The title of this work will produce the effect of a paradox. The general opinion is that the United States continued to pursue an upward course until the election of Mr. Lincoln, and that since then they have been declining. It is not difficult, and it is very necessary, to show that this opinion is absolutely false. Before the recent victory of the adversaries of slavery, the American Confederation, in spite of its external progress and its apparent prosperity, was suffering from a fearful malady which had well-nigh proved mortal; now, an operation has taken place, the sufferings have increased, the gravity of the situation is revealed for the first time, perhaps, to inattentive eyes. Does this mean that the situation was not grave when it did not appear so ? Does this mean that we must deplore a violent crisis which alone can bring the cure ?