ation Reports, and Mr. Greeley's one eye, as there had been
no exports and $1,000,000 of imports, the country was a sufferer by
the latter sum.

N, was a body of incorporators who owned a tract of land lying in the
bend of a river. Standing in need of water power for manufacturing
purposes, they resolved to cut a canal across the bend. As this would
essentially benefit the navigation of the river, the State agreed to
guaranty their bonds for a loan of money to the extent of $1,000,000.
Finding no purchaser for these bonds in the United States, they
remitted them to Europe, and there sold them at par. With the proceeds
they purchased army blankets for the Boston market, on which they
realized ten per cent. net profit. These sold, the avails were
invested in barrows, spades, water-wheels, wages, &c., and in good
time the canal was cut and the manufactory set a-going. Profitable as
this thing was to N, Mr. Greeley's single-barrelled telescope sees in
it only a loss to the country of $1,000,000.

O, represents the Illinois Central, Union Pacific, and other western
railroads, owning grants of land along their respective roads, to sell
which to actual settlers they open agencies in London, Havre, Antwerp,
and other European cities. The emigrants who buy these lands pay for
them in Europe, and set sail for America with their title-deeds in
their pockets, and their axes on their shoulders, ready for a conquest
over forest and prairie. The agents of the Illinois Central Railroad
(see report of the Company), who have sold 1,664,422 acres, say at an
average of ten dollars per acre, invested the proceeds, $16,644,220,
in iron rails for the road, worth that sum in England, but ten per
cent. more in Illinois, less duty and plus transportation. The road
has thus not only netted a profit of $1,664,422 on the transaction,
but sold their wild lands to actual settlers, who will soon convert
them into productive farms. But Mr. Greeley, upon seeing an import of
$16,644,220 of iron rails, declares the thing must be stopped or the
country will perish.

P, is Sir Morton Peto and other European capitalists, who, believing
that eight per cent., the average rate of interest in the United
States, is better than three per cent., the average rate in England,
invest $10,000,000 of capital in American enterprises. This capital is
sent hither in the form of merchandise, to stock our railroads, farms,
factories, etc., and is so much clear benefit to