she bad been allowed. The American gold now building railways in China would never be there if there were opportunities for home investment.
IMPERIALISM.
American capitalists are to-day more in need of foreign fields for investment of their capital than are European capitalists. Within the past two years the international financial market has reversed itself, and America is now the creditor instead of the debtor nation. This explains the sudden craze for "imperialism" and its advocacy by the Republican party, which is the political expression of the organized wealth of the country.
The "trusts" are a dam built to prevent the swamping of domestic industries by the rising flood of surplus capital.
The "trusts" however, do not prevent the rising of this flood.
"Imperialism" is a means of diverting to foreign shores this threatening deluge of domestic "savings."
"Trusts" and "imperialism" are both inevitable results of competition and clear indications of its culmination.
It is impossible to dam up all the mouths of the Mississippi, no matter how high the dams. A flowing river must find the ocean somehow, and if not by one channel then by another. The
