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 blessing or a curse to get the Indies, and why, with all the supposed conditions of prosperity in her hands, she was declining all the time. We now hear it argued that she is well rid of her colonies, and that, if she will devote her energies to her internal development and rid her politics of the corruption of colonial officials and interests, she may be regenerated. That is a rational opinion. It is the best diagnosis of her condition and the best prescription of a remedy which the occasion has called forth. But what, then, will happen to the state which has taken over her colonies? I can see no answer except that that nation, with them, has taken over the disease and that it now is to be corrupted by exploiting dependent communities just as she has been. That it stands exposed to this danger is undeniable.

It would not be becoming to try, in a paragraph, to set forth the causes of the decadence of Spain, and although the economic history of that country has commanded such attention from me as I could give to it consistently with other obligations, yet I could not feel prepared to do any justice to that subject; but one or two features of the history can be defined with confidence, and they are such as are especially instructive for us.

In the first place Spain never intended, of set purpose, to ruin the material prosperity of herself or her colonies. Her economic history is one long lesson to prove that any prosperity policy is a delusion and a path to ruin. There is no economic lesson which the people of the United States need to take to heart more than that. In the second place the Spanish mistakes arose, in part, from confusing the public treasury with the national wealth. They thought that, when gold flowed into the public treasury, that was the same as an increase of wealth of the people. It really meant that the people