It is a valve or opening through which steam may escape.

What prevents all of the steam from escaping through the valve?

The valve is kept closed by a weight, which prevents the escape of the steam until a certain quantity of it is formed in the boiler; it then lifts up the valve, and a portion of it escapes, the same as it does with the lid of the tea-kettle.

Evaporation.

Does a wet blanket, when hung in the air, remain wet?

No; it soon becomes dry.

What becomes of the water in the blanket?

The water passes off into the air.

What is this process called?

It is called Evaporation.