In the comparison of the general rates of wages and cost of living in Great Britain and the United States, so many and so great diversities exist in both countries that it is a hazardous matter to draw general conclusions. Stated broadly, it would appear that the rate of wages in Great Britain since 1865 has shown a steady tendency to advance, with some fluctuations, while the cost of living is nearly stationary; in the United States, within the same period of ten years, wages have remained stationary or shown a tendency to decline, allowing for the fluctuations caused by a depreciated currency, while the cost of living has increased. The commercial depression existing since 1873 has affected labor in both countries, but more sensibly in the United States. The great falling off in immigration since 1873 is a remarkable and sensitive test of the depreciation of the labor market in the United States and the simultaneous rise of wages in Europe. From the recent report of the New York Emigration Commissioners it appears that there were landed at Castle Garden during 1875 84,560 immigrants, against 140,041 for 1874 and 294,581 for 1873. The falling off has been equally divided among all nationalities. Nor does this tell the whole story; for the steamship companies show a very large return of laborers to Europe during the past year. It is not intended to convey the impression by these figures that European emigration has finally stayed its course towards these shores, but it is evident that it has received a serious temporary check. It is not the purpose of this paper to investigate what the remedy for this state of things may be. But it may be stated as the conviction of the writer that a mere return to specie payments, though beneficial, will not do all for the country that its advocates claim. Something more will be required—that is, economy, curtailment of expenses, national and individual—before we can reach bottom. Like youth sometimes, we have temporarily outgrown our strength. We have no vast deposits of wealth, the hoardings of centuries, to fall back upon like some European countries. We have always lived right up to our income, and have not yet adjusted ourselves to our sudden plunge into national debt. Hope has all along buoyed us up to over-production and consequent over-expenditure. The supply of labor must equalize itself to the necessary, not speculative, work to be done before it can be established on a sound basis. Fresh enterprises, promoting renewed inflation and over-production, will lead to another collapse. In the effort to recuperate, and before a new start can be made on a safe road of prosperity (which it is not doubted will be opened again), those who are already poor will suffer the most, as always has been and will be the case. The American working classes will have eventually to abandon most of those habits of personal expense which now seem to them a matter of course, but which European working-men