Excerpt from Is Our Prosperity a Delusion?: Our National Debt and Currency
The prevalence of erroneous impressions relative to our real condition, the tendency of which is to encourage general extravagance, excessive importations, and a prolongation of the war, has induced me to give expression in the following pages to a few thoughts upon the subject, based, as I believe, upon right principles, for the purpose of correcting popular misapprehension, and arousing the public mind to the consideration of the actual condition of our affairs, the right appreciation of which is so essential to our prosperity as a nation.
In speaking of the North, says Mr. Cobden: "They are mistaken if they think they can carry on a civil war like this, drawing a million of men from productive industry, to be engaged in the processes of destruction. - to spend $1,500,000,000, - they are deluded if they think they can carry on a war like that without a terrible collapse sooner or later, and a dreadful prostration in every part of the community."
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