15 MAY 1880, Page 3

How Mr. Gladstone must sigh over American finance ! On

May 11th, Mr. Sherman, Secretary of the Treasury, made a speech, reported in brief by Reuter, in which he declared that the Union had entered on a cycle of prosperity, that the only trade still under depression was the ocean carrying trade, and that the surplus revenue of the year would amount to 5100,000,000, or twenty millions sterling. Twenty years of that kind of surplus would pay off the whole American Debt. Those who believe that a Democracy is always impatient of taxation should observe that this money, like the enormous revenue of France is raised by severe taxation, imposed by the representatives of universal suffrage. The truth is, as is apparent from all French, German, and American recent history, and, as we believe, from that of Great Britain, that Democracy is not impatient of taxation at all, that it likes a full Treasury, that it is inclined to spend, and that it will give what- ever its leaders declare to be essential to the welfare of the State. It looks a reckless thing to say, but we do not believe it to be settled that this country would not bear very strong measures indeed for the reduction of the Debt.