HOW TO DO IT.

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to itself and to its railroad and other corporations: Youmust not borrow money for works of public necessity orutility in the home market; or, if you do borrow, youmust either directly or indirectly pay an excessive inter-est? If such interest is paid, does the public gain any-thing? Does it not put into one pocket only so much asit takes out of the other, less the cost of collection, andat the expense of frightening away its customers? Theprediction is often made, and the hope indulged, in viewof the immense natural resources, the increasing wealthand population of the United States , and of the west-ward march of empire, that New York City will becomeat no distant day the moneyed centre for the civilizedworld. But this can never be so long as New York imposes upon the concentration and movement of activemoneyed capital restrictions that are not imposed inother and financially competitive nations. If, for exam-ple, a Mexican or a British colonial railroad or stateimprovement loan were offered in the New York market,it could not be taken here, because the State taxation ofto-day would, of necessity, require New York bankersand capitalists to demand nearly fifty per cent, moreinterest than would be asked by their foreign competi-tors. Is it not time, therefore, that we put an end tosuch predictions of our future, and to such boasts ofwhat we are going to do, and rather set ourselves towork practically to consider what stands in the way ofour doing; and whether, with freedom continually upon