enditure of American travellers and
residents in Europe, while the importation of objects of art and luxury
would not interfere appreciably with the policy of economic
nationalism. If America decides to go no further in this business, it
will not be too late to draw out.

The choice before her is momentous. So far I have presented it as an
economic problem. It is also quite evidently a political and moral
problem of the first significance, for economic national
self-sufficiency is a phase of political independence. But business and
politics alike belong to the wider art of human conduct; and the choice
before America is primarily a moral choice.

By saying this I do not wish to appear to prejudge the issue. I have
always felt that a stronger case could be made for the political and
economic isolation of America than for that of any other country,
partly because, as I have said, she has within her political domain all
the resources of national well-being; partly, also, because it is of
supreme importance that the great experiment of democracy should not be
unduly hampered by excessive inpourings of ill-assimilable foreign
blood, and by dangerous contacts with obsolete or inapplicable European
institutions. As an economist, steeped in the principles of Cobden and
his British school of liberals, my predilections (prejudices if you
will) have always been in favor of the freest possible movement, alike
of trade and persons, and against fiscal protection and immigrant
restrictions. But, when confronted with the special situation of
America, I have recognized that a reasoned argument could be addressed
to prove that the economy of national security and progress for this
country lay along the lines of political, economic and defensive
self-containedness. I am convinced that many must be led to support
this policy, not on grounds of selfishness, because they desire to
conserve for America alone her great opportunities, and not mainly from
fear, lest America should be embroiled again in the dangerous quarrels
of distant European nations, but because they are animated by that pure
desire, which has inspired so many generations of high-minded
Americans, that American democracy should grow to its full stature by
its own unaided efforts and save the world by its example.

I wish to give due respect to the sincerity of this conviction the more
because I wish to lay before you some grounds for questioning its
ultimate validity. It i