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320 character, for it has offered rewards for exceptional ability and exceptional achievement which have stimulated the whole population. Here is a fact — and it is one of the most salient and incontrovertible facts in our own history — which shows the shallowness and folly of a great deal of current lamentation or denunciation of the accumulation of wealth. If you will turn to European history, you will find that the moment when land would produce, not merely a subsistence for those who tilled it but also a profit, that is, the moment when it would bear rent, is the moment when the modern world began to spring into energetic life. Here land has never yet borne rent, but transportation rates have taken the place of rent and, together with manufacturing on a large scale and the application of capital to develop the continent, have opened far broader avenues of profit and have offered greater prizes than land-rent in the Old World. It is these chances which have filled the population with a fever of energy and enterprise and enthused them with hope, and in the might of such driving forces they have done marvellous things. It is true, as the French proverb says, that they have not made omelettes without smashing some eggs; and we have many social philosophers who are crying over the eggs.

What I have said thus far of liberty has referred to individual liberty. Political liberty inside of any country depends very largely upon its external relations. The great force for forging a society into a solid mass has always been war. So long as there were Indians to be fought, and so long as the Dutch were in New York or the French in Canada, the colonies had a foreign policy; they had enemies at the gates. Such a state of things forces some