“The material prosperity of the country has, notwithstanding, increased, and the revenue returns, comparing as they do against an exceptionally high rate of production and consumption, show that we are fairly holding our own.” Production and consumption of what, Mr. Editor, is the question, as I have told you many a time. A high revenue, raised on the large production and consumption of weak cloth and strong liquor, does not show the material prosperity of the country. Suppose you were to tax the production of good pictures, good books, good houses, or honest men, where would your revenue be? “Amongst the middle classes, exceptionally large fortunes have been rapidly realized here and there, chiefly in the misty regions of ‘finance,’ [What do you mean by misty, Mr. Editor? It is a Turnerian and Titianesque quality, not in the least properly applicable to any cotton-mill business.] and instances occur from day to day of almost prodigal expenditure in objects of art [Photographs of bawds, do you mean, Mr. Editor? I know no other objects of art that are multiplying,—certainly not Titians, by your Spectator’s decision.] and luxury, the display of wealth in the metropolis being more striking year by year. “Turning from these dazzling exhibitions, the real source of congratulation must be found in the existence of a broad and solid foundation for our apparent prosperity; and this, happily, is represented in the amelioration of the condition of the lower orders of society.”—Indeed! “The adjustment of an increasing scale of wages has not been reduced to scientific principles, and has consequently been more or less arbitrary and capricious. From time to time it has interfered with the even current of affairs, and been resented as an unfair and unwarranted interception of profits in their way to the manufacturer’s pockets. “Whilst ‘financial’ talent has reaped liberal results from its exercise, the steady productions of manufacturers have left only moderate returns to their producers, and importers of raw material have, as a rule, had a trying time. The difficulties of steamship owners have been tolerably notorious, and the enhancement of sailing vessels is an instance of the adage that ‘It is an ill wind that blows no one any good.’