It is so bound up with national ideals, under any gentlemanly government, that any invasion or evasion of the rights of investors in foreign parts, or of other business involved in dealings with foreign parts, immediately involves not only the material interest of the nation but the national honour as well.

Hence international jealousies and eventual embroilment.
The constitutional monarchy that commonly covers a modern democratic community is accordingly a menace to the common peace, and any pacific league of neutrals will be laying up trouble and prospective defeat for itself in allowing such an institution to stand over in any instance.
Acting with a free hand, if such a thing were possible, the projected league should logically eliminate all monarchical establishments, constitutional or otherwise, from among its federated nations.

It is doubtless not within reason to look for such a move in the negotiations that are to initiate the projected league of neutrals; but the point is called to mind here chiefly as indicating one of the difficult passages which are to be faced in any attempted formation of such a league, as well as one of the abiding sources of international irritation with which the league's jurisdiction will be burdened so long as a decisive measure of the kind is not taken.
The logic of the whole matter is simple enough, and the necessary measures to be taken to remedy it are no less simple--barring sentimental objections which will probably prove insuperable.

A monarchy, even a sufficiently inane monarchy, carries the burden of a gentlemanly governmental establishment--a government by and for the kept classes; such a government will unavoidably direct the affairs of state with a view to income on invested wealth, and will see the material interests of the country only in so far as they present themselves under the form of investment and business enterprise designed to eventuate in investment; these are the only forms of material interest that give rise to international jealousies, discriminations and misunderstanding, at the same time that they are interests of individuals only and have no material use or value to the community at large.

Given a monarchical establishment and the concomitant gentlemanly governmental corps, there is no avoiding this sinister prime mover of international rivalry, so long as the rights of invested wealth continue in popular apprehension to be held inviolable.
Quite obviously there is a certain _tu quoque_ ready to the hand of these "gentlemen of the old school" who see in the constitutional monarchy a God-given shelter from the unreserved vulgarisation of life at the hands of the unblest and unbalanced underbred and underfed.