seemed to go a long way in acceptance of the Russian formula of "No annexations and no indemnities"; in reality they simply interpreted the formula away. The disillusionment in Russia was profound. Only the small Imperialist section was gratified. Their attitude was that of "I told you so." M. Milyukoff's organ, the Retch, came out with an exultant leader on Lord Robert Cecil's speech, pointing out how futile were the illusions of the Russian democracy. On the other hand, the democracy felt itself defeated. Its mood was almost one of despair.
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Meantime the Revolution developed. It produced a rearrangement of political forces. On the one hand there was the bourgeoisie, alarmed at the new social prospect that was growing up. Its watchword was "arrest the Revolution at any price." This section is best represented by the Cadet Party, which, for years the Liberalising force in Russia, is now the Right wing in the New Russia, and may reluctantly find itself some day
