ause of Roman decay
may, for all purposes of comparison and instruction, be stated in the
following terms: funds, which should have been spent by the
municipalities on local objects, were, from about the close of the third
century, diverted to the Imperial Exchequer, by which they were not
infrequently squandered in such a manner as to confer no benefit of any
kind on the taxpayers, whether local or Imperial. Thus, the system of
local self-government, which, Mr. Hodgkin says, was, during the early
centuries of the Empire, "both in name and fact Republican," was
shattered.

It does not appear probable that an attempt will ever be made to divert
the public revenues of the outlying dependencies of Great Britain to the
Imperial Exchequer. The lesson taught by the loss of the American
Colonies has sunk deeply into the public mind. Moreover, the example of
Spain stands as a warning to all the world. The principle that local
revenues should be expended locally has become part of the political
creed of Englishmen; neither is it at all likely to be infringed, even
in respect to those dependencies whose rights and privileges are not
safeguarded by self-governing institutions.

There may, however, be some little danger ahead in a sense exactly
opposite to that which was incurred by Rome--the danger, that is to
say, that, under the pressure of Imperialism, backed by influential
class and personal interests, too large an amount of the Imperial
revenue may be diverted to the outlying dependencies. If this were done,
two evils might not improbably ensue.

In the first place, the British democracy might become restive under
taxation imposed for objects the utility of which would not perhaps be
fully appreciated, and might therefore be disposed to cast off too
hastily the mantle of Imperialism. It is but a short time ago that an
influential school of politicians persistently dwelt on the theme that
the colonies were a burthen to the Mother Country. Although, for the
time being, views of this sort are out of fashion, no assurance can be
felt that the swing of the pendulum may not bring round another
anti-Imperialist phase of public opinion.

In the second place, if financial aid to any considerable extent were
afforded by the British Treasury to the outlying dependencies, a serious
risk would be run that this concession would be followed at no distant
period by a plea in favour of financial control from England. The
establishment of