Stagnation is not necessarily a condition of the stationary state, as many of your writers lead you to believe. It is merely a revolution in the aims of society, brought about by changes which are inevitable, and which your civilization is sooner or later bound to reach. Every newly applied science and invention, and above all every acre of land brought under cultivation, render this period so much dreaded by you more remote; but you will come to it all the same. It will merely be a using up of all the resources of capital to RAPIDLY multiply itself. During your present progressive period, so far as that term is applicable to the speedy gathering in of wealth, your society presents to us an aspect of mercenary abandonment beyond anything we have ever experienced ourselves, and with a full knowledge of the end that will come we look forward with a high degree of interest to that time when you will arrive at the stationary condition. As you approach that period where the diminished profits of capital will discourage the great activity and aggressiveness which now characterize it, some very great changes will gradually be brought about. Assuming that labor will continue to enlighten itself it will slowly change its relations with capital, so that in the end instead of being below, as it is now, it will be on top, as with us. Many of the ways by which wealth now multiplies itself will be shut off, and with its acquirement no longer indispensable to the honors of life, and the difficulties of its attainment in any large volume increased, society will not be given so intensely to its individual accumulation. Your intellectual activities will be turned more in the direction of other motives. To repair waste and provide for the necessities of the living will be about all that is left to employ your industries, and there will be enough for capital to do within these limits to moderately enlarge itself; while yet within this narrowed field, limited wealth will be able to provide itself with income enough to sustain and reward habits of prudential saving. Although great wealth will be exceedingly difficult to obtain, a fair competency will be within the reach of all; since labor coming to the front, owing to the weakened powers of wealth, will assume its deserving place in the forces of economy and legislation, and will demand and receive a fairer share of the profits of industry.