At the commencement of the Rebellion it was the general opinion of statesmen and financiers in other countries, and the opinion of many among ourselves, that our resources were inadequate to a long continuance of the war, and that it must soon terminate under pecuniary exhaustion, if from no other cause. Our experience has shown that this view was fallacious. After having sustained for several years the largest army known to modern times, our available resources seem to be unimpaired. The country is, indeed, largely in debt; but its powers of production are so great that it can undoubtedly meet all future demands as easily as it has met those of the past. The ability or inability of a nation engaged in war to sustain heavy public expenses is to be measured not so much by its nominal debt as by the relation which the sum of its _production_ bears to that of its necessary _consumption_. A nation heavily in debt may continue to make large public expenditures and still prosper and increase in wealth, if its powers of production are correspondingly large also. It is a fact of the most encouraging kind, that the power of production exhibited by the United States far exceeds, in proportion to their population, that of any other nation heretofore involved in a long and costly war. The case which most nearly approaches ours, in this regard, is that of England, during her war with Napoleon, from 1803 to 1815. But since the termination of that long contest, the progress of discovery, improvements in the machinery and in the processes of manufacture, more effective implements of agriculture, the general introduction of railways,[H] and other time- and labor-saving agencies, together with the constantly increasing influence of the applied sciences, have so augmented the productive power of humanity, that the experience of the most advanced nations fifty years ago furnishes no adequate criterion of what the United States can do now. It is not easy to determine the precise ratio in which production has been increased by these instrumentalities. It is unquestionably very large,--not less, probably, than threefold. That is to say, a given population, including all ages and conditions, can produce the articles necessary for its subsistence, such as food, clothing, and shelter, to an extent three times as great, with these agencies, as it could produce without them. Hence it appears, that, if the people of the loyal States could return to the standard of living that prevailed fifty years ago, the amount of their production would be sufficient to subsist not only themselves, but twice as many more in addition. To accomplish this, they would have, indeed, to devote themselves more to the production of articles of prime necessity and less to those of mere ornament and luxury. That they have the productive energy necessary to such a result there can be no doubt.