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19 HINDRANCES TO PROSPERITY

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" For your great seats, now quit you of great shames."-SHAKESPEARE

NEW YORK
PUBLISHED FOR THE N. Y, FREE TRADE CLUB
By G. P. PUTNAM'S SONS

1 82 FIFTH AVENUE

1879

$1 25

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THE WEALTH OF NATIONS. An enquiry into the Nature and

Causes of. By ADAM SMITH. 12mo, cloth extra, 792 pages $2 00

A perennial work, and the only book in history to which bas been accorded the honor of a Centennary Celebration. ESSAYS ON POLITICAL ECONOMY. By FREDERICK

Bastiat, with Introduction and Notes by David A. WELLS t2mo, cloth

"dc laws of an abstruse science have never been made more clear, or expressed more forcibly."-Cincinnati Commercial. THE SOPHISMS OF PROTECTION. By FREDERICK Bastiat,

with Introduction by HORACE White. 12mo, cloth extra, 400 pages

$1 00 "Contains the most telling statements of the leading principles of Free-Trade ever published."-N. Y. Nation. WHAT IS FREE-TRADE? An Adaptation for American Readers

of Bastiat's "Sophism of Protection.” By EMILE WALTER, a Worker, 12mo, cloth

75 “ Unsurpassed in the happiness of its illustrations."'-N. v. Nation. SOCIAL ECONOMY, By Prof. J. E. THOROLD Rogers. Revised and edited for American readers. 12mo, cloth

75 "Gives in the compass of on cages, concise, yet comprehensive answers to the most important questions in sociale Jimy *** cannot be too highly recommended for the use of teachers, students. an. Lue general public."-American Atheneum. PROTECTION AND FREE-TRALE. A series of essays. By

Isaac BUTTS. 12mo, cl t. extra

* A clear and effective presec latvn of the case." -n. Y. Evening Post. AN ALPHABET IN FINANCE. A simple statement of permanent

principles, and their application to questions of the day. By GRAHAM MCADAM. With Introduction by R. R. BOWKER. 12mo, cloth, $1 25

.“ A timely volume whose directness and raciness can but be of service."-Now Englander

“A model of clear-chinking and happy expression."-Portinnd Press. SUMNER (Prof. W. G., of Yale College) Lectures on the His. tory of Protection in the United States. Octavo, cloth

$1 25

75 “There is nothing in the literature of free-trade more forcible and effective than this little book."--N. V. Post,

"The book is especially timely, because it furnishes an adequate application of the principles of economic science to the concitions existing in this country."-Bufalo Courier WELLS (DAVID A.) How shall the Nation Regain Pros.

perity? A Discussion of the elements and amount of our National Wealth, and the causes and remedies for the present industrial, com.

mercial, and financial depression. 8vo, cloth. (In preparation). STURTEVANT (Prof. J. M.) Economics, or the Science of

Wealth. A TREATISE ON POLITICAL ECONOMY, for the use of High
Schools and Colleges, and for the general reader. Octavo, cloth. 1 75

extra

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PUBLISHED FOR THE N. Y. FREE TRADE CLUB
BY G. P. PUTNAM'S SONS

182 FIFTH AVENUE

1879.

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COPYRIGHT by G. P. PUTNAM'S SONS, 1879.

HINDRANCES TO PROSPERITY;

OR

CAUSES WHICH RETARD FINANCIAL AND POLITICAL

REFORMS IN THE UNITED STATES.*

Mr. President and Gentlemen :

It must appear something like a paradox to my hearers, but I shall maintain, in this address, that in all financial and political reformatory measures, we do not keep pace with our sister nations of Europe.

That the mass of our people is perhaps better fed and clothed than those standing upon the same level abroad, is due to causes quite independent of legislation and politics; but that our people are not better off than we find them, is mainly due to our inaptitude to appreciate and carry out what other nations have done in the way of such reforms.

In every form of society there is, and always has existed, a spirit which desires change, and a vis-inertiæ which happily resists change of every kind, be it beneficial or otherwise. This conservative element prevents

* An Address delivered on the 21st of Nuvember, 1878, before the N. Y. Free Trade Club.

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