The regions of the South whose energies had been crippled and prostrated by the war afforded one field of expansion for the gatherino and swelling energies of the North. while the newly opened minera regions of the West afforded another outlet. Paradoxical as it may appear to the eyes of those of other nations. the productive powers of the North were greater at the close than at tme commencement of the rebellion. But tme gates to foreign emigration so long closed being opened again. the stream set in afresh. thus adding new han ds to our productive forces. while. on the contrary. the demand had decreased. the war supply being no longer necessary. and our foreign commerce crippled and diminished. Prices necessarily began to fall as the demand grew less in proportion to the production. and as financial expansion was stopped. the difficult work of contraction was begun by the Government. It is.unnecessary for me on this occasion to trace the various steps of this process. as it is well known that at lastthe retrograde movement culminated in the financial crash of 1873.
Keywords matched
emigration