Monroe doctrine. As long as she adheres consistently to the ideal of a political domination of the Western Hemisphere, the principle of the non-interference therein by any other Power, may be logically maintained against the assumed "rapacity" of Eastern Powers. But the logic of the position disappears when America invades the Eastern Hemisphere, where she has less apparent right than any European nation has in South America.

'If," says an American writer, "it be accepted that the Monroe doctrine is a fundamental one in our foreign relations, we are bound to respect the implied limitations. If we seek a field for the expansion of Anglo-Saxon ideas, we have a broad one in our own Continent, not yet fallow-ploughed."

A leading British organ-the Spectator-believes, nevertheless, that—

"It would be wise policy for us formally to notify to America our recognition of the true Monroe doctrine, for, while admitting that we had no wish to expand, we should obtain something approaching an insurance of our possessions in North America, in the West Indies, and in South America."

It is not difficult for those of us who seek to ascertain the real opinion of Europe concerning America. The American is already, indeed, an amer-eikon (bitter image) to the Latin, the Slav, and the Teuton. Take the recent utterance of Count Canevaro, late Italian Foreign Minister, and a clear-headed statesman. He is convinced that the Triple Alliance and the Dual Alliance jointly have given Europe twenty years of peace, and that this fact would perhaps "lead the European nations to consider the possibility and the necessity of uniting against America and Asia, as the future civilization would require them to do." This deliverance plainly

coincides with that of Count Goluchowski, the Austrian Chancellor, and other able interpreters of the signs and needs of the times. In brief, America is regarded by Europe as a dangerous obstacle to the accomplishment of its designs, and as an impertinent intruder into the field of welt politik. Nor can it be supposed that the Vatican views the crippling by America of the most Catholic nation with anything but resentment, and this opinion of the Papacy is sure to yield results in the uttermost corner of Europe.

Europe-and by Europe we mean always the Continental nations-is harassed by the fear-which is almost a belief that commercial competition with America is out of the question. Her wealth and energy are exaggerated unreasonably, and she stands before Europe as a monster seeking to monopolize trade and control all the wealth of the universe. Its tentacles are the giant Trusts, actuated by a Protectionist Government, quick to make reprisals if their victims endeavour to escape. When trade is crushed and their industrial classes are idle, socialism will arise at home to aid in the devastating process. Is it any wonder, then, that America's action regarding the exploitation of Asia and South America is bitterly resented, as an additional outrage?

At one of the greatest meetings ever held in Vienna,' attended by the great Austrian aristocrats and leading economists, and approved by the Austrian Premier, America was roundly denounced as the grand "peril " of the future. She was aiming, said Dr. Peez, at “universal economic supremacy," and must be fought by strict protection. Count Buquoy thought her

1 October 23, 1901.

internal economic policy revealed "a series of crimes which were associated with an unparalleled ruthlessness in the conduct of business." The meeting unanimously passed resolutions demanding a "union of Central Europe against transoceanic competition." This means the beginning of an attempt at an economical boycott of America.

As for ourselves, we are told by our great and good British newspapers that, in spite of commercial emulation and the strongly-marked variations of character and mind, produced by lapse of time, difference of environment, and the effect of a polyglot emigration, since the separation of the race, Britain and America

are, after all, nearer in language, institutions, and national temper, as well as more closely knitted together by their economic interests, than any other two countries not under the same Government that history has known."

This is not quite correct, because Austria and Prussia were much more allied in language, and institutions, and national temper; but that did not prevent them from hating each other with a deep hatred, and finally separating, never to reunite. What is true is that no other two nations in the world are so manifestly each other's commercial rivals as Britain and America. One is Protectionist, the other Free Trade. One is a manufacturing and agricultural country, the other is forced to be manufacturing alone. Diplomatic co-operation is rendered difficult by the difference between their administrative systems. America has no permanent under-secretary, and there are no ex-Ministers in her Parliament. Surely, these things obstruct perfect unison.

CHAPTER VIII

THE NEW COMMERCE

THE rapid change in America's trade conditions has been a fruitful theme of discussion of late. She is to-day a manufacturing exporter, instead of chiefly an importer; and is now in a fair way of becoming à creditor, instead of remaining a debtor, to Europe.'

The gross value of manufactures in America in 1870 was $3,385,000,000, an increase of 75 per cent. over 1860. Ten years later, in 1880, when the population had increased 30'6 per cent., the increase in the gross value of manufactures was 58 per cent., or a total of $5,349,000,000. In 1890, with a gain in population of 24.86 per cent., the increase in manufactures was 69 per cent., the total being $9,056,000,000. In 1900 the increase in population has been 21 per cent., and

1 With all the recent stir concerning things American it is somewhat diverting to read in the Edinburgh Review of 1820, such a series of interrogations as the following:

"In the four quarters of the globe who reads an American book? or goes to an American play? or looks at an American picture or statue? What does the world yet owe to American physicians or surgeons? What new substances have their chemists discovered? or what old ones have they analyzed? What new constellations have been discovered by the telescopes of Americans? What have they done in mathematics? Who drinks out of American glasses? or eats from American plates? or wears American coats or gowns? or sleeps in American blankets?"

the gross value of manufactures about 54 per cent. increase, or about 13 billions of dollars.1

Thus in a paragraph we may take note of America's stupendous growth of national production. During the period that the population increased 98.54 per cent., the value of her manufactures increased 260 per cent. Domestic consumption has more than proportionately increased, but is destined to be far in the rear of production. Consequently, it is clear that America must have foreign markets wherein to dispose of her surplus.

American supremacy in the iron trade has been built up in a decade by hard work; unbounded selfconfidence, unquestioned boldness in speculation, has brought the mechanism of iron-production, from the mining of ore to the handling of the finished product, to an efficiency almost marvellous. Between 1890 and 1899 the output of iron ore rose from 14 to 241 million tons, that of pig-iron from less than 8 to over 132 million tons, and that of steel from under 4 to 103 million tons. At the same time mechanical appliances have been brought to such a pitch of perfection that, whilst the average production per annum per man employed at blast furnaces in 1890 was 275 tons, it had risen to 354 in 1900. In shipbuilding alone, England retains supremacy; but even here she is warned that the New York Shipbuilding Company's yard "is in all respects the most modern and the most

1 In addition, the American flour mills are able to grind all the wheat annually grown in the entire country in eight months, and this, although over 100 millions of bushels were exported last year. It is the same with cotton; the cotton mills working only eight months in the year would produce all the cotton goods America consumes annually.