PRINCIPLES OF TAXATION. 149 



tlie never-ending and predominant theme for discussion alike to 

 the press, the politicians, the pulpit, Congress, and the local legis- 

 latures. There had been, indeed, fierce discussions and political 

 divisions in 1836-'38 respecting the organization and manage- 

 ment of banks, and the establishment of a national bank ; and in 

 1840-'41 and 18-46, respecting the construction and adjustment of 

 the tariff, and the principles of free trade and protection. But 

 during the decade from 1850 to 18G0 all of these questions were 

 generally regarded as old-time issues, and by the generation that 

 then had control of the business and government of the country 

 were both substantially ignored and forgotten ; and it was dur- 

 ing the latter years of this period, or from 1851 to 18G0, that the 

 comparative growth and progress attained by every department 

 of American trade, commerce, and industry was greater than for 

 any corresponding period either before or since, in the history of 

 the nation. During the same decade the increase in population 

 of the country was returned at 35 "59 per cent, its increase in 

 wealth at 126*4 per cent, and the average of property to each in- 

 dividual at $510. In short, it would be difficult to find a more 

 happy illustration of the influence of the "noninterference" or 

 " nonobstructive " policy of a government with the trade, com- 

 merce, and industry of a highly civilized and active people, than 

 the condition of the United States at that time afforded. 



That the country, viewed from a politico-economic standpoint, 

 was at this time in all respects what it should or might have 

 been, is not, however, asserted. The institution of slavery, deny- 

 ing to over four millions of human beings the freedom of the 

 person, the right to real property, and the blessings of education, 

 was tolerated and supported by law. The paper and ordinary cur- 

 rency of the country, neglected by the General Government, and 

 issued by local banks under almost as many different systems as 

 there were States in the Union, was as defective as could be well 

 imagined, and often necessitated a rate of exchange between 

 the different sections of the country which was equal to or in 

 excess of the current rates of interest at the principal commer- 

 cial centers. 



But notwithstanding these drawbacks the people in general 

 were highly prosperous. Pauperism, apart from the large cities, 

 was almost unknown; wealth was very equitably distributed; 

 while the opportunities for elementary education were free, and 

 in all the more densely populated portions of the country amply 

 provided. In short, the prosperity of the people was so great, 

 through the utilization of their natural resources, their activity, 

 and the continued influx of the population and capital of other 

 countries, that it constituted in itself an obstacle to reform ; and 

 the nation at large may be said to have actually preferred to en- 



