read a paper on "The Problems of Education.' He said philosophy had been defined as common sense accounting to itself for its own opinions; and science might be defined as common sense, verifying this account by observation and experiment. Common sense passes a summary judgement upon matters presented before us; philosophy seeks her grounds of that judgment, and endeavours to explain its reasonableness under the circumstances of the evidence; science undertakes to find criteria by which the accuracy of the judgment can be tested. But our certainty in the judgment by no means depends upon any scientific verification; on the contrary, many of those things of which we are most certain, are precisely those things of which no scientific verification has yet been attained. The reason why this face repels me, and that attracts; why such a man looks refined and intellectual, and such a one coarse and brutal; why such a piece of music expresses joy and satisfaction, and such another lamentation; why I am sure of this man's real friendship, and suspect the other of being only a fair weather friend; why I know that tone is dissembled, and this real; why I am sure this is a shriek of terror, and that an explosion of suppressed laughter; the reason of such judgments I may possibly have guessed at in my philosophising, but have never verified scientifically, yet these are the very judgments of which we are most certain. The ultimate ends of common sense, of philosophy, and of science, are the same. They may be summed up in one, it is the reading of God's thought. The order of the universe is rational, intelligible. To discover this order, to comprehend it, to express it in words and teach others to see it, this is the labour and the play, the work and the wages of the human intellect, to which of course it is stimulated by lower needs, as all our life, while we are in the body, is called into play first by mere bodily wants. But as we must all confess, whatever our view of the origin and the end of the universe, that intellectual life, and social affections, and religious sentiments, are higher and more worthy than the appetites and passions, so we must acknowledge that science is higher than art, and exists for its own sake. Education is the training of the power of observation, memory, imagination, reason, sentiment, affections, and will, and as these are not directly manifested in space and time, to which alone measurement directly applies, it is difficult to devise any modes of measuring, however roughly, the effects of different systems of education. Horace Mann caused the operatives in the

Waltham factories, who worked by the piece, and whose wages were therefore a test of their skill, to be asked how many months of instruction they had received in the common schools, and, on a numerical comparison, it was found that the wages earned by piece work were in general proportioned to the number of months of schooling received. This was a capital observation, dictated by a true scientific spirit in the first secretary of our board of education. Contrast it with an attempt which I once saw on the part of a superintendent of education to elicit similar information by sending a circular to the superintendents of manufacturing establishments, asking them whether intelligent labourers received more wages than ignorant ones; as though the answers to such a vague and pointless question could be of any value to science. And yet this worthless question suggests a just caution in the use of Horace Maun's striking result The wages of the girls at Waltham were in general proportioned to the amount of schooling received. But before we decide that the schooling is the cause of the wages, we must inquire whether they were not both effects of another causenamely, the superior native intelligence of the girls. A girl of good capacity would like school and seek it; a more stupid girl avoid it; and this difference of capacity in the two might make the main difference in them afterwards as workers in the mill. With these remarks on the caution necessary in using statistics in these higher questions of social science-with this warning that facts and figures can easily mislead, and with this caveat against supposing that the application of utilitarian tests as criteria in jud ging of theory implies that I consider practice worth more than theory, the senses more than the intellect, the body more than the soul, I will mention a few of the problems of education whose solution is most desirable, and in which, by statistical methods, we might attempt scientific verification. Mr. Hill proceeded to notice that there are four distinct authorities to whom the superintendence and direction of education may be entrusted the state, the church, voluntary association, and the family. A child needs a gymnastic training for the body, an intellectual discipline for the mind, a moral and æsthetic culture for the sentiments of affection, and a religious training for the will. No one of these four can be neglected without serious injury to the child. Dr. Hill proceeded to notice the difference between physical and physiological functions, diversity of gifts, the advantages of general education, the choice of books, and other

kindred topics.

PLYMOUTH, December. -I had long desired an opportunity of seeing one of the strongminded women of America, and to-day the opportunity was afforded. Mrs. Caroline H. Dall came forward (in the American Association for Promotion of Social Science) to make an appeal on behalf of the establishment of a library in connection with the association, the object of which would be in the first place to collect facts; secondly, to form theories from those facts; and thirdly, to project experiments. In her correspondence with the secretary and assistant secretary of the British Association, she had learned that the books necessary for such an association were so easily accessible in England that the association had never thought of forming a library. If, therefore, the American Association formed a library, it would be the first of its kind in the world. She proposed that the funds requisite for the gathering of such a library, and for the erection of a suitable building, should be raised by memberships, life memberships, and subscriptions. She was not in favour of assessments being made, as she considered that this course would be calculated to injure this association. She referred to the advantages which the association was capable of conferring upon women, and the facilities which were afforded to secure the privileges of membership. was quite a pleasure to listen to her remarks, which were delivered with such a clear expression and pleasant style of oratory as to command attention from the entire house.

It

In the afternoon session I anticipated a rich treat, in consequence of its having been announced that Henry C. Carey, Esq., of Philadelphia, would deliver an address on the resources of the United States. Mr. Carey's works have been translated into five different languages, and are made the text books on political economy at the universities. On taking the floor he said :

That by those who usually speak or write on that subject we are constantly told of the vast extent of our yet unoccupied land, of the great deposits of fuel and metallic ores, by which our soil is underlaid, and of the rapidly-growing numbers of our population; and yet, if we look to Russia, Turkey, Canada, Mexico, or South America, the countries in which such land most exists; or to that European one, Ireland, in which the growth of population has been most rapid; we find among them precisely those in which land has the s.nallest money value, capital is most rare, interest at the highest rate, and the working-man most nearly in the condition of bond slave to the landholder or other capitalist. Turning our eyes homeward and comparing the different portions of the Union, we find, in the States south of the Potomac, the greatest natural advantages coupled with a population whose natural increase has been even greater than that of these Northern States; yet

there it is that land has been the cheapest, that capital has least increased, that interest has been at its highest point, and that the labourer has been most enslaved. Passing thence to the New England States, we find that, though wholly destitute of natural advantages, land is there scarce and high in price and man is free, while capital abounds, and interest, though high when compared with certain parts of Europe, is very low by comparison with almost any other portion of this Western Continent. Crossing the Atlantic and comparing two of the smaller kingdoms, near neighbours to each other, Ireland and Belgium, both possessing great natural advantages, we find differences closely approaching those which are here observed. In the first, capital has been so scarce that, while holding the labourer in a condition nearly akin to slavery, the middleman possessor of money has been enabled utterly to ruin a large proportion of those who formerly owned the land; in the latter, on the contrary, land commanding a higher price than in any other part of Europe, and the use of money being readily obtained at the lowest late of interest. Turning next to the French and Turkish empires, we find ourselves face to face with phenomena similar in character and even yet more remarkable for their extent. The former has no important natural advantages, yet is its land nearly on a par with that of Belgium, while capital so much abounds that money is readily there obtainable at moderate interest. The latter, on the contrary, has every conceivable natural advantage, fertile land abounding and the climate being among the best in the world, while fuel and metallic ores exist in great abundance; yet there it is that, of all Europe, land is cheapest, interest highest, and the labourer most depressed; and that, as a necessary consequence, the State is weakest. Comparing Germany of the past and the present we meet with similar contrasts. Forty years since she exported wool and rags and imported cloth and paper, and then her people were poor and her land very low in price, while she herself was little better than a mere tool in the hands of foreign powers. Now, she imports both wool and rags and exports both cloth and paper; and it is as a necessary consequence of the changes that have been thus effected, that land and labour have greatly risen in price; that capital abounds and interest is low; and that she herself feels strong enough to set at defiance, as in the case of the Duchies she recently has done, the almost united will of Europe. Having all these facts before us we are led necessarily to the conclusion that, with societies as with individuals, prosperity is far less due to the liberality of nature than to the use that is made of the bounties, large or small, of which they have been the recipients. The highly-gifted man, head of his class, throwing away his time and wasting his talents, dies in poverty despised by all; while the patient industry of the fellow scholar to whom nature had been far less bounteous, enables him to attain to fortune, fame, and influence. Precisely so is it with nations, the question of their prosperity or adversity being dependent, mainly, not on the extent of nature's gifts, but on the use that is made of those which have been accorded. Studying now the several communities above referred to, we find them susceptible of being divided into two well-defined classes, one of which, embracing Ireland, Turkey, Mexico, Canada, and the South American States, exports its products in the rudest state, leaving to others the work of changing their forms, and thus fitting them for consumption by the world at large. The other, embracing France, Belgium, and the Zoll- Verein, buys the raw products of other countries, combines them with those produced at home, and sends the two thus combined to every market in the world. In the first of these the priceof

land is low, capital is always scarce, and the capitalist is master of the labourer, whose condition is little better than that of a mere hewer of wood and drawer of water for the middleman by whose aid he maintains his little commerce with the outer world. Looking now homeward we find our Union itself equally susceptible of division, the South and the West exporting raw produce and paying at the highest rate for the use of a very little money; the North and the East meanwhile buying that produce, changing its form, and returning it to the original producers burthened with the heavy charges to which our Eastern friends have stood indebted for the large capitals which are always ready to be lent at rates of interest that, as I have already said, are moderate by comparison with those of the West and South, though high when compared with those of the European States to which reference has above been made. Studying all the facts thus presented by so many important communities, we are led inevitably to the conclusion that the growth of capital is slow, and the price paid for its use high, in the direct ratio of dependence on strangers for finishing and distributing the products of the soil; while rapid in its growth and declining in its price in the ratio of the increase of that national independence which enables each and every nation to exchange directly, and without the need of foreign intervention, with each and every other. Admitting this, and all experience proves it so to be, then must the extent of national resources be mainly dependent upon the policy pursued, whether that which tends to promote or to repress the growth of that independence. Such being the theory, we may now compare it with the actual practice. A bushel of wheat is produced representing, let us say, a dollar's worth of mental and physical force. The consumer being close at hand, the producer re-enters on the instant upon the possession of the whole capital that had been expended. Consumers not presenting themselves, the farmer stores it in his barn, losing so much interest. A neighbour offers to carry it for him, charging interest proportioned to the time that may reasonably be supposed likely to elapse before a consumer shall be found. A trader comes, and he now takes upon himself the burthen of carrying it, charging further interest. In this manner it passes from hand to hand and from city to city, finally finding a consumer in Lyons or Manchester, having on the road paid, in the mere form of interest, perhaps half the price at which it has at last been sold.

What is true of this single bushel is equally so of the hundred of millions of bushels of wheat, rye, and Indian corn; of the thousands of millions of pounds of cotton; of the hundreds of thousands of hundredweights of pork and beef, rice and tobacco, that are everywhere standing in barns, warehouses, wagons, cars, and ships, waiting the arrival of men prepared to give in exchange for them, cloth, furniture, ploughs, harrows, and the thousand other commodities needed by the planters and farmers of the land. The whole constitutes a mass of petrified capital to be carried at the cost of the producer, and it is within the mark to estimate the amount so standing petrified at the present moment at five hundred millions of dollars, all of which bears interest. Turn back half a dozen years to the period of suspended animation that existed throughout the country before the war, and you will see that the amount of dead capital then carried must have greatly exceeded even a thousand millions. Can we then wonder at the high prices that, notwithstanding the wonderful gold discoveries of California and Australia, then were paid for the use of a little money by both our farmers and our planters ? As I think, we cannot. Let us now suppose that throughout the whole length and breadth of the land there had then, on the instant, sprung into existence, side by side

with the producers, the number of consumers required for making an immediate market for the whole of this enormous mass, one offering in exchange personal service; another cottons; a third woollens; a fourth spades and hoes; and so on to the end of the chapter of the farmer's needs. At once, and almost as by enchantment, as in the case of the bottle of old wine made memorable by Webster's exclamation, the interest would have been stopped; the petrified capital would have sprung into activity and life; notes would have been paid; store debts would have been discharged; and the farmer would have found that instead of being dependent on the neighbouring usurer for the means with which to buy sugar, tea, and coffee, he had in his hands a surplus ready to be applied to the purchase of all the machinery required for enabling him to double the produce of both his labour and his land. At what might we now estimate the gain to the community at large of this economy of capital? Most certainly the figure would be twice that of the mere saving of the 12, 15, 20, 30, or 40 per cent. to be paid throughout the country, and would represent many hundred millions. In the life of nations, as in that of individuals, it is thus in the rapidity of circulation and consequent economy of labour and interest that we are to find the surest way to wealth and power. The case here supposed is precisely that exhibited in every country in which the consumer and producer are near neighbors to each other. The Southern traveller in New England asks, "Where are your barns?" and finds his answer in the fact then given him, that everything yielded by the land is consumed on the instant of production. So is it around our cities, the market gardener finding instant demand for all his products. So, too, is it in Belgium and in France; and therefore is it that in those countries capital abounds, and that the services of money can always be commanded at the lowest rates of interest. Whence, however, it will be asked, could have come the vast amount of labor required for giving this almost instant life to the enormous amount of capital so petrified? Before answering this question, allow me to ask you to look to the extraordinary waste of human power that occurs in every country of the world in which, by reason of the absence of diversity of employment, there exists no regular and steady demand for it. Taking together all the countries I have named as exporters of raw products, Russia, Ireland, Canada, Mexico, and South America, it may well be doubted if the waste of force amounts to less than five parts out of every six; and yet, each and every portion of it represents some certain amount of capital in the forms of food, clothing, and shelter, expended for the support of life. Each dollar's worth of that capital, aided by the natural forces, is certainly capable of producing twice if not even thrice the quantity expended, and when it does so the community becomes from day to day more wealthy to the extent of the entire difference. When, on the contrary, the services of the labourer are not demanded, the community is impoverished to the whole extent of the consumption. Such being the case, it is easy to comprehend why capital should be scarce and interest high in all the countries that have last above been named. Between labour and labour's products there exists the important difference, that while the latter can be preserved in the interval between production and consumption, the former cannot. The owner of capital petrified in the form of unconsumed wheat loses only interest; whereas, the owner of unconsumed labour loses capital, labour power being that one species of it which if not consumed at the moment of production is lost for ever. The more instant the demand for human service, and the more rapid its circulation, the greater must therefore be

the increase of power and of force, the law governing the social body being identical with that which we feel and know to govern the physical one, and which is embodied in the wish that " good digestion may wait on appetite and health on both." Having thus shown what was the waste of interest and of that capital which took, necessarily, the form of physical and mental force, we may now for a moment look at the waste of things. The straw of France is valued at 150,000,000 dols.; but throughout the West it is destroyed because of the absence of that market for which it arises necessarily in all communities in which employment is diversified. The manure of England is valued at £100,000,000, and near our cities manure is greatly prized; but throughout that portion of the country which sends its products to market in the rudest forms, there is a constant withdrawal of the elements of fertility, the consequence of which exhibits itself in a steady decline in the powers of the soil. How enormous is the injury thus produced, may be judged when it is known that more than a dozen years since it was stated, and by high authority, that our total annual waste "could not be estimated at less than the equivalent of the mineral constituents of fifteen hundred millions of bushels of corn." Well might the author of this statement exclaim, that "with our earth-butchery and prodigality we were every year losing the elements of vitality;" and that although "our country had not yet grown feeble from this loss of life-blood, the hour was fixed when, if the system were continued, the last throb of the nation's heart would have ceased, and when America, Greece, and Rome, would stand together among the nations of the past! The reverse of this is seen in all those countries in which the producer and consumer are brought more near together. With every stage of progress in that direction; the various utilities of the raw materials of the neighbourhood become more and more developed; and with each the farmer finds an increase of wealth. The new mill requires granite, and houses for the workmen require bricks and lumber; and now the rock of the mountain side, the clay of the river bottom, and the timber with which they have so long been covered, acquire a money value in the eyes of all around him. The granite dust of the quarry is found useful in his garden, enabling him to furnish cabbages, beans, peas, and the smaller fruits for the supply of neighbouring workmen. On one hand he has a demand for potash, and on another for madder. The woollen manufacturer asks for teazles, and the maker of brooms urges him to extend the cultivation of the corn of which the brooms are made. The basket maker, and gunpowder manufacturers, are rival claimants for the produce of the willows; and thus does he find that diversity of employment among those around him produces diversity in the demands for his physical and intellectual powers, and for the use of the soil at the various seasons of the year; with constant aug. mentation in the powers of his land and in its price. Directly the reverse of all this becomes obvious as the consumer is more and more removed from the producer, and as the power of association is thus diminished. The madder, the teazle, the broom corn, and the osier, cease to be required; and the granite, clay, and sand, continue to remain where nature had placed them. The societary circulation declines, and with that decline we witness a constantly increasing waste of the powers of man and of the great machine given by the Creator for his use. His time is wasted, because he has no choice in the employment of his land. He must raise wheat, or cotton, or sugar, or some other commodity of which the yield is small, and which will therefore, bear carriage to the distant market, He neglects his fruit trees, and his potatoes are given to the hogs. He wastes his rags and his straw, because

L

there is no paper-mill at hand. His forest-trees he destroys, that he may obtain a trifle in exchange for the ashes they thus are made to yield. His cotton-seed wastes upon the ground, or he destroys the fibre of the flax that he may sell the seed. Not only does he sell his wheat in a distant market, and thus impoverish his land, but so does he also with the very bones of the animals that have been fattened with his corn. The yield therefore, regularly decreases in quantity, with constant increase in the risk of danger from changes of the weather, because of the necessity for dependence on a single crop; and with equally constant diminution in the powers of the man who cultivates it, until at length he finds himself a slave not only to nature, but to those of his fellow-men whose physical powers are greater than his own. That it is density of population that makes the food come from the richer soils, and thus enable men further to increase their power to command the various forces of nature, is a truth, evidence of which may be found in every page of history; and equally true is it, that in order to the cultivation of these soils there must be that development of the latent powers of man which can be found in those communities only in which employments are diversified. Combining together the various items of waste thus referred to, we obtain an annual amount that counts by thousands of millions of dollars, and that well accounts for the fact that capital has here been always scarce, and interest high; and that we have been compelled to look abroad for aid in the establishment of cominunications, promising always payment for its use at prices ruinously high, and then, when bankruptcy has come, finding ourselves compelled to submit to denunciations like the so often quoted one of the Rev. Sidney Smith; and yet, it is only at the threshold of this question of waste at which we have now arrived. We have land in abundance without the power properly, or fully, to cultivate it. We have timber in abundance, but need the power required for bringing it to market. We have iron-ore in abundance, but are deficient in power to convert it into axes, ploughs, rails, and engines; and yet in our beds of coal, vast beyond those of all Europe combined, we have an inexhaustible supply of that material a bushel of which is capable of doing the work of hundreds of men. Why do we not mine it? Because we need the capital required for sinking the shafts and purchasing the engines; and yet, in the period to which I have referred, there were more than a thousand millions of capital standing petrified at the expense of its producers, and we were wasting daily, millions of that labour-capital whose application in this direction would have added so largely to the national wealth. How wonderful is the addition that may thus be made has well been shown in the results so recently attained in California, and still more recently in the oil regions of Pennsylvania and the adjacent States. Greatly more wonderful than both of these combined must have been the effects that would have resulted from the application to the development of our marvellous and almost universal resources in coal and ores of even so small a proportion as a single fifth of the labour capital that was being wasted on each and every day of the sad years to which I have referred -the years in which we paved the way for the leaders of the secession movement. To estimate the annual addition that would, in that quarter alone, and by means of that comparitively small economy, have been made to the national wealth, at 1,000,000,000 dollars, would be to remain very far indeed within the truth. Failing to develop our mineral wealth we are led necessarily to a waste of the mental power for whose development we make such large expenditures on schools and colleges. Among the seven and thirty millions of whom the population of the Union is now composed, the variety of minds is on a par with the variety of faces, each and every one being better suited for some one occupation than any other. To enable each to find that place in which he may most fully contribute to the growth and power, and to the promotion of the societary interests, there needs to be that diversification of pursuits which never can arise in a country that exports its products in the rudest state. In all such countries, the round man finds him

self placed in the square hole, and the square man in the round one, each thus deprived of power to contribute his proper share to the advancement of the community of which he is part. More than at almost any period of our history was this to be seen at the period of which I speak; and, as a necessary consequence, the proportion borne by non-producers, middlemen of every description, to producers was greater than in probably any other country claiming to be ranked as civilized. For want of the capital that then remained inert and useless, bearing interest at the cost of its producers, the mill, the mine, and the furnace, were closed, and those who should have been furnishing for consumption all the various products of the earth, found themselves compelled to become clerks and traders, lawyers and doctors, the claimants on the things produced thus increasing in number precisely as production diminished. The power of cumulation, whether in the physical or social body, exists in the ratio of the rapidity of circulation. The circulation at the time of which I speak, was sluggish in the extreme, and hence it was that, notwithstanding the vast receipts from California mines, capital was petrified, credit was impared, and the rate of interest throughout the West great, as I believe, beyond all previous precedent. In the history of the civilized world there can, as I think, be found no parallel to the waste of physical and mental force that then was taking place. Seeing this, I then often told my friends that the tariff of 1846 was costing the country not less than 3 000 000 000 dollars a year, but am now satisfied that I should have been much nearer the truth had I placed it at double that amount. That waste, so far particularly as the 20 000,000 of the population of the Free States were concerned, was at its height throughout the whole period of Mr. Buchanan's administration. For the products of their agriculture there was almost literally no demand among the manufacturing nations of Europe, our exports of food in that direction in the three years that preceded the secession movement having averaged but 10,000,000 dollars. Corn in the West was then being used for fuel, and thus was its producer compelled to lose not only the interest upon his capital, but the very capital itself, that he had thus invested. Labour power was in excess, and men were wandering in search of such employment as would enable them to purchase food. Mills and furnaces were abandoned, and so trivial was the domestic intercourse, that the stock of a number of the most important roads of the country fell to, and long remained at, an average price of less than fifty per cent. For years we had been trying the experiment as to how large the outlay of labour could be made for the accomplishment of any given result, an experiment directly the opposite of that which is tried by every successful producer of corn or cotton, cloth or iron; the effect exhibiting itself in the fact, that the community was paralyzed, and so wholly destitute of force, that had the government then found occasion to call upon the whole 32,000,000 for a sum so small as even a single hundred million, it could scarcely have at all been furnished. Nevertheless, hardly had Mr. Buchanan left the seat of government when threefifths of the nation, numbering but 20,000,000, commenced the erection of the grandest monument the world has ever seen; one that during the whole five years that have since elapsed has, on an average, required the services of more than a million of men, or more than five per cent. of the total population, male and female, sick and well, young and old. Not only have those services been given, but during all that time the men employed have been well clothed, abundantly fed, and furnished with transportation to an extent, and in a perfection, unparalelled in the history of the world. With them, too, have been carried all the materials required for making the edifice, in whose construction they were engaged as durable as we know to have been the great pyramids erected by Egyptian monarchs. A wonderful work was it to undertake. More wonderful was it to see that it has been so soon and so well accomplished, to stand in all the future as the monument par excellence of human power. Whence came the extraordinary force that we see to have been thus exerted ?

How was it that a people which in 1860 had been so very feeble could in the succeeding years have made donations to the extraordinary extent of a million of dollars a year? The answer to this question is found in the fact that the conditions of national existence had wholly changed, activity and life having succeeded to paralysis, and the societary circulation having become strong and vigorous to an extent that had never before in any cominunity been known. For the first time there was presented for examination a nation in which the demand for labour and all its products went ahead of the supply, enabling both farmer and planter to "stop the interest upon capital that had so long been petrified in the crudest forms of agricultural production, and thus to enable them to make demand for the products of other labour applied to the development of our mineral wealth, and to the conversion into commodities fitted for human use, of the products of our hills and valleys, our farms and mines. The secret, gentlemen, of all the force that recently has been so well exerteda form so extraordinary as to have astonished the world at large-is to be found in that simple principle to which I already have referred, evidence of whose truth is to be found in the books of every trader of your great city, and which is found embodied in words already given the power of accumulation exists in the ratio of the rapidity of circulation. What, however, was the force applied? Why was it that activity had so instantaneously succeeded to apathy-that life and energy had replaced the paralysis that had till then existed? Had these questions been put a year since, nine-tenths of our people would have said that it had been caused by the demands of the government, and must terminate with their cessation; and yet, of all the vast body of men who might thus have answered there could not have been found a single one who could have explained how the abstraction from their pursuits of the labour of a million of men, and the necessity for feeding and clothing them while engaged in the erection of such a monument as that of which I have spoken, could by any possibility, have produced the extraordinory effects that have been here observed. To attribute the activity and life then existing to the government demands is to substitute effect for cause. It was the force resulting from activity of circulation wholly unprecedented in history that enabled the government to make the war, and that force existed in despite, and not as a consequence, of governmental necessities. That such was certainly the fact will, as I think, be clearly obvious when you shall reflect, that but for those necessities the whole million of men employed in building our great monument might have been employed in clearing land; sinking shafts; mining coal and ores, and combining the two in the form of lead, copper, and iron; making bricks and lumber; thus furnishing supplies of raw materials to be converted on the spot into thousands of mills and shops, large and small, and into the cloth and iron, spades and shovels, coats and hats, required for supplying a population among whom the demand for mental and physical force so far exceeded the supply as to make it absolutely necessary to build engines by tens of thousands, and thus to substitute, to the annual extent of the power of tens of millions of men, the wonderful force of steam for that of the human arm. applied, that same force would have produced annually of commodities in excess of what has been our actual production, at least 3,000,000,000 dollars, every portion of which would have been in the market seeking to purchase labour, thus greatly increasing the labourer's reward. The power of accumulation would, under such circumstances, have been more than trebly great, with steady decline in the rate of interest, and in the power of the capitalist to control the labourer's movements; freedom, wealth, power, and civilization, always growing with the growth of power to place the consumer by the side of the producer, and thus to increase the rapidity of the societary circulation,

So

That the wonderful activity of that circulation did not result from the necessities of the Government will, as I think, be clear to all who carefully reflect on the facts above presented. Whence, then, came it? From