lions of mineral wealth folded in its vast embrace. They believe in the construction of Ihe Pacific railroad ; in an exodus of millions of men to the Rocky mountains, prepared with their machinery to grind them to powder, and produce from their prolific sides huge volumes of treasure. They believe in the iron, the coal, the copper, of hopeless ruin. No, sir. Let the Secretary only adhere to the principles and to the language of his report. In the language of the poet, the nation “ Is far as the farthest from ruin ; The fields seem to know what their master is doings And pasture and orchard and cornfield and lea All catch the infection, as generous as lie.” the lead, the silver, the cinnabar, and all the valuable metals which they know to exist in seven hundred million acres; and if they are willing to buy the funded debt of the nation on the creation of $400,000,000 of paper money, to ' In this connection, or in connection with that unlimited quantities within that vast region of vast section of this country which stretches away from the Missouri to the Pacific, so forei- uuu o m l uu u ubul vi u ijubiu u bly alluded to in the report to which 1 have re- this seeruity, how can you reconcile it that the ferred, let me request my colleague from New $400,000,000 currency, based in reality on the York, who is filled with apprehension of coming same security, should sell at thirty-three and a woe in the shape of national ruin growing out of third to forty per cent, discount? “There is more in this, if our philosphy could but find it I pass fora few moments from this hall to the out” Let us examine some of the reasons why foot of the great marble staircase that leads to this confidence should exist. Sir, in the very the-upper story of this building. His attention remarkable and highly valuable report of Hon. , will be arrested at the foot of the steps by a Samuel B. Ruggles, made in September of last ! magnificent work of art illustrating the declara- year, to the International Statistical Congress at tion of the distinguished Bishop Berkeley—for Berlin, on the resources of the United States—a I believe this country is indebted to him for that paper that should be circulated all over the brief but expressive sentence—“Westward the •ountry—I find the following valuable statistics on the subject of the increase of the population oir, we an Know my coueague co oe a man oi of the United States when compared with other fine imagination and of quick perceptions. As countries. he will gaze on this effort of the gifted artist, course of empire takes its way.’ S ll k ll t b f The’ population of France increased thirty- he will in spite of himself find his heart sweL seven per cent, in sixty years; from 1801 to 'ling under the inspirations that will sweep un- 1861; of Prussia, seventy-nine per cent, in for- | bidden over his kinder nature and his gentler ty-five years, from 1816 to 1861 ; of England judgment.'' Sir, he will acknowledge that in the and Wales one hundred, and twenty-one per1 truths of today the prophetic declarations of cent in sixty years, against an increase in the the writer of that sentence have been already tt-.u-j ..r .-.i---- realized. The course of empire has been westward. Hundreds of thousands of men have United States of five hundred and ninety-three surged over to the shores of the Pacific like a per cent, in the same length of time. The increase of the national wealth within the last ten years is thus presented in the same flood, and now, like the tidal pulses of the sea, report; assessed value of property actually are rolling backward again east to the Rocky taxed in 1850, leaving out the assessed value of I Mountains to meet the still rolling western waves slaves, was $6,174,780,000, and in 1860, $14,- at the same point. On the sides of those moun- 823,618,068 ; leaving an increase in the decade tains, and in the basins and valleys which they of $8,048,825 840. Mr. Ruggles thus distributes create, an empire of millions of human souls are this vast increase of the national wealth: to destined ere long to concentrate their mighty New England $735,754,244; the middle A'lantic elegies, struggling with the seaboard for the supremacy in material wealth. Sir, they will ba indorsers of this $400,000,000. Twenty-five millions of people living to day have made these bonds or obligations. Forty-two millions of or carrying and commercial States, from New York to Maryland, inclusive, $1,834,911,579, and to the food producing interior itself embracing the eight great States of Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, and Missouri, $2 810,000. Now, sir, at this rate of increase, in 1870, six; years hence, we shall have $35,000,000,000 of' national wealth, and in 1880, in only sixteen years, 80.0^0.000,000. Sir, the legal tender currency of $400,000,- 000, if divided equally among these States, 'to be paid by them out of this increased wealth,, would have been ex^nguished in the first, six months of the year 1860, and the balance remaining on hand ' the increase of this wealth of the ten years preceeding would have been the enormous sum of $7,500 000,000. These figures are presented, Mr. Speaker, in order to show how unimportant is this amount of currency when regarded or examined in con section with the nation’s ability to pay it. And yet we are told that the country is on the verge people will guarantee them in 1870. Why, sir, that is only six years hence, and aceorning to the census of 1860, fifty-six millions will look after the debt if it is not paid in 1880. only sixteen years hence, backed up by $82,000,000,000 of capital or national wealth. Sir, no comment is necessary in the face of‘these wonderful figures! But, Mr. Speaker, let us for the sake of argument suppose, what I will admit is hardly sup- posable, that this Government should, in the I course of its struggles, overwhelmed with new embrassments, find itself unable to pay its interests on its funded debt for one or more years, what would bo the result? Viewed in the light of history it might bring national concern and mortification, but not national disgrace. Nor would it retard our national growth for a single hour. The soil would still produce its teeming
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