During the nineteenth century the industry and capi- txl of the United States was entirely absorbed in the develop- ment of our home industries and resources. In fact, as may have been expected, we did not have nearly enough capital for this work and had to borrow from Europe. But toward the end of the century it became apparent to thinking men that the time was not far distant when we should have a surplus of capital here, and that to employ it we would have to seek foreign fields for investment. The Spanish American War led us into the Caribbean and the Philippines in an official capacity, and we were then definitely given over to a policy of imperialism.