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From my 1911 Encylopædia Britannica:

Here, the double space after a period is a helpful marker to a reader of the tightly leaded text (look at the attachment to see the whole page). Modern book designers would never use 2 spaces after a period, but in a set of books that even densely set expands to 30 volumes, I can see why they would want to economize.
Comments
21 Nov 2005 — 4:28pm
Fortunately we now have the benefit of much more economical type, so we can avoid such tight leading. That typeface there is pretty wide.
21 Nov 2005 — 4:41pm
The whole page:
Big version
Little version
29 Nov 2005 — 10:11am
If the paragraph weren't justified, I might say maybe...
But:
1) What's the point size?
2) Multiple columns, anyone?
And Stephen:
1) We've always had economical type.
2) Much more than the width, it's the depth.*
* http://typophile.com/node/15367
hhp
29 Nov 2005 — 12:29pm
A river runs through it.
Actually, several rivers. It looks like rill erosion.
ChrisL