350 THE ECONOMIC JOURNAL nearly down to the export line will begin to play a large part in our industrial organization, it is impossible to say; still less it is possible to say how soon the American people will become conscious of this opening for their energies, and will adapt their economic policy to its use. The change will not take place in the immediate future, and in any event will come, not suddenly, but by a gradual growth. It is, therefore, not of much immediate interest to the man of business, who is always concerned, as Bagehot has reminded us, with the outlook for the next season or two only. But to the economist, who is concerned mainly with the great and permanent changes 'in the industrial world, this development presents by far the most interesting phase in the future economic history and policy of the United States. F. W. Txuss?
