We can all of us remember the day when, in the United States, a prohibitionist was a faddist, and a very unpopular faddist at that. We have seen fashion catch him up with a vengeance.

We can all of us remember the day when the supporters of women's suffrage in England were a very small group of faddists indeed: we know what has happened there!

The forces driving men towards the Anti-Semitic camp are far stronger than the forces acting upon these old hobbies of women's suffrage, of prohibition and the rest. They are personal, intimate forces arising from the strongest racial instincts and the most bitter individual memories of financial loss, subjection, national dishonour.

For instance, any German to-day to whom you may talk of his great disaster will answer by telling you that it is due to the Jews: that the Jews are preying upon the fallen body of the State; that the Jews are "rats in the Reich." For one man that blames the old military authorities for the misfortunes following the war, twenty blame the Jews, though these were the architects of the former German prosperity, and among them were found a larger proportion of opponents of the war than in any other section of the Emperor's subjects. That is but one example; you will find it repeated in one form or another in almost every other polity of the modern world.

The Anti-Semite has become a strong political figure. It is a great and dangerous error at this moment to think his policy is futile. It is a policy of action, and a policy which may proceed from plan to execution before we know it.

There used to be quoted years ago—and I have myself quoted it with approval—a famous question put by a close and reasonable observer of public affairs upon the Continent, to the most prominent of Continental Anti-Semites in that day. The question was this: "If you had unlimited power in this matter, what would you do?" The implied answer was that the Anti-Semite could do nothing. He could not make a law which would segregate the Jews for they could escape that law by mixing with those around them. He could not make a law exiling them; for, first, it would be impossible to define them; secondly, even if that were possible, those defined would not be received elsewhere. What could he do? The implication was, I say, that he could do nothing; he was supposed, in the presence of that question, to admit his futility.

Unfortunately we now know that he can do something. The Anti-Semite can persecute, he can attack. With a sufficient force behind him he can destroy. In much of this destruction he would have, in a present state of feeling and in most countries, the mass of public opinion behind him. He could begin with a widespread examination of Jewish wealth and its origins and an equally widespread confiscation. He could use the dread of such confiscation as a weapon for compelling the divulgence of Jewish origins where a man desired to conceal them. He could do this not only in the case of the wealthy men, but, through the terror of wealthy men, over the whole field of the Jewish community. He could introduce registration and with it a segregation of the Jews. Inspired as he would be by no desire for a settlement agreeable to them, but solely for a settlement agreeable to himself, he could aim at that harsh settlement, and even though he might not reach his goal, it is not pleasant to envisage what he might do on his way to it.

But even though the Anti-Semite fail to acquire full power, there remain attached to his great increase in numbers and intensity of feeling the prime questions, "What is the meaning of the thing? Why has it arisen? Why is it spreading? What are the forces nourishing it?"

These are the main questions which those who regret the presence of such a passion in the body politic, which those who are alarmed about it, which those who, like the Jews themselves, must, if they are to avoid a catastrophe, defend themselves against it, would do well to answer. There has not been as yet sufficient time to answer those questions fully or to appreciate this great reaction in its entirety, but we can already judge it in part. The Anti-Semitic movement is essentially a reaction against the abnormal growth in Jewish power, and the new strength of Anti-Semitism is largely due to the Jews themselves.

When this angry enthusiasm re-arose in its modern form, first in Germany, then spreading to France, next appearing, and now rapidly growing, in England, it was novel and confined to small cliques. The truths which it enunciated were then as unfamiliar as the false values on which it also reposed. That universal policy of the Jews against which it is part of my thesis to argue, a policy natural but none the less erroneous, the policy of secrecy, the policy of hiding, at once took advantage of what was absurd in the novelty of Anti-Semitism. The Jew, in spite of his age-long experience of menace and active hostility, in spite of his knowledge of what this sort of spirit had effected in the past, did not come out into the open. He did not act against the new attack with open indignation, still less with open argument, as he should have done. He took advantage of its absurdity, at its beginnings, in the eyes of the general public. He used all his endeavours to make the word "Anti-Semitic" a label for something hopelessly ridiculous, a subject for mere laughter, a matter which no reasonable man should for a moment consider seriously.