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YAFE OF COBDEN. [omar

1888. the democracy that he was a vevolutionist, whilst the aristocracy
 knew him to be their safe friend, he became the
fittest incarnation of the delusion, bewilderment, and decepbion
 into which the public mind had been plunged; and be
snd his colleagues hold office to carry on a war for the
continnance of which no other statesmen choose to be
responsible. Had it not been for the war, the present
ministry could never have been in power, and it will not
last two months after the return of peace.” ,
“Dec. 19. (To H. Ashworth.)—1I have been gratified by the
receipt of your letter. The newspaper also reached me. It if
sad to see the bewilderment of the poor people about the price
of bread, but we ought to be very tolerant with them, seeing
how much ignorance we meet with amongst their ¢ betters.”
“The papers are underrating the effect of the drain of
capital for the war on the floating capital of the country
People lock ab the assessment returns of real property, and
they say, © See how much more rich we are than we were iD
the last war” But this fixed property is not available for
war. It is only the floating capital which sets it in motion
that is available. Now, I suspect that the proportion of
floating to fixed capital employed in the manufactures of the
country is less in relation to the number of workpeople
employed than ever it was. Am I right in this? Has not
the tendency been to increase the fixed as compared with
the floating capital in a mill. If so, it is a very serious
question how soon the withdrawal of the life-blood (the
foating capital) may stop the whole body. With interest of
capital ab six to seven per cent. for trading purposes, how
long will it be before some of the weaker among you go to
the wall? If, as you say, the cotton trade as a whole has
paid no profit, there must be a large proportion that are
losing, and they will break if the war goes on. Then will
follow distress among the operatives,