rld.

"'Their moans, the vales redoubled to the hills,
And they to Heav'n.'

"The financial problem, which is already commanding the serious
attention of the Government, is next in order. How are the great
expenditures of the war to be recouped? Shall we, in addition to
territory acquired, demand cash indemnity? If the care of these
acquisitions is to be as costly as some suppose, it would not be an
unreasonable requirement. While we shall lose the revenues derived from
imposts upon importations into the United States from these possessions,
which were not large, this will be more than compensated by the duties
which we can impose upon importations from other nations into them. In
making up the estimates of the whole financial situation it will be safe
to assume that at first our Government outlays will exceed income; our
people, however, will have the profit of furnishing products of the
United States to an added population of 10,000,000 to 12,000,000, freed
from the duty that we can impose upon the imports of other nations. Of
the $10,000,000 in value of imports into the Philippines from all
countries, we supplied less than $200,000, while we took from them
nearly $5,000,000.

"The interests of the people who gain their living and manual labor are
among the first to be considered and jealously guarded. Fortunately the
far greater part of these in America are engaged in employments which
will be benefited by annexation. A fresh and unrestrained market is to
be opened for our products, and the indigenous products of these regions
are to be brought here free of duty to give added employment to our
factories. No competitions of labor are to arise."

As to our new acquisition of new colonies by the United States, Theodore
S. Wolsey, Professor of International Law at Yale University, has this
to say, and every word he utters is pregnant with meaning, for no one
could be a more capable judge:

"It has already been said that England learned the lesson of the
American Revolution, while Spain has never heeded it nor the loss of her
own colonies. Yet it really was not until fifty years ago that their
methods sharply diverged. As early as 1778 Spain had begun to open her
dependencies to Foreign trade, and early in this century they were
allowed to trade with one another. So, likewise, although great changes
had been earlier made in the English colonies, the spirit of monopoly
and of a restrictive policy was in force