The Commercial and Financial Strength of the United States

The Commercial and Financial Strength of the United States

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Excerpt from The Commercial and Financial Strength of the United States: As Shown in the Balances of Foreign Trade and the Increased Production of Staple Articles

In view of the results disclosed in the following statements, it is not easy to refrain from expressing surprise at the opinions generally prevalent. The facts are in most cases well-known to the public, but they have been neutralized by counter-state ments, deceptive statistics and by mere declamation to such a degree that they are almost reversed in their significance. The practical action of intelligent citizens is generally nearly cor rect; business is prosecuted with energy, and the loans offered by the government are taken with unprecedented freedom and confidence. But the statements and opinions expressed by What are usually recognized as commercial and financial authorities are widely and grossly in error. They constantly assert, and appear to prove, that to be impossible which is daily done triumphantly in spite of these adverse prophecies. The inference derived from these professed authorities would be fairly expressed in placing our productive resources at one half less in 1863, than they were in 1860, whereas they are proved by indisputable statistics to be one-half greater.

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