They are a source of national jealousy, and they may on occasion become a help to military strategy when this national jealousy eventuates in hostilities.
The run of the facts touching this matter of national trade policy is something as follows: At the instance of businessmen who stand to gain by it, and with the cordial support of popular sentiment, the constituted authorities sedulously further the increase of shipping and commerce under protection of the national power.

At the same time they spend substance and diplomatic energy in an endeavor to extend the international market facilities open to the country's businessmen, with a view always to a preferential advantage in favor of these businessmen, also with the sentimental support of the common man and at his cost.

To safeguard these commercial interests, as well as property-holdings of the nation's citizens in foreign parts, the nation maintains naval, military, consular and diplomatic establishments, at the common expense.

The total gains derivable from these commercial and investment interests abroad, under favorable circumstances, will never by any chance equal the cost of the governmental apparatus installed to further and safeguard them.

These gains, such as they are, go to the investors and businessmen engaged in these enterprises; while the costs incident to the adventure are borne almost wholly by the common man, who gets no gain from it all.