The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-02-13

The letter from the nof Mr. Quincy, the banker. which
we recently noticed has excited marked attention IN me
Old World as well the New Political economists are
discussing its statements capitalists porting over s
Details stockholders bordering the chances as TO me
future, while it is quite probable that Lord John kusse
and his colleagues are sgliang the various proposnons
OF remedy The gsi OF MIR Gurneys statement Is. hat
the British national debt is enormous, and the
to pay the interest so oppressive that serious anu
protracted any other calamity that would fendei
heavy additional expenditure necessary, would subject
the nation TO the fearful possibility OF national pank
ruptcy This idea has been echoed and partially en-,
dorsed by the London Times, and the statesmen and
nanciers OF Great Britain have been admonshed 10 DC
aware. more particular notice OF Mr.. Gurneys leuer.
and the amount OF the national debt, WIN moi
be inappropriate The Quaker banker states lhal Two
millions oil the inhabitants OF Europe, in the prime Oh
lfe have been abstracted from useful and productive
labor, and made OF the national wealth ana
the maintenance OF the armies and navies OF Europe nc
annum. So. i.
or England he says: "We have spent from fifteen 70
twenty millions sterling annum for warke PURPOSES
discharge OF the national debit by this time il would have
been nearly annihilaed but if our military expenditure
be persisted in and reduction OF our debt takes place
period OF history certainly characterized by very
fair prosperity and general political calm how IS i 70 se
expected that the amount OF revenue will be maintained
in a time OF adversely Should such adversely come
upon u.s. venture to predict that VIII not De
maintained, the dividends paid, unless more efcienl
steps be taken to prevent such catastrophe in these days
Within three years. the national debt has been increas-
ing ttoeive mloas pounds serling and at the presen'
moment an equilibrium between incomings and outgo-
ngs is barely maintained With debt OF fs00 900
(tour thousand millions Of doars and annual interest
to pay Of about one hundred and forty millions Of dollars
i predicted by Mr. Quincy that this equilibrium cannot
long be sustained, even in times OF prosperity and
peace !" and the London Times gives an affirmative re-
Spouse to the prediction.
The progress and present position OF the national deb
England b Se stated CENTURY aas AGO. only
ESQ 900 900; and it then described as vast load
under which the nation groaned
In l7i9 just century ago, had reached Es0000,00O
In l793 had increased to G26l ,735000; in 1902. il
was f637 100000; and in 1916, it was ESQ ls6, 1913
the addition in twenty three years being f623,45l 1913
On the 5th OF January. 1919, the whole amount OF the
funded and unfunded debt was f797, sS49. So tha
while the debt Increased during twenty three years o.
peace only EST ,393,474 This exhibit connected with
the fact that during the last three years the debt has
been increased 900, is indeed startling one
and seems TO warrant the prediction that national bank
ruptey will follow, "unless efficient steps be
taken TO prevent such catastrophe, even in times oil
prosperity and peace"
II is estimated that the entire property of the kingdom
of Great Britain real and personal, amounts TO fUe thou
sand millions of pounds sterling But were possible
by any concurrence of events, says able writer, tina
ery OF the whole country would not raise $500
and that iii any emergency, or war; or any other
should render II necessary to increase the revenue
$40 000, 000 il is by certain that it could bt
| raised beyond year or two"
This is indeed, startling picture; and il is doubtless
this condition OF affairs that has made Great Britain pur
such pacific course for some years past In this
sense, therefore, her national debt has proved natona
blessing. But the sum has now become enorm GUS
the little ball has rolled into such huge mountain tina
taiment must and no doubt will, be speedily attempted
lEIchdnge paper.