146 BULLETIN 102, VOL. 1, UNITED STATES NATIONAL MUSEUM. 



misunderstanding that has blocked water-power development, and 

 will afford the point of departure from precedent in favor of coal- 

 field generation of electricity. Owing to the magnitude of the issue 

 and the manifold lines of progress directly at stake, the development 

 will provide a nuclear point for the establishment of a constructive 

 economic policy, needed not merely for the full development of this 

 field but as well for the proper unfoldment of the industrial possi- 

 bilities of the country in general. As such a policy has not developed 

 in the past because of economic sectionalism growing chiefly out of 

 an unequalized development of the energy resources, the nationaliza- 

 tion of industrial opportunity attainable through a balanced develop- 

 ment of power supply will clear the path of the main obstruction to 

 unified action. 



Thus specific action in respect to establishing a common-carrier 

 system adapted to the power needs of the country will not only go far 

 toward solving the problem of transportation, but it will improve the 

 fuel supply, correct the economic fallacy of drawing upon capital 

 resources while neglectful of income, contribute to the recovery of 

 the values now lost in the consumption of raw coal, lead to an ade- 

 quate development of electrochemical activities, cut off a needless 

 annual expenditure running well beyond the billion dollar mark, and 

 constitute a potent contribution in the direction of stimulating the 

 upgrowth of a constructive economic policy of national scope attuned 

 to the needs of modern industrial development. 



