Sentence:  Under "Fallacies of Danger," then, is listed the subhead of ""The <WSD>Hobgoblin</WSD> Argument, or, No Innovation", in which the <WSD>hobgoblin</WSD> in question is "anarchy"; which tremendous spectre has for its forerunner the monster "innovation"." A hot button like this would presumably elicit a visceral response even from Hamilton whose aversion to the <WSD>hobgoblin</WSD> of parliamentary reform was apparently his sole unreasoning reflex. 
Meaning of the word marked with <WSD> tags:  A source of dread, fear or apprehension; a bugbear.