und scheme of financial reform and they
undertake to bring the income tax down to two shillings in the pound
within the next three years."

"They'll ruin half the merchants and the manufacturers in the country if
they attempt it."

"How can they ruin them?" Tallente replied. "The factories will be
there, the trade will be there, the money will still be there. The
financial legislation of the last few years has simply been a blatant
nursing of the profiteer."

"I need not say, Tallente, that I disagree with you entirely," his
companion declared. "At the same time, I am not going to argue with
you. To tell you the truth, I spent a great part of last night with you
in my thoughts. We cannot afford to let you go. Supposing, now, that I
could induce Watkinson to give up Kendal? His seat is quite safe and
with a little reshuffling you would be able to slip back gradually to
your place amongst us?"

Tallente shook his head.

"I am very sorry, sir," he said, "but my decision is taken. I have come
to the conclusion that, with proper handling and amalgamation, the
Democrats are capable of becoming the only sound political party at
present possible. If Stephen Dartrey is still of the same mind when I
see him this morning, I shall throw in my lot with theirs."

The Prime Minister frowned. He recognised bitterly an error in tactics.
The ranks of his own party were filled with brilliant men without
executive gifts. It was for that reason he had for the moment ignored
Tallente. He realised, however, that in the opposite camp no man could
be more dangerous.

"This thing seems to me really terrible, Tallente," he protested
gravely. "After all, however much we may ignore it, there is what we
might call a clannishness amongst Englishmen of a certain order which
has helped this country through many troubles. You are going to leave
behind entirely the companionship of your class. You are going to cast
in your lot with the riffraff of politics, the mealy-mouthed anarchist
only biding his time, the blatant Bolshevist talking of compromise with
his tongue in his cheek, the tub-thumper out to confiscate every one's
wealth and start a public house. You won't know yourself in this
gallery."

Tallente shook his head.

"These people," he admitted, "are full of their extravagances, although
I think that the types you mention are as extinct as the dodo, but I
will admit their extravagances, only to pass on to tell you this. I
claim for t