Year: 1864

Almost all foreign criticisms on our war,
and a very large number OF the domestic
ones, have been based on the assumption
that war is necessarily fatal to national pros
perity, If protracted beyond a very short Pc
riod. In other words, that the outbreak Of
hostilities reduces production to point at
which saving or the accumulation of capital
becomes impossible. The fact Of nation
being engaged i'll an armed struggle, how


ever, let it be on ever SO extensive scale,
is BY itself no more proof that its progress
is suspended, than lavish expenditure on the
part Of an individual that he is running himself.


we have in each case to ascertain the pro-
portion borne by the outlay to the income
before We can form any opinion in the mat
ter. If the drafts made BY war on the labor
and capital of the country be so heavy that
there is no surplus after the ordinary wants
Of the people and the army are satisfied, it
is high time to make peace. The prolonga-
tion of the contest after this point produces
much the same effect as bleeding might be
expected to produce in n man who was suf-


fering from debility.


But if production far outstrips expenditure,
it matters little whether the expenditure be
made in war, or b. 2!y other form Of waste.
OF course, the ca,tIi available for further
production is dimi 81 BY the amount spent
in fighting, and p.Uduction itself is conse-
quently also diminished; but there is a wide
| difference between diminution and stoppage.
A rich country may diminish its production
by oue-half, and still flourish. Tie truth
about the effect of war on ourselves, lies
| about midway between the position of foreign
commentators, who assert that it is running


us outright, and the equally untenable posi-
ton of native enthusiasts, who assert that it
is enriching US. 1t is doing neither one nor
the other. We are simply continuing to


grow rich in spite of it, but not nearly so fast


as il it were not raging, for the very plain


reason that during the past two years over
| Sl00, coo have been spent in powder
and shot, that would have been valuable for
investment in mines, manufactures, agricul-
ture and railroads. The notion that because


this sum was raised and spent in this country


and not abroad, its absorption in the expenses


Of war is not injurious to us, is curious but


mischievous fallacy. On the contrary, il


would have been vastly more advantageous


for us If it had been borrowed in Europe, in


asmuch as we should all this time be enjoy.
| ing the use OF it in our business, and would


not have had to refund it until the war was
over, and we were far richer than we are


now.


1t is, however, also certain that war does


not do the full amount Of damage that the
| figures would seem to indicate. The large


expenditure of the Government does create


an activity which, though feverish, is never
| theless faithful. 1t is not entirely healthy,


and cannot be permanent, but many Of its


results are Just as valuable as any. A rail
road made, or farm cleared and plowed, or
| mine opened by the aid Of grecnbacks paid


for bounties, is just as valuable to commu-
nifty as If it were done for gold in times OF
neacc, though it may enrich the immediate
owner less. There is very striking example
Of this in the progress made by Eng land
during the last war with Franco progress
! which, in proportion to capital and popula-
ton, was far greater than any she has made
since or before. Singularly enough, how
ever, hardly any of those English writer's
who have discussed American affairs during
the last two years are willing to admit that
this episode in their own history has any
bearing whatever on our situation at present.
We think no one who
carefully studies and fairly weighs the ele-
ments tha, enter into the problem, can doubt
that our experience in this matter will prove
much more fortunate than that Of Great
Britain. Our war is accomplishing for us
precisely the same results which her wars
and revolutions did for England. II is con-
solidating our national character, and laying
the foundation for an increased and perma-
nent prosperity. And the energies Of our
people are so quick and vigorous, and the ele-


ments of production so abundant and so rich


in every part of the country, that we shall
be abundantlY able to bear, without serious
injury, all the burdens which it is likely to
impose upon US -Neto York Times.