Historians From England

"Ch. 4, p. 172"

"Those who advocate the return to a gold standard do not always appreciate along what different lines our actual practice has been drifting. If we restore the gold standard, are we to return also to the pre-war conceptions of bank-rate, allowing the tides of gold to play what tricks they like with the internal price-level, and abandoning the attempt to moderate the disastrous influence of the credit-cycle on the stability of prices and employment? Or are we to continue and develop the experimental innovations of our present policy, ignoring the "bank ration" and, if necessary, allowing unmoved a piling up of gold reserves far beyond our requirements or their depletion far below them? In truth, the gold standard is already a barbarous relic."

"But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again."

"There is a respectable and influential body of opinion which, repudiating with vehemence the adoption of either expedient, fulminates alike against Devaluations and Levies, on the ground that they infringe the untouchable sacredness of contract; or rather of vested interest, for an alteration of the legal tender and the imposition of a tax on property are neither of them in the least illegal or even contrary to precedent. Yet such persons, by overlooking one of the greatest of all social principles, namely the fundamental distinction between the right of the individual to repudiate contract and the right of the State to control vested interest, are the worst enemies of what they seek to preserve. For nothing can preserve the integrity of contract between individuals, except a discretionary authority in the State to revise what has become intolerable. The powers of uninterrupted usury are too great. If the accretions of vested interest were to grow without mitigation for many generations, half the population would be no better than slaves to the other half. Nor can the fact that in time of war it is easier for the State to borrow than to tax, be allowed permanently to enslave the tax-payer to the bond-holder. Those who insist that in these matters the State is in exactly the same position as the individual, will, if they have their way, render the continuance of an individualistic society, which depends for its existence on moderation. These conclusions might be deemed obvious if experience did not show that many conservative bankers regard it as more consonant with their cloth, and also as economising thought, to shift public discussion of financial topics off the logical on to an alleged "moral" plane, which means a realm of thought where vested interest can be triumphant over the common good without further debate. But it makes them unworthy guides in a perilous age of transition. The State must never neglect the importance of so acting in ordinary matters to promote certainty and security in business. But it makes them untrustworthy guides in a perilous age of transition. The State is a sovereign body of which the purpose is to promote the greatest good of the whole. When, therefore, we enter the realm of State action, everything is to be considered and weighed on its merits. Changes in Death Duties, Income Tax, Land Tenure, Licensing, Game Laws, Church Establishment, Feudal Rights, Slavery, and so on through all ages, have received the same denunciations from the absolutists of contract, who are the real parents of Revolution."

"The tendency of money to depreciate has been at times a weighty counterpoise against the cumulative results of compound interest and the inheritance of fortunes. It has been a loosening influence against the rigid distribution of old-won wealth and the separation of ownership from activity. By this means each generation can disinherit in part its predecessors' heirs; and the project of founding a perpetual fortune must be disappointed in this way, unless the community with conscious deliberation provides against it in some other way, more equitable and more expedient."

"The power of taxation by currency depreciation is one which has been inherent in the State since Rome discovered it. The creation of legal-tender has been and is a Government’s ultimate reserve; and no State or Government is likely to decree its own bankruptcy or its own downfall, so long as this instrument still lies at hand unused. Besides this, […] the benefits of a depreciating currency are not restricted to the Government. Farmers and debtors and all persons liable to pay fixed money dues share in the advantage. As now in the persons of business men, so also in former ages these classes constituted the active and constructive elements in the economic scheme. Those secular changes, therefore, which in the past have depreciated money, assisted the new men and emancipated them from the dead hand; they benefited new wealth at the expense of old, and armed enterprise against accumulation."

"He was the nicest, and the only talented person I saw in all Berlin, except perhaps old Fuerstenberg … and Kurt Singer. And he was a Jew; and so was Fuerstenberg. And my dear Melchior is a Jew too. Yet if I lived there, I felt I might turn anti-Semite. For the poor Prussian is too slow and heavy on his legs for the other kind of Jews, the ones who are not imps but serving devils, with small horns, pitch forks, and oily tails. It is not agreeable to see civilization so under the ugly thumbs of its impure Jews who have all the money and the power and brains. I vote rather for the plump hausfraus and thick fingered Wandering Birds. But I am not sure that I wouldn’t even rather be mixed up with Lloyd George than with the German political Jews."

"The supporters of Monetary Reform, of which I... am a more convinced adherent than before, as the most important and significant measure Great Britain can take to increase economic welfare, must expound their arguments more fully... before they can overwhelm the forces of old custom and general ignorance... [F]luctuations of trade and employment... the greatest and the most remediable of the economic diseases of modern society... are mainly diseases of our credit and banking system..."

"The real struggle today, just as in the second quarter of the nineteenth century, is between a view of the world termed liberalism or radicalism, for which the primary object of government and of foreign policy is peace, freedom of trade and intercourse, and economic wealth and that other view, militarist or rather diplomatic, which thinks in terms of power, prestige, national or personal glory, the imposition of a culture and hereditary or racial prejudice. To the good English radical, the latter is so unreal, so crazy in its combination of futility and evil, that he is often in danger of forgetting or disbelieving its actual existence."

"That she [France] has anything to fear from Germany in the future which we can foresee, except what she may herself provoke, is a delusion. When Germany has recovered her strength and pride, as in due time she will, many years must pass before she again casts her eyes Westwards. Germany's future now lies to the East, and it is in that direction her hopes and ambitions, when they revive, will certainly turn."

"If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp."

"The forces of the nineteenth century have run their course and are exhausted."

"Economic privation proceeds by easy stages, and so long as men suffer it patiently the outside world cares little."

"Perhaps it is historically true that no order of society ever perishes save by its own hand."

"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

"Men will not always die quietly."

"But the dreams of designing diplomats do not always prosper, and we must trust the future."

"The division of the spoils between the victors will also provide employment for a powerful office, whose doorsteps the greedy adventurers and jealous concession hunters of twenty or thirty nations will crowd and defile."

"The future life of Europe was not their concern; its means of livelihood was not their anxiety. Their preoccupations, good and bad alike, related to frontiers and nationalities, to the balance of power, to imperial aggrandizements, to the future enfeeblement of a strong and dangerous enemy, to revenge, and to the shifting by the victors of their unbearable financial burdens on to the shoulders of the defeated."

"To see the British Prime Minister watching the company, with six or seven senses not available to ordinary men, judging character, motive, and subconscious impulse, perceiving what each was thinking and even what each was going to say next, and compounding with telepathic instinct the argument or appeal best suited to the vanity, weakness, or self-interest of his immediate auditor, was to realize that the poor President would be playing blind man's bluff in that party."

"The glory of the nation you love is a desirable end, — but generally to be obtained at your neighbor's expense."

"He had one illusion — France; and one disillusion — mankind, including Frenchmen, and his colleagues not least."

"I seek only to point out that the principle of accumulation based on inequality was a vital part of the pre-war order of Society and of progress as we then understood it, and to emphasize that this principle depended on unstable psychological conditions, which it may be impossible to recreate. It was not natural for a population, of whom so few enjoyed the comforts of life, to accumulate so hugely. The war has disclosed the possibility of consumption to all and the vanity of abstinence to many. Thus the bluff is discovered; the labouring classes may be no longer willing to forgo so largely, and the capitalist classes, no longer confident of the future, may seek to enjoy more fully their liberties of consumption so long as they last, and thus precipitate the hour of their confiscation."

"In writing thus I do not necessarily disparage the practices of that generation. In the unconscious recesses of its being Society knew what it was about. The cake was really very small in proportion to the appetites of consumption, and no one, if it were shared all round, would be much the better off by the cutting of it. Society was working not for the small pleasures of today but for the future security and improvement of the race,—in fact for "progress." If only the cake were not cut but was allowed to grow in the geometrical proportion predicted by Malthus of population, but not less true of compound interest, perhaps a day might come when there would be at last be enough to go round, and when posterity could enter into the enjoyment of our labors."

"The duty of "saving" became nine-tenths of virtue and the growth of the cake the object of true religion."

"The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably."

"The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy."

"The great events of history are often due to secular changes in the growth of population and other fundamental economic causes, which, escaping by their gradual character the notice of contemporary observers, are attributed to the follies of statesmen or the fanaticism of atheists."

"The power to become habituated to his surroundings is a marked characteristic of mankind."

"I work for a Government I despise for ends I think criminal."

"Authority that does not exist for Liberty is not authority but force."

"There were in him strains of many races. On his father's side he was an English country squire, but foreign residence and the Neapolitan Court had largely affected the family, in addition to that flavour of cosmopolitan culture which belongs to the more highly placed Englishmen of the Roman Communion. On his mother's side he was a member of one of the oldest and greatest families in Germany... The s... had intermarried with an Italian family, the Brignoli. Trained first at Oscott under Wiseman, and afterwards at Munich under Döllinger, in whose house he lived, Acton by education as well as birth was a cosmopolitan, while his marriage with the family of Arco-Valley introduced a further strain of Bavarian influence into his life. His mother's second marriage with Lord Granville brought him into connection with the dominant influences of the great Whig Houses."

"We may date the third period of Acton's life from the failure of Manning's attempt, or indeed a little earlier. He had now given up all attempt to contend against the dominant influence of the Court of Rome, though feeling that loyalty to the Church... as a living body was independent of the disastrous policy of its hierarchy. During this time he was occupied with the great unrealised project of the history of liberty or in movements of English politics... In the earlier part of this period are... some of the best things that Acton ever wrote, such as the lectures on Liberty... It is characterised by his discovery in the "eighties" that Döllinger and he were divided on the question of the severity of condemnation to be passed on persecutors and their approvers. ...Finding that he had misunderstood his master, Acton was for a time profoundly discouraged, declared himself isolated, and surrendered the outlook of literary work as vain. He found... that in ecclesiastical as in general politics he was alone, however much he might sympathise with others up to a certain point. On the other hand, these years witnessed a gradual mellowing of his judgment in regard to the prospects of the Church, and its capacity to absorb and interpret in a harmless sense the dogma against whose promulgation he had fought so eagerly. ...the English element in Acton came out most strongly in this period, closing as it did with the Cambridge Professorship, and including the development of the friendship between himself and Mr. Gladstone."

"Next came... the "fighting period," when he stood forth as the leader among laymen of the party opposed to that "insolent and aggressive faction" which achieved its imagined triumph at the Vatican Council. This period,... dated from the issue of the Syllabus by Pius IX. in 1864, may be considered to close with the reply to Mr. Gladstone's pamphlet on "The Vatican Decrees," and with the attempt of the famous Cardinal, in whose mind history was identified with heresy, to drive from the Roman communion its most illustrious English layman."

"During the first period—roughly to be dated from 1855 to 1863—he was hopefully striving, under the influence of Döllinger (his teacher from the age of seventeen) to educate his co-religionists in breadth and sympathy, and to place before his countrymen ideals of right in politics, which were to him bound up with the Catholic faith. The combination of scientific inquiry with true rules of political justice he claimed, in a letter to Döllinger, as the aim of the Home and Foreign Review. ...a quarterly ...far surpassing, alike in knowledge, range, and certainty, any of the other quarterlies, political, or ecclesiastical, or specialist, which the nineteenth century produced. ...superior, while it displayed a cosmopolitan interest foreign to most English journals."

"The longer essays republished in these volumes exhibit... a personality which even those who disagreed with his views must allow to have been one of the most remarkable products of European culture in the nineteenth century."

"Perhaps... the most characteristic of these forgotten judgments is the description of Lord Liverpool and the class which supported him. Not even Disraeli, painting the leader of that party which he was destined so strangely to "educate," could equal the austere and accurate irony with which Acton, writing as a student, not as a novelist, sums up the characteristics of the class of his birth."

"The ardour of his opinions, so different from those which have usually distorted history, gives an interest even to his grossest errors."

"We note the same value for great books as the source of wisdom, combined with the same enthusiasm for immediate justice which made Acton the despair of the mere academic student, an enigma among men of the world, and a stumbling block to the politician of the clubs. ...we find that certainty and decision of judgment, that crisp concentration of phrase, that grave and deliberate irony and that mastery of subtlety, allusion, and wit, which make his interpretation an adventure and his judgment a sword."

"[W]hat could never be reproduced is the general impression of Acton's many contributions to the Rambler, the Home and Foreign, and the '. ...Any one who wished to understand the personality of Acton could not do better than take the published Bibliography and read a few of the articles on "contemporary literature" furnished by him to the three Reviews. In no other way could the reader so clearly realise the complexity of his mind or the vast number of subjects which he could touch with the hand of a master. ...His writing before he was thirty years of age shows an intimate and detailed knowledge of documents and authorities which with most students is the "hard won and hardly won" achievement of a lifetime of labour. ...he treats of matters which range from the dawn of history through the ancient empires down to subjects ...essentially modern ...In all these writings of Acton those qualities manifest themselves, which... gave him a distinct and unique place among his contemporaries. Here is the same austere love of truth, the same resolve to dig to the bed-rock of fact, and to exhaust all sources of possible illumination, the same breadth of view and intensity of inquiring ardour, which stimulated his studies and limited his productive power. Above all, there is the same unwavering faith in principles, as affording the only criterion of judgment amid the ever-fluctuating welter of human passions, political manœuvring, and ecclesiastical intrigue."

"He knew almost everybody worth knowing, and no one so fond of study was ever more sociable. But, as these letters show, the man whom above all others he esteemed and revered was Mr. Gladstone. Mr. Gladstone, with characteristic humility, always deferred to Lord Acton's judgment in matters historical. On the other hand, Lord Acton, the most hypercritical of men, and the precise opposite of a hero-worshipper, an iconoclast if ever there was one, regarded Mr. Gladstone as the first of English statesmen, living or dead."

"Passing on... to the dynastic change of 1688, he described the Whig settlement, not as a Venetian oligarchy, but as an aristocracy of freeholders, while from the American rebellion of the following century he drew the moral that a revolution with very little provocation may be just, and a democracy of very large dimensions may be safe. The defect in the principles of 1789 was that they exalted equality at the expense of liberty, and subjected the free will of the individual to the unbridled power of the State."

"Notwithstanding Lord Acton's minute and conscientious accuracy in points of detail, he is always best and most characteristic in broad, luminous inferences from large masses of history and long periods of time. ...He showed that for eleven hundred years, from the first Constantine to the last, the Christian Empire was as despotic as the pagan; that it was Gregory the Seventh who made the Papacy independent of the empire; that Luther bequeathed as his political testament the doctrines of Divine right and passive obedience; and that Spanish Jesuits, in arguing against the title of Henry the Fourth to the throne of France, had anticipated the doctrines of Milton, Locke, and Rousseau."

"Ever since his visit to America in the days of President Pierce, if not before, Acton had made a special study of the American Constitution in its strength and its weakness, in the amplitude of its safeguards, and in its fatal want of elasticity. A Monarchy cannot be too constitutional. But a too constitutional Republic is a difficult machine to work. England, said a French critic, is a Republic with an hereditary President: the United States are a Monarchy with an elected King."

"[I]t is indeed far removed from the sensual idolatry of mere size that vulgarises modern Imperialism. But it was with Lord Acton a fundamental principle and it is not the size of Periclean Athens, or of Elizabethan England, which made them imperishably great. ...We must look, Lord Acton warns us, to substance and essence, not to form and outward show. The martyrdom of Socrates was the act of a free Republic, and it was Caesar who liberated Rome from the tyranny of Republican institutions. The fault of the classical State was that it tried to be Church and State in one, and thus infringed upon individualism by regulating religion. The three things wanting in ancient liberty were representative government, emancipation of slaves, and freedom of conscience."

"His great work should have been, and was intended to be, a History of Liberty. For that purpose his library at Aldenham was collected, and to frame different definitions of liberty was one of his favourite pastimes. He loved liberty with all the ardour of Milton, and investigated it with all the science of Locke. ...This History was never written, nor even begun. All that there is of it, all that there ever was of it, except books and notes, materials for others to use, consists of two lectures delivered at Bridgnorth in the year 1877. One was called "The History of Freedom in Antiquity," and the other "The History of Freedom in Christianity." ...they are full of suggestion and insight. Their fault is that... they pour a quart of liquor into a pint pot. They are so much crowded with names and references, that to follow the chief thread of the argument is made needlessly hard. ...A geographer may have too many names in his map, and a learned man may condense his knowledge until it has no meaning for those who know less than himself. But, on the other hand, these lectures contain passages at once lucid and worth their weight in gold, which could only have come from a mind at once acute, meditative, and well stored."

"He was a good talker because he was a good listener, always interested in the subject, not seeking to exhaust it, rather putting in from time to time the exactly appropriate word."

"A merciless intellectual critic he could hardly help being. He had so trained and furnished his mind that it rejected instinctively a sophism or a false pretence."

"His general attitude was one of rigid adhesion to certain facts, and careful avoidance of hasty judgments. Few people had stronger opinions than he, and their foundation was so solid that it was almost impossible to displace them. But he liked to hear all sides of every question, and to make allowance for all errors which did not involve a violation of the moral law. Any apology or even excuse for departure from the highway of the Decalogue he regarded as in itself a crime."

"Lord Acton was a thorough man of the world. An insatiable, systematic, and effective reader, he was anything but a recluse. No man had a keener zest for the society of his intellectual equals. ...His learning, though vast and genuine, was never obtruded. Always ready to impart information, he shrank from the semblance of volunteering it. ...he would let people without a tithe of his knowledge lay down the law as if they knew everything, and would betray no other sign of amusement than an enigmatical smile. He had something of Addison's tendency... to draw out rather than to repress the sallies of conceited ignorance. But for any one who wished to learn, his resources were in their fullest extent available. To be in his company was like being in the best of historical libraries with the best of historical catalogues."