The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1809-12-27
Vol. y

day Of March last. These bills amountn-s> N
the nominal sum of two hundred millioh hovia :
dollars but the real value OF them t. r;.I
possessors is estimated at forty FOR olst, Is /.
mountisg to FIVE millions Of Spanish do. ~
or one million and a quarter sterling THE &C
the full value of them, perhaps more, but Z :'"ee
estimation of them has given satisfaction,
America, to the possessors of them, who c>
tainly obtained them in genera! at ! cheap
rate.
These three branches of debt, which ae
the whole (accoraing 10 a calculation mac.
last May, and sent me by member Of Coz
gress, who has been four years ! member {
their Treasury Board, and is perfect mass,
of the subject and amounts in the whole Il
fyc millions sterling, and no more. The n,-
ticnai debt OF America then is FIVE milions
sterling,
In ordor 20 Judge of the burthen of this
debt, VIC may compare il with the NUMBER
of people. They are three millions, The
national debt of Great Britain is two hun
drcd millions. The number Of people in
England and Scotland is not more then six
millions. Why should not American with three
millions Of people, be able to bear heb, Of
one hundred millions, as well as Great Brit
ain, with six millions Of people, debt Of
two hundred millions.
We may compare Il with the exports Of A.
merica.--In l774, the exports of America
were six millions sterling. In the same year
the exports of Great Britain were twelve mil
lions.--Why would not the exports of Amer
lea, of six millions, bear national debt of
one hundred millions, us we'll as twelve mil
lions of British exports bear debt of two
hundred millions t.
We may compare it, in this manner, with
the national debt of France, Spain, the United
Provinces, Russia, Swcas.l, Denmark, portu-
gal and you will find that il is but small in
comparison. .ft
We may compare it in another point Of
view. Great Britain has already spent in this
war sixty millions stcrling-Amcrica Ave mil
lions. Great Britain has annually added To
her national debt more than the whole amount
| of her annual exports America has not ud-
| ded to hers, in the whole course Of FIVE years
war, a sum equal to one years experts.
The debt OF Great Britain is, in a large
| proportion of il, due to foreigners, for which
they must annually pay the interest, by scnd-
| ing cash abroad. a very triie Of the A.
merican debt is yet due 10 foreigners.
Lord North borrowed last year twelve mill
lions, AND every .Gutoresyear ,oi tho Fwus rhusr
L borrow the SAINT largcr suns---A M soris>
II could carry On this svrlvna nui1dro0 years, by
borrowing only one million sterling atycar
The annual expcncc Of America has not
hitherto exceeded one million ycar---tliat Of
Great Britain has excccced twenty millions
some years. America may tbcreioye carry
on this war an hundred years, and II the end
OF, 1t viii be no more in debt, in proportion to
her present numbers Of people, and her cx-
ports in l774, than Great Britain is now.
There is Gnother consideration of some
4. IL s.ss< - .~.s< -.
vastly greater, in proporsisn 10 the mercantile
interest, than il Is in Great Britain. The cx-
ports Of America arc the productions Of the
sell annually, which increase every year.
The exports OF Great Britain were paDufac-
lures, which will decrease every year, while
this war with America lasts. q
The only objection 10 this reasoning Is this,'
| that America is not used 10 great taxes, and
the people there are not yet disciplined TO
such annriEous taxaticn as IN England. This
is true J; Ind this makes all their pcrpIexity ut
present /; but they are capable OF bearing an
great taxes in proportion as the English rnd
| il the English force them 10 do IL, by eoniin-
uinc the war, they will reconcile themselves
10 il and they arc in fact now taxing them
| selves more and more every year,. and to am
| amount, that q man who knew America only
twenty years ago would think incrcdible
Her wants have hitherto been supplied by
| the inhabitants themselves, and they have
| been very little indebted to foscign Dations.
| But on account Of the depreciation ct hcr
I paper, and in order to introduce more stable
.. currency. she has now occasion 10 borrow
| sum of money abroad, which would Gu
able her to support her credit at home, TO
: | exert herself more vigorously against the
English both by sea and land, end greatly IS
. / sist her in extending her commerce witt
foreign nations, especially the Dutch. a
= mcrica would not lose of her strength by Dor
: rowing moneys bat, on the yontrary, wsu!s
gain vastly. II would enable her 10 exert her
:. self more by priyatccring, which Is n.inc Q
: ! gold 10 hcr. She would make rcmi.tnnces u