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This little book of modern history is constructed out of the material for a course of lectures which I have been invited to deliver in Bristol in connection with the Workers' Educational Association. It is neither a history of the present war, nor a recapitulation of its immediate causes. It is limited to an attempt to discuss the Allied campaign against the Hohenzollern in the light of our former Allied campaigns against the Bourbon and the Buonaparte. This aim involves a discussion of the Settlements which were made in 1713 and 1815, and of events subsequent to those Settlements. The facts thus ascertained may be useful in guiding opinion on the new Settlement in Europe to be made after the present war.