228 Edward Livingston Youmans. 



very well, and is likely, I think, to do a great deal of good. 

 Dr. Hodgson, whom I lately met, expressed great satisfac- 

 tion with it. He said your essay would have delighted 

 George Combe. I suppose you have already printed off 

 the first American edition. 



SARATOGA SPRINGS, January 20, 1867. 



MY DEAR SPENCER : I have been very little in New York 

 since my return, and know nothing of the state of the book 

 trade. General business is active, but prices are enormously 

 inflated. Shrewd men say it will be impossible to get back 

 to stability except through widespread financial ruin. One 

 of the most discouraging symptoms of the times is the in- 

 sane and universal clamour for exorbitant protection. Pro- 

 tection, even to prohibition, is now the cry with many. 

 There are various causes for this. Some think it is the 

 only defence from the impending financial ruin. 



The sentiment of nationality or patriotism, which has 

 become a cant since the war, favours protective measures ; 

 and the deep feeling of hostility toward England, which per- 

 vades almost the whole mass of the people, which talks 

 continually of British free trade, and refuses to think that 

 anything but selfishness can come from that quarter, has 

 also a powerful influence. The Free-trade League has up- 

 hill work of it. 



Gold has fallen to 130, although now rising again. I 

 presume it will return to that point again. As you have 

 dipped considerably into American securities, would it not 

 be well at all events safer to convert what may become 

 due to you into an available shape ? Please indicate what 

 you would like in the matter. I leave to-morrow for the 

 West on a six-weeks' lecturing absence, and dread it in- 

 tensely, as the country is submerged in deep snow and the 

 weather extremely cold. My wife is in New York, and will 

 remain there until my return. 



