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 in 1882 against £140,000,000 in 1820, it is retorted that the wealth of France has increased from £1,520,000,000 to £9,070,000,000 between 1815 and 1882. Again, in the case of an undeveloped country, like one of the Australian colonies, where the money borrowed has not been squandered, as in the Argentine Confederation, but spent in reproductive works, it is usual to point to the railways and State lands as valuable assets. Then, again, the competition of money -seeking investment is so great that a large number of States can borrow at 3, 3½, 4, or, at most, 4½ per cent, where they anciently borrowed at 5 or 6. In this way the charges of old debts have been very sensibly reduced in several countries. Indeed, taking the money-market as a test, it may be said that Russia, Turkey, certain South American States, and Portugal are the only countries where national credit has been seriously impaired by borrowing, and even among these the decline is sometimes due to the fact that the country has drawn too largely in quite recent times upon its credit. The debt of Russia, if it could be kept stationary, or nearly so, for a few years, is not excessive for its growing population and immense natural resources. What financiers fear is, that the money lent is employed in preparations for war that mean waste if peace is maintained, and that may mean incalculable loss if war is resorted to. Generally, the feeling seems to be, that every country has possibilities of great industrial development; that the necessity of maintaining national credit is understood