closing of its doors, the only 'runs' will be upon the deposits, and this only in cases of the grossest and most patent fraud and mismanagement on the part of the banks themselves. Hence, in times of financial peril we shall see the people combining to sustain the banks of their own locality, rather than, as is the case to-day, hastening to accelerate the ruin of perfectly solvent institutions which, but for their ill-timed fright, might weather the storm. Again I say, there could be no greater element of union and strength than this, which has grown out of our necessities and tribulations. In spite of all the confusion and ruin and bloodshed, in spite of all the mourning, and suffering, and sundering of ties, and upheaving of the very foundations and apparent total disruption of American society, no greater blessing could have befallen us than this same war, which has roused us to a new life, to the consciousness of defects and determination of reform, thereby planting us firmly on the true road to prosperity and happiness and power. The wonderful display of our power and resources has given a reputation--call it notoriety, if you will--among the middle and lower classes of the old world, which in long years of peace we could not have attained. And our success in withstanding the terrible tempest which has assailed us, in maintaining the integrity of our political system, will spread that reputation far and wide, and give us a prestige whose effect will be seen in the increased tide of immigration that will flow in upon us upon the reestablishment of peace. The teeming soil and salubrious climate of the far West, together with the prospect it affords, not only of wealth, but of social advancement, both of which are forever denied them in their own country, and extremely difficult of attainment even in our own Eastern States, where the population is dense and every branch of industry crowded to repletion, will allure the hardy laborers of Europe by thousands and tens of thousands to the prairie land. In the immense unsettled tracts west of the Mississippi there is room for the action of men inured to toil, and promise of quick and abundant returns for their labor. There they will be free from the disastrous competition of their superiors in education and enlightenment, and have opportunities such as no other portion of the earth presents, for the founding of communities of their own, and the practical realization of their own ideas of social progress. Comparatively few years will pass after the restoration of peace before the West will be peopled by the very bone and sinew of all civilized nations. And these men will come to our shores imbued with the bitterest hatred of monarchical institutions, and an unbounded admiration and love of our own. Hence the new country will be intensely republican in its tendencies, and this will be another strong bond of union--another mighty element of strength and perpetuity to republicanism.