PREFACE. 



THE year 1873, although disturbed by no wars, if the comparatively insig- 

 nificant conflicts in Africa, the East Indies, at Khiva in Asia, and with some 

 Indians in Oregon, are excepted, was far from being a period of peace and 

 tranquillity. The conflicts of men's opinions existed everywhere, in which dis- 

 similar, incongruous, and contradictory principles struggled for ascendency. In 

 France, the civil power passed from more liberal and progressive to conserva- 

 tive hands. In Spain, the King, resigning his authority to the representatives 

 of the people, retired ; these soon divided into factions, each of which was in 

 turn supplanted by one of the others. In Germany, the consolidation of the 

 empire advanced in spite of every obstacle, and, as in Italy and in Switzerland, 

 the struggle between the independence of the Church and the supremacy of the 

 state was continued with irresistible energy on the part of the state. The same 

 struggle also commenced in Austria. The other leading public questions, and 

 the various relations arising through their influence on the governments and 

 people, are here set forth with fullness and completeness. 



The affairs in the United States, although more peaceful, were not of less 

 interest than during previous years. The sway of the Federal Government 

 has become everywhere mild and unobstructed. Wherever disturbances have 

 taken place, they arose within the limits of States, and from the violence of ex- 

 cited passions in the contest for power. The public questions discussed have 

 related to finance, to the cheap transportation of the crops' from, the "West to 

 the seaboard, and to all those subjects which exert an influence on the pros- 

 perity, the health, and the morals of society, and are herein fully presented. 



The details of the affairs of the United States embrace the finances of the 

 Federal Government ; the modifications of its system of revenue and taxation, 

 the banking system, the expansions and contractions of values, and financial 

 crises ; the commerce of the country, its manufactures and general prosperity ; 

 the finances of the States ; their debts and resources ; the various political con- 



