220 LAND AND LABOR. 



those great events were without causes, in every way 

 commensurate with the effects that followed. Causes 

 as great, as wide spread, and as sweeping ; which, if 

 any one failed to see them, it could only be because 

 of wilful blindness, or not wishing to know them. 



It is there said that "never before was there such 

 apparent prosperity." It is certain that never before 

 did any so brief a period leave such indelible marks 

 of the genuineness and realness of its prosperity as 

 were left by that period ; and the attempt to belittle 

 it is but a sign of the general fatuity. It is also 

 called a " great inflation." 



Inflation, indeed ! Was there ever anything more 

 substantial, more real, than the vast developments 

 that marked the period under discussion ? Was it 

 all accomplished by windy and gaseous distensions ? 

 Was there no better foundation for the great prosper- 

 ity which " we may well look back upon with wonder 

 and astonishment ? " These occasional deprecations 

 and belittleings are but the echoes of the common 

 fatuousness that marks the general reference to those 

 times. 



Just previous to the commencement of that period, 

 in 1861, our government was nearly bankrupt, being 

 unable to obtain a loan at less than twelve per cent., 

 and our people were ground to the earth with debt. 

 Within four years thereafter, at the close of 1855, all 

 the great changes and progress above noted had been 

 fully developed, or were in process of development ; 

 our national credit was established on a firmer basis 

 than ever before, and Secretary McCulloch officially 

 reported that our people were substantially out of 



