No analogy, of course, must be pressed too far, for
no two cases are exactly alike. Ainerica, for• instance, during the Civil War did not print anything like so much paper money as we printed. during the late war. It is a remarkable fact, however, that from 1865 to 1869 prices in America continued to 'fall, while both the amount of paper. money and the Govern- ment debt were being increased. At the .end of the Civil War Federal indebtedness was 2,412 million dollars, whereas by June 30th, 1869, it was 4,172 million dollars. The writer in the Anglo-Italian Review gives as his authority for these figures the report of the Special Commissioner of the Revenue, Mr. David A. Wells. He adds, " The official theory of deflation of prices by cornering money no longer holds the field. It is high time to try the old-fashioned remedy of easy. money obtainable by bold leaders of industry for periods long enough to bring enterprise to fruition with the help of intelligent labour."
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