Publisher's Note.

"Best American Thought" is intended to consist of a series of short articles on the topics of the day that are most exercising the mind of the public. The selection will be made from philosophic American periodicals that are but slightly known in this colony, and in consequence the writings of some of the most distinguished leaders of thought are practically "caviare to a multitude" of Australasians. This is the more to be regretted, as our colonial temper is more in accord with America on many social questions than it is with our mother country.

The present article is taken from a late number of the Atlantic Monthly, a magazine that has long been at the head of the best class of American serials, but its circulation in Australasia is almost nil. The unprecedented sale of Bellamy's fascinating presentment of a new Socialistic theory, and the fact that a number of enthusiasts are seriously contemplating shaping their lives according to his fancies, renders this moment opportune for the publication of some sound and sensible views "on the other side." It is fortunate that such an eminent and trustworthy writer as Professor Walker should have addressed himself to the task. He has written extensively on Political Economy subjects, and his works are looked up to both in England and America as authorities.

W. W.