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 advantage of the city over the country is not in its nature permanent. If we can assume a form of State Socialism which monopolised investment, taxed accumulated wealth heavily, and secured the labouring man work on equal terms wherever he lived, the reasons for the frugality of the villager would to a great extent disappear. Even if we assume the changes effected to be much less noticeable, a closing up of the outlets for emigration would deprive a large class in cities and in some country districts of the opening and chances to which they now trust in place of economy, and a severe competition of highly-developed countries, one with another, might easily reduce wages. The motives for frugality would become imperative, and the "Père Grandet" of French romance would have his counterpart in every London court.

Mr. Ticknor, as reported, put the case against a national debt as if it .were only dangerous when it was held by the foreign creditor. On that assumption, the English, French, and United States debts, which are chiefly held in their respective countries, would be no serious evil. It seems more reasonable to consider whether a community that has anticipated its future progress to any great extent is not always in some peril. Such an inquiry will, of course, be independent of the question whether the debt was not contracted on reasonable grounds, or perhaps unavoidable. National existence would be regarded by most reasonable men as worth paying for, and when a statesman, by a nice calculation of chances, raises his country from being a second-rate state into the position of a first-class power, at the cost, it may be, of less than a year's income, the world does not censure his policy as extravagant. The peaceable acquisition of a State