The daily gazette., 1880-12-28
AMERICAN PROSPERITY.
ON the London Spectator.


We can recall no country which
has ever been in precisely such a
condition. The Treasury 10 literally
brimming over with wealth. The
surplus this year amounts to fl3,-
10000 sterling, an amount Of which
Mr.. Gladstone has never ventured
to dream, and which all other
hnaaciers in Europe must regard
with envious despair. The whole Of
this vast surplus-nearly the revenue
Of Prussia when she advanced to the
headship of Europe -and a million
and half besides has been applied
to the reduction of debt. The
American people, half-ruined by
their civil war, insisted on paying
of instead of bearing their debt, and
amid the most terrible temptations
adhered to that resolve with an
answering persistence which throws
new light upon the future of demo-
cracy. They were utterly unused
alike to debt and to sharp taxation.
They were, for a time, doubtful if
they had succeeded in their war.
They were compelled to pass
through cycle of depression un-
paralleled in their annals, depres-
sion amid which every one felt poor,
and it was gravely stated, on compe-
tent authority, that every Western
farmer was more or less mortgageG, ,
and workmen in the great centres
not only talked Socialism, but fought
for it, and the first feeder of the re-
sources of the nation, the marvellous
immigration from Europe, came
practically to an end. The people,
however, had made up their minds,
and they taxed themselves whole
sale, as if self-inhagellation titillated
them, and, with one notable excep-
tion, that of the income tax, they
bore their heavy imposts without
flinching. No doubt they were help
&c by the national feeling, entertain
ed even by those who indulge that
alcohol is in Sc an evil thing, by the
rooted prejudice in favor of high
tariffs, and by the national careless
ness about the cost of certain
luxuries-no other people in the
world would bear the Western price
for good boots and gloves-but their
resolution to pay rather than their
descendants should pay, had in it
superb pride. They held on, de-
voted surplus 80 per cent. higher
than their whole taxation before the
war to the redemption of debt, voted
down all repudiators by crushing
maiorities-for the craze about "the
dollar Of our fathers" was honest
enough-and finally reached their
present financial position.
More than third OF their debt 10
paid, the interest will next year be
under e18, 100000 year (e17, 800, O0O)
or, say, two thirds the debt of Great
Britain; and the Secretary of the Trea-
sury, while proposing to sweep away
all inland duties except those on al
cohol and tobacco, expects to place a
vast retunding loan at from to 3 Ia
per cent.
The half ruined people of 1865, with
their consols at 48 and an irrede ema-
BILE paper currency fuctuating per
cent. in an hour, have in 1880 the
credit of Great Britian, and could
raise e300. 900, 900 for a war. There
never was such financial triumph In
the history of a ration, or one which
reflected greater credit on its au-
thors."
The Union has received since 1S47
five millions and half of white men,
and among them-a fact to ba care.
fully noted-Irishmen are not the ma
jority. They are beaten by the Ger
mans alone, and the Teutons of all
branches outnumber them three to
two. This year the immigration has
suddenly swollen, until half q million
of people-the population of two
cities like Leeds, or of two counties
like Suffolk-have entered the Repub-
lie, bringing with them cash equal to
e5, 900, 900 stearling at least, a new la
Dor worth e10, 900, 900 year.
Il Is believed that the new census to be
taKen next year will show, speaking
population of 10000, ,0OO-45.-
100 ,0O0 of them whites; while il pros
Derlty continues, the immigration may
not tnpossibly be doubled. Every day
he means of communication improve,
,very day the exhaustion OF. the Euro. |
bean continent is more felt, while every |
lay, as intelligence spreads, the masses |
ret more and more under their monot. |
,nous daily toll, with its want of chances
Ind the insecurity of which they have |
only just become aware That is to say,
he Union Is already the second of the |
White Powers Of the world In popula-
ion, and might expend a German army |
| year in slaughter without feeling an |
mpediment to her progress. Nor are
hese multitudes as yet pressing on the
Means of subsistence. 1t is a special
eature of the condition of the A merican
Union that there are within It few "con-
that as men grow thick uron
he ground they move off of their own
Fill TO more attractive soils that migra-
ion has become an automatic law, till
he sweep of tho population towards
he West-that Is towards the area of
roftable agrioulture-isg gradually trans
4rriRg the control OF the Union 10 the
Western freeholder. All who will work
btain q living, and the Immense major
~ of the population secure one whioh, 4
lOugh not without sordid features in it
nd an element OF grinding anxiety, Is
. regards food, clothing, lodging aud
incation, distinctly be tier than that of
ny large population in the past or pres