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 you are taking an asset or a liability. Land grabbing means properly taking territory and shutting all the rest of the world out of it, so as to exploit it ourselves. It is not land grabbing to take it and police it and throw it open to all. This is the policy of the "open door." Our external commercial policy is, in all its principles, the same as that of Spain. We had no justification, on that ground, in taking anything away from her. If we now seek to justify ourselves, it must be by going over to the free policy; but, as I have shown, that forces to a crisis the contradiction between our domestic and our external policy as to trade. It is very probable, indeed, that the destruction of our restrictive system will be the first good result of expansion, but my object here has been to show what a network of difficulties environ us in the attempt to establish a commercial policy for these dependencies. We have certainly to go through years of turmoil and political bitterness, with all the consequent chances of internal dissension, before these difficulties can be overcome.

III. Another phenomenon which deserves earnest attention from the student of contemporaneous history and of the trend of political institutions is the failure of the masses of our people to perceive the inevitable effect of imperialism on democracy. On the twenty-ninth of last November [1898] the Prime Minister of France was quoted in a cable dispatch as follows: "For twenty-eight years we have lived under a contradiction. The army and democracy subsist side by side. The maintenance of the traditions of the army is a menace to liberty, yet they assure the safety of the country and its most sacred duties."

That antagonism of democracy and militarism is now coming to a crisis in France, and militarism is sure to