good sense of the statesman, the employer, and the workman will best point out what is wanted; the Church, as such, is better out of the way in framing legislation.  But suppose even that we establish securely international and political, industrial and social peace, is that peace all we need?  Shall we not still in youth be restless, anxious about the future of our own lives and the lives of those nearest to us, unsettled by ambitions for what we may not attain, disappointed at the little progress we make; restless all through life, disturbed by thoughts of what we desire but cannot have; restless, most of all, in age, knowing that attainment is no longer possible, and, if we have attained anything, feeling how little it is worth?  Who will take for his proper sphere to show the way to a peace which may pass the understanding of those who, in disappointment and loss and vain endeavour, which will go on even if the dreams of national and social progress and improvement are realised, and alike in failure or success, will need that peace more and more as long as the life of man lasts?  Sometimes we see among those round us calm faces the living “index of a mind” at peace, which make us feel that there are those working in our midst in whom that peace exists.  Let her tell the way to that and the answer would be, “There is nothing wrong with the Church; she is fulfilling her mission; ever, as of old, will glad welcome greet the footsteps of him that bringeth good tidings, that publisheth peace.” [7]

FOOTNOTES: 

[Footnote 7:  The word “Church” is used in the sense which each reader chooses to attach to it.  Definition in such matters leads to dissension.]

Part III

RETRENCHMENT

CHAPTER XIV

STATE EXPENDITURE AND INCOME

Political economy, as a branch of the science of a statesman or legislator, proposes two distinct objects, first, to provide plentiful revenue or subsistence for the people or, more properly, to enable them to provide such a revenue or subsistence for themselves, and, secondly, to supply the slate or commonwealth with a revenue sufficient for the public services.—­ADAM SMITH.

Taking first the second of the two objects mentioned by Adam Smith, it will be convenient under the heading of “Retrenchment” to treat not only the question of economy in the expenditure of the State, but also the other side of the account, and consider what general lines of action should be adopted to make revenue balance expenditure, in the first place by reducing expenditure, and, in the second, by increasing revenue, in view of the fact that the absolutely necessary expenditure will be enormously enhanced to meet the interest on the National Debt.  Assuming that the War were to end in the spring of 1919, the debt