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 like Alaska by purchase is even less open to criticism. The cost of slave emancipation to Great Britain has always been considered a reasonable charge, and we now know that if the United States had emancipated the blacks in the Southern States at double their market value, instead of freeing them by war, it would have been an extremely sound bargain. The debts contracted for the purchase of a telegraph system, or for the construction of railways or water -works, are generally allowed to be right in principle. As a rule, we may perhaps say that a community is only censured when it charges current expenses or unproductive investments, such as fortifications, to posterity. Indeed, it is sometimes held, that as fortifications are a provision against future as well as immediate dangers, part of the expenditure on them may fairly be charged to the generation that will reap the advantage. Altogether, a State is practically justified for borrowing wherever it is a question of permanent acquisition or improvement; but an administration is not at present allowed to speculate on the chances of the market as a syndicate, a merchant, or a private adventurer might.

Under the influence of these ideas the growth of national debts has been very rapid. Russia, France, Italy, Spain, and such South American States as have enjoyed credit of any kind, have been the most flagrant instances of free-borrowing, while England, Holland, and the United States are the only countries that show an inclination to reduce their funded debts. It is customary to assume that the wealth of a prosperous country increases almost as rapidly as its indebtedness. For instance, if it be shown that France owed £911,000,000