benefit. Mechanical invention was stimulated.
Art received an impetus which can never cease to be felt. To our
household art, especially, came much quickening from the sight of
England's beautiful display of home decorations.

The Exposition exalted the United States in the eyes of her foreign
guests. Many were amazed at such proofs of the wealth, intelligence, and
progressive spirit of the great republic. A correspondent of the London
Times wrote, in 1876: "The American invents as the Greek sculptured and
the Italian painted; it is genius." We may hope that the exhibits were
educators to Europe as well as to America.

Lastly, the American returned from the great fair with an opinion of his
own country which, if more sober and just than he had previously
entertained, was not less proud but far prouder. The Nation laid aside
its holiday attire, and, despite manifest defects and dangers in our
national life, settled down to another century of work with increased
pride in its past and stronger confidence for its future.

CHAPTER VII.

ECONOMIC POLITICS

[1887]

The enormous strides with which we paid off our war debt amazed the
world. The debt had reached its highest point in August, 1865. At that
date the figure was $2,844,649,626, or, for the interest-bearing part
alone, $2,381,530,294, The total interest-bearing debt on April 30,
1888, was only $1,038,199,762. At the end of that fiscal year, June 30,
1888, the debt, less cash in the treasury, amounted to $1,165,584,656.
Its items at this time were $222,207,050 in bonds at 4-1/2 per cent.,
payable in 1891; $714,315,450 in four per cent. bonds, payable in 1907;
four per cent. refunding certificates amounting to $141,300; the three
per cent. navy pension fund of $14,000,000, and the Pacific Railway six
per cent. bonds, $64,623,512. Thus on June 30,1888, more than half of
the largest total had been paid off, and the net debt, aside from the
Pacific Railway bonds, which that corporation was to pay, having fallen
to below a billion. The reduction proceeded for the entire twenty-three
years between the first and last dates named, at an average rate of
$62,906,975 yearly, or $5,225,581 each month, $174,186 each day, $7,258
each hour, and $120.47 each minute.

The interest-bearing legal tender notes were first paid off. Greenbacks,
or non interest-bearing legal tenders were still, October 1, 1894,
outstanding to the amount of $346,681,000; yet this division of the
d