We shall not again touch on those causes which are a result of temperament, prejudice and narrow views, but shall here restrict ourselves to political and economical causes alone. Modern Anti-Semitism is not to be confounded with the religious persecution of the Jews of former times. It does occasionally take a religious bias in some countries, but the main current of the aggressive movement has now changed. In the principal countries where Anti-Semitism prevails, it does so as a result of the emancipation of the Jews. When civilized nations awoke to the inhumanity of discriminatory legislation and [90]enfranchised us, our enfranchisement came too late. It was no longer possible to remove our disabilities in our old homes. For we had, curiously enough, developed while in the Ghetto into a bourgeois people, and we stepped out of it only to enter into fierce competition with the middle classes. Hence, our emancipation set us suddenly within this middle-class circle, where we have a double pressure to sustain, from within and from without. The Christian bourgeoisie would not be unwilling to cast us as a sacrifice to Socialism, though that would not greatly improve matters.

At the same time, the equal rights of Jews before the law cannot be withdrawn where they have once been conceded. Not only because their withdrawal would be opposed to the spirit of our age, but also because it would immediately drive all Jews, rich and poor alike, into the ranks of subversive parties. Nothing effectual can really be done to our injury. In olden days our jewels were seized. How is our movable property to be got hold of now? It consists of printed papers which are locked up somewhere or other in the world, perhaps in the coffers of Christians. It is, of course, possible to get at shares and debentures in railways, banks and industrial undertakings of all descriptions by taxation, and where the progressive income-tax is in force all our movable property can eventually be laid hold of. But all these efforts cannot be directed against Jews alone, and wherever they might nevertheless be made, severe economic crises would be their immediate consequences, which would be by no means confined to the Jews who would be the first affected. The very impossibility of getting at the Jews nourishes and embitters hatred of them. Anti-Semitism increases day by day and hour by hour among the nations; indeed, it is bound to increase, because the causes of its growth [91]continue to exist and cannot be removed. Its remote cause is our loss of the power of assimilation during the Middle Ages; its immediate cause is our excessive production of mediocre intellects, who cannot find an outlet downwards or upwards—that is to say, no wholesome outlet in either direction. When we sink, we become a revolutionary proletariat, the subordinate officers of all revolutionary parties; and at the same time, when we rise, there rises also our terrible power of the purse.