ge decennial increase of 34.60 per cent in population
through the seventy years from our first to our last census yet taken.
It is seen that the ratio of increase at no one of these seven periods
is either 2 per cent below or 2 per cent above the average, thus showing
how inflexible, and consequently how reliable, the law of increase in
our case is. Assuming that it will continue, it gives the following
results:

Year. Population.

1870 42,323,341
1880 56,967,216
1890 76,677,872
1900 103,208,415
1910 138,918,526
1920 186,984,335
1930 251,680,914

These figures show that our country _may_ be as populous as Europe now
is at some point between 1920 and 1930--say about 1925--our territory,
at 73-1/3 persons to the square mile, being of capacity to contain
217,186,000.

And we _will_ reach this, too, if we do not ourselves relinquish the
chance by the folly and evils of disunion or by long and exhausting war
springing from the only great element of national discord among us.
While it can not be foreseen exactly how much one huge example of
secession, breeding lesser ones indefinitely, would retard population,
civilization, and prosperity, no one can doubt that the extent of it
would be very great and injurious.

The proposed emancipation would shorten the war, perpetuate peace,
insure this increase of population, and proportionately the wealth of
the country. With these we should pay all the emancipation would cost,
together with our other debt, easier than we should pay our other debt
without it. If we had allowed our old national debt to run at 6 per cent
per annum, simple interest, from the end of our revolutionary struggle
until to-day, without paying anything on either principal or interest,
each man of us would owe less upon that debt now than each man owed upon
it then; and this because our increase of men through the whole period
has been greater than 6 per cent--has run faster than the interest upon
the debt. Thus time alone relieves a debtor nation, so long as its
population increases faster than unpaid interest accumulates on its
debt.

This fact would be no excuse for delaying payment of what is justly due,
but it shows the great importance of time in this connection--the great
advantage of a policy by which we