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inland water communication from Boston to St. Mary's, and to connect the waters of the Atlantic with those of the Gulf of Mexico.,- But it would take toe much space to even describe one quarter part of these splendid projects. The report itself shall speak -

 ''ln viewing the prospects before us for Improvements on large scale, the mind is lost in amazement at the extensiveness of the scenes which appear for the permanent bene- fit and grandeur of the country The in- habltants Of the old countries were for a long tme confined to the coasts but the improve ments in navigation gave an unlimited ex- panslon to commercial enterprise, and the discovery of canalling is an admirable exten- sion of the benefits of navigation, by which we can sail over the globe by land as well as by sea.n

 This report was accompanied by bill authorizing the President to borro,o TEN MIL LIONS of dollars, for the purpose of enabling the Secretary of the Treasury to make sub scriptions, on the part of the United States. in such companies incorporated by the re- spectlve States as Congress may approve.- This report contained the following state ment =

 "Ihirty canals in England yield, on aa aperage, thirty per cemtum per amnun, aud he stock has increased in ualue, in some in- stances, sir Hundred per centum.n

 If official documents were thus extravagant n exciting hopes of sudden wealth, how much more so was the language of enthusi- astic defenders of this policy in the public journals, and in Congress speeches We might fill columns with it. Dazzling visions of riches and glory hoated across their ima- ginations, which were destined to fade away, Ill the sequel, before the woful realities of poverty and ruin. But was not all this cal- culated to vitiate public sentiment Was not the policy it commenced with,-THE BORROWING PoLIcY-one that carried death along with it ! Is it difficult no1c to ac- count for the lamentable confusion of the f. nances of those States that adopted this po- Hey ?-and can any one doubt, at this day, that if any administration produced the {. in- tense" endorsements of the past ten years, 1t was that in which HENRY CLAY was the chief adviser? Boston Post.