COPYRIGHT, 1918, 1922, BY

DOUBLEDAY, PAGE & COMPANY


ALL RIGHTS RESERVED, INCLUDING THAT OF

TRANSLATION INTO FOREIGN LANGUAGES,

INCLUDING THE SCANDINAVIAN




PREFACE

The first edition of this book appeared in October, 1918, a few weeks
before the signing of the Armistice, when the United States was at the
high tide of its power and influence. In view of the subsequent course
of events, some of my readers may question the propriety of the
original title. In fact, one of my friends has suggested that a more
appropriate title for the new edition would be "From Isolation to
Leadership, and Back." But I do not regard the verdict of 1920 as an
expression of the final judgment of the American people. The world
still waits on America, and sooner or later we must recognize and
assume the responsibilities of our position as a great world power.