Personally I should like to see this reserve vanish. I should like to see an out-and-out campaign on the protection which our industries need compared with that which they want and get. It would clear the air. It would be a campaign of education. I remember what the greatest iron-master of America--Mr. Andrew Carnegie--said to me in 1893 when I was travelling with him in Egypt. It was in the second term of Cleveland's administration, when the prospect of tariff reduction was imminent. I asked him if he was not afraid that the duty on steel would be reduced to a point that would ruin his business. "Not a bit," he answered, "and I have told the President so. The tariff was made for the protection of infant industries. But the steel business of America is not an infant. It is a giant. It can take care of itself." Since that time the United States Steel Corporation has been formed, with a capitalization of about fifteen hundred million dollars of bonds and stock, and the import duty on manufactured iron and steel is 45 per cent _ad valorem_. Another effect of the direction of American energy to industrial affairs has been important not only to the United States but to all the nations of the world. I mean the powerful stimulus which it has given to invention. People with restless minds and a strong turn for business are always on the lookout for new things to do and new ways of doing them. The natural world seems to them like a treasure-house with locked doors which it is their duty and privilege to unlock. No sooner is a new force discovered than they want to slip a collar over it and put it to work. No sooner is a new machine made than they are anxious to improve it.