His land to the world, and intended that His actual products derived from it, both above and below, should be the origin for the wealth of all its inhabitants. Capitalists, by introducing these systems of "paper-crops" and dealings in "fictitious " products (even before they are sown or grown),1 have annulled the blessings intended by Providence. Hence, the capitalists' action is not only a direct crime against their fellow-men but also is a direct sin against Divine Providence. Man, all over the world, in consequence, suffers, and will suffer, while his actions are gradually bringing down both his own financial and moral downfall. Another example of L'homme propose, et Dieu dispose.'

"As your Lordship is evidently taking a great interest in this national crisis, as indeed every rightminded and Christian man ought to, I think it is only my duty to bring my special views before you, which are based on acknowledged Truth, with the sole object of helping to bring about conciliation by man as well as to avoid repetitions of similar crises in the future, which are sure to happen.

"It may interest your Lordship to know that some ten years ago I distributed, at the express wish of some clergymen, certain literature bearing on this subject throughout the various dioceses, re agricultural depression and the poverty of the clergy caused thereby. The Bishop of Hereford has also spoken strongly on the question, and the late Lord Stanley

1 Exemplified in March, 1906, in many of the world's leading products.

Read the Bishop's Address to the King of February 20th, 1906.

of Alderley brought it up on several occasions in the House of Lords.

"It is an 'international' question, which has occupied my undivided attention all over the world for many years, and I trust your Lordship will accept a copy of my last important book, which in the present cotton crisis will throw more light on it than any few words I can now pen.

"To go to the root cause of the evil, by prohibiting these bull and bear' transactions-the origin of man-and the sole cause of the present battle between Capital and Labour, is the only true form of conciliation that man can adopt, as they are, I am convinced, morally wrong in God's eyes.

"May the prayers which are being offered up in your diocese be the means of opening all men's eyes to the criminality of these systems. Also, may they see that the only sound and honest remedy lies in their own hands, and may they realise that they alone and their gambling actions are the direct causes of this national crisis, as well as being indirectly responsible for the many economic troubles and miseries which are at present only too visible in our land. This is my most earnest prayer. (Signed) "CHARLES W. SMITH."

MONARCHS AND PRESIDEnts.

While, as I have shown, it has fallen to the Bishop of Manchester to appeal to the Supreme Ruler of the Universe and Sovereign Arbiter of nations to ask His aid in guiding the minds of the leaders of the employers and of the employed, who are charged

with the issue now at stake in the cotton industry, it has been my privilege and honour during the past fifteen years, in my humble capacity, to bring what I am firmly convinced are the principal causes for the economic ruin of the world before reigning monarchs, presidents, and governments which constitute the highest tribunals in this world. I rejoice to say, in the interests of humanity, that in some influential quarters my efforts have met with success and have been duly appreciated.

Monarchs, kings, and presidents are only placed in temporary trust by the Almighty over the people they rule. They, like all men, have to do their duty to God and to man. They are, as it were, only placed in this world as life directors over nations on the joint-stock principle, in which every citizen is a shareholder, and of which the dividends are receivable in various ways.

Why, therefore, for example, should any citizen, who has invested his capital either in land, in stocks or shares, or in any of the world's commodities, or in labour, be robbed of his just dividends, either by bull or bear operations, monopolies, trusts, cartels, syndicates, or by any other similar trade and finance conspiracies ?

That such is the case no man can deny, and such a state of affairs is a scandal and a national disgrace upon all Christian countries.

Some of the most prominent rulers have, in the last few years, taken the initiative in bringing forcibly before the world that under modern civilization something is economically wrong or out of

joint in the entire body politic; but just what this is they have not yet quite learnt. However, by their personal actions, they admit there must be some hidden causes for it.

For examples:

In 1893, the late President Cleveland, in his inaugural address at Washington, spoke in the strongest language against trade conspiracies, which, he said, "were unnatural and opposed to all American sense of fairness."

In 1894, H.I.M. the German Emperor announced in his speech from the Throne, the introduction of two Government measures "in connection with the gambling 'future' systems and agricultural depression, in order to protect the trading and industrial community."

In 1902, H.I.M. the Czar of Russia proposed an International Conference "to protect the world's commerce against all systems of trading which influence 'artificially' the International markets."

In 1904, H.M. King Edward VII., in his speech from the Throne, specially dwelt upon the distress of the "Lancashire Cotton Crisis of that year."

In 1905, H.M. the King of Italy, proposed an International Agricultural Conference, re the World's Agriculture.

In 1905, Her Majesty Queen Alexandra, by example as well as precept, nobly showed her deep and active sympathy in relation to certain internal social problems in Great Britain.

President Roosevelt, during the whole period of his Presidency, has never ceased attacking the

various financial and trading frauds in the United States and other scandals caused thereby.

Now, the world in general owes a deep debt of gratitude to the above Heads of the various States in their attempts honestly to grapple with the present economic and social problems which are undermining and generally ruining the world's economic position, their joint efforts being to promote the highest interests of civilisation and at the same time to find remedies.

For all classes are suffering; Honest Capital as well as those who depend on Honest Labourits only capital and the most sacred of all capitals in God's eyes. Both ought to be partners in a common business, as the one cannot prosper without the assistance of the other.

But, as I have already pointed out, certain capitalists-that is, those who abuse the power of capital under these gambling stock and produce operations-reign supreme, and Labour suffers as well as all other innocent people.

The function of a State ought not to be to allow one class to dominate over the vested interests of all other classes. Its duty ought to be to protect all classes from abuses that injure their fellow

men.

These "bull and bear" systems of dealing in "fictitious" products accentuate the antagonisms of Capital and Labour, and are, to use a mild word, Conspiracies against the people and consequently against God, for all His actual products derived from His land were intended for the benefit of

G.

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