, 1881-01-19
AMERICAN PROSPERITY.
From the Epectator.)

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human nature for The Chief Magistrate Of
great State, be he Sovereign or President,
not to feel in q iime Of rushing prosperity
that he himself has done something to produce
II. He might have prevented it so easily, and
every man credits himself not only with the
good acts which are seen Of bis neighbours, but
with the good absiinenoes which are invis ible.
Especially is this exousable in 40 American
President, who however modest, must feel
with q certain bitterness, that, although his
administration has been successful, he has new.
or been asked even by implicit ton TO take back
his own sell-denyingss pledge, and accept q Sc
cond term. Mr.. Hayes has been a very fair
President, and an unusually self-effacing one,
and be leaves behind him a Republic prosper
Ons beyond any historic precedent. We can re-
call no country which has ever been 10 precise
ly such a condition. The Treasury is liter.
ally trimming over with wealth. The surplus
this year amounts to els, lie, 900 sterling, an
amount Of which Mr.. Gladstone has Fever ven.
tnred TO dream, and which all other foanciers
In Europe must regard with %envious despsir.
The whole of this vast surplus-nearly the re.
venue Of Prussia when she advanced TO the
hsadship of Europ)-and a million and a half
besides, has been applied to the reduction OF
Debt. The American people, half.ruined by
their Civil war, insisted on paying off instead
Of bearing their Debt, and amid the most ter.
rible temptations adhered to that resolve with
an answering persistence which throws a new
light upon:ths future OF Democracy. They were
utterly unused alike TO debt and to sharp taxa.
tion. They were, for o tim doubtful If tbeyhad
succeeded in their war. They were compell-
cd to pass through q cycle of depression unpa-
Yslleled 10 their annals, depression amid which
every one felt poor, and it was gravely stated,
on competent authority, that every Western
farmer was more or less mortgaged, and work
men iD the great centres not only talked So.
cialiym, but fought for it, and the first feeder
of the resources 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-fagellation titillated them, and,
with one notable exception. that Of the income.
tax, they bore their heavy imposts without
Hinching. No doubt they were helped by the
national feeling, entertained even by those who
indulge that alcohol ia IN Sc an evil thing, by
the rooted prejudice in favour Of high tariffs,
aud by. the national carelessness about the cost
OF certain luxuries-nO other people in the
world would bear the Western price for good
boots and g~loyes-but their resolution to pay
rather than their descendants should pay. had
10 1t a superb pride. They held on, devoted q
surplus so per cent. higher than heir whole
taxation before the war to the redemption of
Debt, voted down all regulators by crushing
majorities-for the craze about I" the dollar of
our fathers" was honest enough and finally
reached their present financial ositiOn. More
than q third of their Debt is paid, tbs interest
will next year be under d1S,OO0 900 a year
(9l7,S o .00O), or, say. two-thirds the Debt of
Great Britain and the Secretary TO the Trea-
sury, while proposing to sweep away all inland
duties except those ou alcohol and tobacco, ex-
poets to place q vast 1etunding loan at from 3
10 81 per cent. The haltruinsd peoplc of 1865,
With their Consols at IS and an irrsdeemsble pa
per currency fuctualing & per Cent. In an hour,
have in 1880 the credit Of Great Britain, and
could raise $500, 0o0,0 900 for a war. There
never was such a fnancial triumph in the his
tory of q nation, or one which Effected greater
credit on its authors.
The people have not been skinned, either.
III Mr.. Sherman's proposals eie adopted, the
Union will next year be as free of Excise Du-
ties as Great Britain. and more free of direct
taxes-the State taxation Counting against our
"rates'-the depression has disappeared, the
mortgages are paid OF, and again the ~over.spill
of the Caucasian world is pouring 10 ever.iu.
Dressing volume, 10 to the Republic. The
Union has received since 1647 Eve millions
and . half OF white men, and among thep-a
fact to be carefully noted-Irishmen are not
the majority. They are beaten by the Ger
mans alone, and thelTeutons Of all bran ches out.
number them by thres or two. This year the
imt66iovaf finn haa suddanlv swollen. until half a