stirring times of the Era of State…making； when the princes and
prelates 〃tore each other in the slime。〃 It was of a proprietary
nature； a vested interest； something in the nature of intangible
assets which embodied the usufruct of the realm； including its
population and resources； and which could be turned to account in
the pursuit of princely or dynastic advantages at home and
abroad。 This divine right of princes was disallowed among the
more civilised peoples on the transition to modern ways of
thinking； and the sovereign rights of the prince were then taken
over at least in form and principle by the people at large；
and they have continued to be held by them as some sort of
imponderable 〃community property；〃 at least in point of form
and profession。 The vested interest of the prince or the dynasty
in the usufruct of the underlying community is thereby presumed
to have become a collective interest vested in the people of the
nations and giving them a 〃right of user〃 in their own persons；
knowledge； skill and resources。
The mantle of princely sovereignty has fallen on the common
man formally and according to the letter of the legal
instruments。 In practical effect； as 〃democratic sovereignty〃 it
has been converted into a cloak to cover the nakedness of a
government which does business for the kept classes。 In practical
effect； the shift from the dynastic politics of the era of
state…making to the Liberal policies based on the enlightened
principles of the eighteenth century has been a shift from the
pursuit of princely dominion to an imperialistic enterprise for
the protection and furtherance of those vested interests that are
domiciled within the national frontiers。 That such has been the
practical outcome is due to the fact that these enlightened
principles of the eighteenth century comprise as their chief
article the 〃natural〃 right of ownership。 The later course of
events has decided that the ownership of property in sufficiently
large blocks will control the country's industrial system and
thereby take over the disposal of the community's net output of
product over cost； on which the vested interests live and on
which； therefore； the kept classes feed。 Hence the chief concern
of those gentlemanly national governments that have displaced the
dynastic states is always and consistently the maintenance of the
rights of ownership and investment。
However； these pecuniary interests of investment and free
income are not all that is covered by the mantle of democratic
sovereignty。 Nor will it hold true that the common man has no
share in the legacy of sovereignty and national enterprise which
the enlightened democratic commonwealth has taken over from the
departed dynastic r間ime。 The divine right of the prince included
certain imponderables； as well as the usufruct of the material
resources of the realm。 There were the princely dignity and
honor； which were no less substantial an object of value and
ambition and were no less tenaciously held by the princes of the
dynastic r間ime than the revenues and material 〃sinews of war〃 on
which the prestige and honor rested。 And the common man of the
democratic commonwealth has at least come in for a ratable share
in these imponderables of prestige and honor that so are
comprised under the divine right of the nation。 He has an
undivided interest in the glamour of national achievement； and he
can swell with just pride in contemplating the triumphs of his
gentlemanly government over the vested interests domiciled in any
foreign land； or with just indignation at any diplomatic setback
suffered by the vested interests domiciled in his own。
There is also a more tangible； though more petty； advantage
gained for the common man in having formally taken over the
sovereignty from the dead hand of the dynastic prince。 The common
man being now vested with the divine right of national
sovereignty； held in undivided community ownership； it is
ceremonially necessary for the gentlemanly stewards of the kept
classes to consult the wishes of this their sovereign on any
matters of policy that can not wholly be carried through in a
diplomatic corner and under cover of night and cloud。 He；
collectively； holds an eventual power of veto。 And this power of
veto has in practice been found to be something of a safeguard
against any universal and enduring increase of hardship at the
hands of the gentlemen…investors to whom the conduct of the
nation's affairs has been 〃entrusted；〃 a very modest safeguard；
it is true； but always of some eventual consequence。 There is the
difference that in the democratic commonwealth the common man has
to be managed rather than driven； except for minor groups of
common men who live on the lower…common levels； and except for
recurrent periods of legislative hysteria and judiciary
blind…staggers。 And it is pleasanter to be managed than to be
driven。 Chicane is a more humane art than corporal punishment。
Imperial England is； after all； a milder…mannered stepmother than
Imperial Germany。
And always the common man comes in for his ratable share in
the glamour of national achievement； in war and peace； and this
imponderable gain of the spirit is also something。 The value of
these collective imponderables of national prestige and
collective honor is not to be made light of。 These count for very
much in the drift and set of national sentiment； and moral issues
of national moment are wont to arise out of them。 Indeed； they
constitute the chief incentive which holds the common man to an
unrepining constancy in the service of the 〃national interests；〃
So that； while the tangible shell of material gain appears to
have fallen to the democratic community's kept classes； yet the
〃psychic income〃 that springs from national enterprise； the
spiritual kernel of national elation they share with the common
man on an equitable footing of community interest。
The vested rights of the nation are of the essence of that
order of things which enjoys the unqualified sanction of the
modern point of view； Like any other vested interest； these
rights are conceived in other terms than those which are native
to the new order of material science and technology。 They are of
an older and more spiritual order； so far as regards the
principles of knowledge and belief on which they rest。 But
whatever may be their remoter pedigree； they have the sanction of
that body of principles that is called the modern point of view；
and they belong in the scheme of things handed on by the Liberal
movement of the eighteenth and nineteenth century。 Apart from the
imponderable values which fall under the head of national
prestige； these vested rights of the nation can be defined as an
extension to the commonwealth of the same natural rights of
self…direction and personal security free contract and
self…help that are secured to the individual citizen under the
common law。
Yet； while the national policies of the democratic
commonwealths are managed by Liberal statesmen in behalf of the
vested interests； they still run on the ancient lines of dynastic
statecraft； as worked out by the statesmen of the ancient r間ime；
and the common man is still passably content to see the traffic
run along on those lines。 The things which are considered
desirable to be done in the way of national enterprise； as well
as the sufficient reasons for doing them； still have much of the
medieval color。 National pretensions； enterprise； rivalry；
intrigue and dissensions among the democratic commonwealths are
still such as would have been intelligible to Macchiavelli；
Frederick the Great； Metternich； Bismarck； or the Elder Statesmen
of Japan。 Diplomatic intercourse still runs in the same terms of
systematised prevarication； and still turns about the same
schedule of national pretensions that contented the medieval
spirit of these masters of dynastic intrigue。 As a matter of
course and of common sense the nations still conceive themselves
to be rivals； whose national interests are incompatible； and
whose divine right it is to gain something at one another's cost；
after the fashion of rival bandits or business concerns。 They
still seek dominion and still conceive themselves to have
extra…territorial interests of a proprietary sort。 They still
hold and still seek vested rights in colonial possessions and in
extra…territorial priorities and concessions of divers and
dubious kinds。 There still are conferences； stipulations and
guarantees between the Powers； touching the 〃Open Door〃 in China；
or the equitable partition of Africa； which read like a chapter
on Honor among Thieves。
All this run of national pretensions； wrangles； dominion；
aggrandisement； chicane； and ill…will； is nothing more than the
old familiar trading stock of the diplomatic brokers who do
business in dynastic force and fraud also called Realpolitik。
The democratic nations have taken over in bulk the whole job…lot
of vested interests and divine rights that once made the monarch
of the old order an unfailing source of outrage and desolation。
In the hands of those 〃Elder Statesmen〃 who once did business
under the signature of the dynasty； the traffic in statecraft
yielded nothing better than a mess of superfluous affliction； and
there is no reason to apprehend that a continuation of the same
traffic under the management of the younger statesmen who now do
business in the name of the democratic commonwealth is likely to
bring anything more comfortable； even though the legal
instruments in the case may carry the rubber…stamp O。 K。 of the
common man。 The same items will foot up to the same sum； and in
either case the net gain is always something appreciably less
than nothing。
These national interests are part of the medieval system of
ends； ways and means； as it stood； complete and useless； at that
juncture when the democratic commonwealth took over the divine
rights of the crown。 It should not be extremely difficult to
understand why they have stood over； or why they