Commercially--and it must be remembered how large a part matters of commerce play in the life and thoughts of the people of the United States--until recently America traded with the world almost entirely through Great Britain. It is not the produce of the Western wheat-fields only that is carried abroad in British bottoms, but the great bulk of the commerce of the United States must even now find its way to the outer world in ships which carry the Union Jack, and in doing so must pay the toll of its freight charges to Great Britain. If a New York manufacturer sells goods to South America itself, the chances are that those goods will be shipped to Liverpool and reshipped to their destination--each time in British vessels--and the payment therefor will be made by exchange on London, whereby the British banker profits only in less degree than the British ship-owner. In financial matters, New York has had contact with the outer world practically only through London. Until recently, no great corporate enterprise could be floated in America without the assistance of English capital, so that for years the "British Bondholder," who, by the interest which he drew (or often did not draw) upon his bonds, was supposed to be sucking the life-blood out of the American people, has been, until the trusts arose, the favourite bogey with which the American demagogue has played upon the feelings of his audiences. Now, happily, with more wealth at home, animosity has been diverted to the native trusts.