of the nation; and, finally, by the general uncertainty
which it causes all over the land, thus hindering men from undertaking or prosecuting successfully their various productive enterprises. If 150,000 men earn on the average but $200 apiece, that alone amounts to $30,000,000. The withdrawal of such an amount of labour from the common industry of the country must be seriously felt. At any rate, the nation has earned $30,000,000 less than it would have done if these men had kept about their common work.
But the diversion of capital from its natural and pacific direction is a greater evil in this case. America is rich, but her wealth consists mainly in land, in houses, cattle, ships, and various things needed for human comfort and industry. In money, we are poor. The amount of money is small in proportion to the actual wealth of the nation, and also in proportion to its activity, which is indicated by the business of the nation. In actual wealth, the free States of America are probably the richest people in the world; but in money we are poorer than many other nations. This is plain enough, though perhaps not very well known, and is shown by the fact that interest, in European States, is from two to four per cent, a year, and in America from six to nine. The active capital of America is small. Now in this war a national debt has accumulated, which probably is or will soon be $100,000,000 or $125,000,000. All this great sum of money has, of course, been taken from the active capital of the country, and there has been so much less for the use of the farmer, the manufacturer, and the merchant. But for this war, these 150,000 men and these $100,000,000 would have been devoted to productive industry ; and the result would have been shown by the increase of our annual earnings, in increased wealth and comfort.
Then war produced uncertainty, and that distrust amongst men. Therefore many were hindered from undertaking new works, and others found their old enterprises ruined at once. In this way there has been a great loss, which cannot be accurately estimated. I think no man, familiar with American industry, would rate this indirect loss lower than $100,000,000 ; some, perhaps, at twice as much; but to avoid all possibility of exaggeration, let us
