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 would trade abroad certain things it produced for things it did not produce; but this would be quite different from an unconsumable surplus.

"I'll wager the Oligarchy finds justification," Ernest said, when its treachery to the German Emperor became known. "As usual, the Oligarchy will believe it has done right."

And sure enough. The Oligarchy's public defence for the act was that it had done it for the sake of the American people whose interests it was looking out for. It had flung its hated rival out of the world-market and enabled us to dispose of our surplus in that market.

"And the howling folly of it is that we are so helpless that such idiots really are managing our interests," was Ernest's comment. "They have enabled us to sell more abroad, which means that we'll be compelled to consume less at home."