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suffice for an imperial world-power. We shall have to choose between the Monroe Doctrine and the Constitution of 1787. The political power will be extended and integrated. It will be of more importance economically. A clique which can control the federal government will have a power of self-aggrandizement which no men have ever had yet. It is this outlook on the future which is opening before us which made the subject of economics and politics seem to me worth attention at this time.