General Grant is said to be congratulating America in the
-warmest way on the commercial gain she is certain to win from the European war. " The war," he says, or is said to say, " will raise values in Europe ; iron, and leather, and coal will advance
• there. Then we can compete with them without a tariff. . . . This war will be the greatest blessing that could be afforded to America,"—and here we are sorry to say the President is stated 4‘ to have become enthusiastic,"—" it will raise Europe up to an -equilibrium of prices and labour. Our factories will start again, and importations will cease. They will no longer be able to make a coat cheaper in Europe than in this country." If the worthy President,—who evidently has less idea of political economy than even the a ivocatez of what is called "the mercantile theory" in the last century had,—would only follow up his own logic, he might 'teach himself something. If war and the failure of production in Europe is economically so good for America, war and the failure of production in part of America must be economically good for the rest of America ; and so at last it would follow that it would be an economical blessing,—for the State of Massa- chusetts, say,—if all the rest of the world produced nothing and left her mistress of the field. Is not that an ad absurdum refu- tation of your view, Mr. President ?
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