THE year 1776 stands in the books of history as famous in achievement; in it the Declaration of Independence was written and the "Wealth of Nations" published. But it likewise marks the line between the old and the new in the system of production. With it begin the manufacture by machine, the decline of cottage industry, the awakening of democracy and the dawn of Modern Industrialism.
The last term designates that stage of society in which men, machines and capital are massed and marshaled to the task of creating goods. In its completed form such a society is national in type, highly specialized in skill, wonderful in resources, and powerful in inventions. Great ships, well organized railroads, banks, commercial houses and systems of credit make possible the supplementary work of transportation, and the distribution of wealth in the industrial society.
To arrive at such a result is the task of years and centuries. The nation that has thrown aside the relics of a feudal time, emancipated its labor, revised its trade laws, invented machinery, organized a factory system, opened its natural resources, built railroads, constructed steam-vessels and amassed capital is within the system of modern industrialism. Production in such a nation is no longer for village and countryside, but for the mar-