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338 before the American people as the chief political interest of the immediate future.

There are few of us who have not heard it said, after the failure of a mercantile or manufacturing firm, that the cause of failure was that they had "spread out too much." The story is generally one of success within a field of effort, then of enthusiasm and ambition over-mastering prudence and moderation, then of excessive burdens and failure. On the other hand, we are familiar enough with cases in which business enterprise and courage sustain enormous growth and expansion. It appears, therefore, that expansion, as such, is neither good nor bad. The question is one of conditions, circumstances, powers. It is a question of policy which must be decided by wisdom and prudence. It follows that it is never a question which can be settled by precedent. Every new case of expansion has its own circumstances. Enthusiasm would have no place in the plan if it was to win the confidence of bankers and investors. Impatience of prudent foresight, and irritation at demands to see the grounds for expecting success, would not recommend the project to wise business men. Mere megalomania — a desire to get a big thing to brag about — would not be regarded as a good basis for the enterprise.

At least two of our large cities have recently expanded their boundaries. A leading newspaper of Chicago has explained the financial distress of that city by the extent to which it has included unimproved suburbs. The people of greater New York seem to have many doubts whether their expansion was wise and prudent. No