Tae public indebtedness of States and the amount of capital represented by bonds, shares, é&c., throughout the world, is one of those new factors in politics for which history affords no precedent. It is true that in many respects history repeats itself, The saying is merely equivalent to a different statement of the axiom that human nature unchanged. The repetition of history at best can only be assured whau surrounding cireumstances are identical, or nearly 60; and this new feature of public indebted ness has altered so much the fundamental points on which the politics of States are dependent, that it needs close investigation, and an intimate knowledge of many concomitant, but not superficially apparent circum. stances, to form an opinion even as to the course in which public opinion will determine torn. The public indobtedness of the world, including negotiable stocks, shares, bonds and other descriptions of scrip, vendible in the various stock and share markets, has been placed at from seven to ten thou. sand millions sterling; and the intornational relations thus established do largely inflaence the politics of parties. Perhaps the first inatanco where this factor came prominently into play was the Secession war in the United States, but since that date it lis assumed an importance but little
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