conditions of existence of the working classes, and the universal impoverishment of the masses. But in spite of this, governments in their efforts to maintain their independence rush to the greatest extremes of senselessness. New taxes and duties are being devised everywhere, and the financial oppression of the nations knows no limits. If we glance at the budgets of the states of Europe for the last hundred years, what strikes us most of all is their rapid and continually growing increase.

“How can we explain this extraordinary phenomenon which sooner or later threatens us all with inevitable bankruptcy?

“It is caused beyond dispute by the expenditure for the maintenance of armaments which swallows up a third and even a half of all the expenditure of European states.