to repair the road with. Not being able to effect the transaction in
the United States, he sent the bonds to Germany, where they were sold,
and the proceeds invested in English railroad iron, worth $1,000,000
in Glasgow, but $1,100,000 in Chicago, ex duty, and plus
transportation. By this transaction M, besides effecting the desired
exchange, netted a profit of $100,000. Yet, according to the Commerce
and Navigation 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