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During the reign of Alfred the Great a law was passed with relation to holidays, by virtue of which the twelve days after the Nativity of our Saviour were set apart for the celebration of the Christmas festival. Some writers are of opinion that, but for Alfred's strict observance of the "full twelve holy days," he would not have been defeated by the Danes in the year 878. It was just after Twelfth-night that the Danish host came suddenly--"bestole," as the old Chronicle says--to Chippenham. Then "they rode through the West Saxons' land, and there sat down, and mickle of the folk over sea they drove, and of others the most deal they rode over; all but the King Alfred; he with a little band hardly fared after the woods and on the moor-fastnesses." But whether or not Alfred's preparations for the battle just referred to were hindered by his enjoyment of the festivities of Christmastide with his subjects, it is quite certain that the King won the hearts of his people by the great interest he took in their welfare. This good king--whose intimacy with his people we delight to associate with the homely incident of the burning of a cottager's cakes--kept the Christmas festival quite as heartily as any of the early English kings, but not so boisterously as some of them. Of the many beautiful stories told about him, one might very well belong to Christmastide. It is said that, wishing to know what the Danes were about, and how strong they were, King Alfred one day set out from Athelney in the disguise of a Christmas minstrel, and went into the Danish camp, and stayed there several days, amusing the Danes with his playing, till he had seen all he wanted, and then went back without any one finding him out.

An Orang climbs so slowly and cautiously as, in this act, to resemble a man more than an ape, taking great care of his feet, so that injury of them seems to affect him far more than it does other apes. Unlike the Gibbons, whose forearms do the greater part of the work as they swing from branch to branch, the Orang never makes even the smallest jump. In climbing, he moves alternately one hand and one foot, or, after having laid fast hold with the hands, he draws up both feet together. In passing from one tree to another he always seeks out a place where the twigs of both come close together, or interlace. Even when closely pursued, his circumspection is amazing; he shakes the branches to see if they will bear him, and then bending an overhanging bough down by throwing his weight gradually along it, he makes a bridge from the tree he wishes to quit to the next.

While we may admit advances and gains in certain isolated directions, the extra burden is felt in all directions of commerce and industry. And that extra burden is visible through finance--the increased cost of money, the scarcity of capital, the lower negotiability of securities, the greater uncertainty concerning the future. It is by means of the financial reaction that America, as a whole, has felt the adverse effects of this war. There is not a considerable village, much less a considerable city, not a merchant, not a captain of industry in the United States that has not so felt it. It is plainly evident that by the progressive dearness of money, the lower standard of living that will result in Europe, the effect on immigration, and other processes which I will touch upon at greater length later, any temporary stimulus which a trade here and there may receive will be more than offset by the difficulties due to financial as apart from industrial or commercial reactions.

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