There are scraps of truth in this rubbish. The Stock Exchange did really support the government of Kolchak when it relied for support on the Constituent Assembly. From its experience of Kolchak the Stock Exchange became confirmed in its conviction that the mechanism of bourgeois democracy can be utilized in capitalist interests, and then thrown aside like a worn-out pair of puttees. It is quite possible that the Stock Exchange would again give a parliamentary loan on the guarantee of a Constituent Assembly, believing, on the basis of its former experience, that such a body would prove only an intermediate step to capitalist dictatorship. We do not propose to buy the "business faith" of the Stock Exchange at such a price, and decidedly prefer the "faith" which is aroused in the realist Stock Exchange by the weapon of the Red Army. 4 TERRORISM The chief theme of Kautsky's book is terrorism. The view that terrorism is of the essence of revolution Kautsky proclaims to be a widespread delusion. It is untrue that he who desires revolution must put up with terrorism. As far as he, Kautsky, is concerned, he is, generally speaking, for revolution, but decidedly against terrorism. From there, however, complications begin. "The revolution brings us," Kautsky complains, "a bloody terrorism carried out by Socialist governments. The Bolsheviks in Russia first stepped on to this path, and were, consequently, sternly condemned by all Socialists who had not adopted the Bolshevik point of view, including the Socialists of the German Majority. But as soon as the latter found themselves threatened in their supremacy, they had recourse to the methods of the same terrorist regime which they attacked in the East." (Page 9.) It would seem that from this follows the conclusion that terrorism is much more profoundly bound up with the nature of revolution than certain sages think. But Kautsky makes an absolutely opposite conclusion. The gigantic development of White and Red terrorism in all the last revolutions--the Russian, the German, the Austrian, and the Hungarian--is evidence to him that these revolutions turned aside from their true path and turned out to be not the revolution they ought to have been according to the theoretical visions of Kautsky. Without going into the question whether terrorism "as such" is "immanent" to the revolution "as such," let us consider a few of the revolutions as they pass before us in the living history of mankind. Let us first regard the religious Reformation, which proved the watershed between the Middle Ages and modern history: the deeper were the interests of the masses that it involved, the wider was its sweep, the more fiercely did the civil war develop under the religious banner, and the more merciless did the terror become on the other side.