"I do not believe it judicious for you, in your message, to enter in any degree into the field of economic controversy. The masses won't comprehend, and the doctrinaires will fight you. Stick to the great principles, and do not commit yourself against contraction. I have thought a good deal over our conversation of last week, and I am more and more convinced there is no other practical way out of our financial difficulties. 'All roads lead to Rome,' and all roads to resumption involve contraction at some stage if they lead where they pretend to.
"Very Truly Yours,
"David A. Wells."
"QUESTIONS
- "'1. What, at a given period, was the population of England, France, United States?
- "'2. What is the best estimate of their aggregate capital at such period?
- "'3. Their annual gross income or earnings?
- "'4. Their annual income from foreign government?
- "'5. Their annual outgo to pay interest on foreign debts?
- "'6. Their annual net savings or accumulation?
- "'7. Their exports?
- " imports?
- "'8. Production of gold and silver in United States for each of five years?
- "'Exports and imports of gold and silver during same period?
"ANSWERS TO QUESTIONS.
"No. 1. Population.
| From | 1872. | France (exclusive of Alsace and Lorraine) | 36,102,920 |
| " | " | Great Britain | 31,835,000 |
| " | 1870. | United States (Census) | 38,115,641 |
| " | 1872. | " " (Estimated) | 40,000,000 |
"No. 2. Aggregate Capital.
"United States.—The valuation of the property of the U. S. by the census of 1870 was (in currency) $30,068,000,000. The returned assessed valuation for the same year was less than one-half, or $14,178,000,000. The census counted as property, both property and the evidence of debt secured on such property. I do not think the productive capital of the United States in excess of $25,000,000,000.