than the negative electrification should be supposed due to an _excess_ quantity of electricity. For my own part, I look for additional light on the nature of electricity from a study of what takes place in the space intervening between the electrified bodies. Some of the phenomena are explained equally by all the theories, while others merely indicate the peculiar difficulties of each theory. We may conceive the relation into which the electrified bodies are thrown, either as the result of the state of the intervening medium, or as the result of a direct action between the electrified bodies at a distance. If we adopt the latter conception, we may determine the law of the action, but we can go no further in speculating on its cause. If, on the other hand, we adopt the conception of action through a medium, we are led to inquire into the nature of that action in each part of the medium. If we calculate on this hypothesis the total energy residing in the medium, we shall find it equal to the energy due to the electrification of the conductors on the hypothesis of direct action at a distance. Hence, the two hypotheses are mathematically equivalent. On the hypothesis that the mechanical action observed between electrified bodies is exerted through and by means of the medium, as the action of one body on another by means of the tension of a rope or the pressure of a rod, we find that the medium must be in a state of mechanical stress. The nature of the stress is, as Faraday pointed out, a tension along the lines of force combined with an equal pressure in all directions at right angles to these lines. This distribution of stress is the only one consistent with the observed mechanical action on the electrified bodies, and also with the observed equilibrium of the fluid dielectric which surrounds them. I have, therefore, assumed the actual existence of this state of stress.