The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1853-11-23
From the Pittsburgh Post.
The National Debt.

The National Debt.
The present debt of the United States is
D58 ,470 900, and there is about half g,
nough gold and silver in the National
Treasury to pay it off. Under the opera
hon Of the present tariff, revenue sufficient
could be raised to pay it entirely in two
pr three years, and meet all expenses Of
the government besides.
The vast difference between the condi-
ton and character of our republican gov
erument and the ~despotisms Of the old
world, is becoming too apparent to be
longer denied, and European writer's are
now thoroughly awakened to the fact that
republicanism is the true basis Of national
prosperity.
While the governments Of Europe are
stretching their ingenuity to find new OBJ
iects Of taxation to increase their revenues.
our government and our Secretary Of the
Treasury are equally busy in finding
mean TO curtail our revenues, reduce tax
alton, and tighten the already scarce felt
burdens of the people. While European
governments find a large deficit annually
in their revenues, and have to borrow mon
ey to pay the interest on their immense
debts, our government is troubled with a
surplus in gold, half large enough to pay
of its entire debt. While some OF the Eu-
ropean governments find it impossible to
borrow money at any premium. our gov
ernment offers large premiums to its cred
iiors for the privilege of paying them; the
creditors preferring the government bonds
TO- the cash. Our government now offers
from 10 to Is per cent. premium to cred
Z itors to bring in their bonds and get the
cash; yet they come in very slowly; hard
ly as fast as the Treasury surplus accu-
mulates. The European governments are
striving to get deeper in debt to relieve
their necessities, and are only prevented
by the refusal Of their creditors to lend
more. Our government is striving to get
out Of debt, and relieve itself OF surplus
money; and is only prevented by the re-
fusal of creditors TO take their psy.
Our government owes about $50 ,O00.-
600; some of the European governments
owe a thousand million dollars. Ours
could pay all off in two years. Theirs
. never pay, and never expect or intend
10 pay. Their governments are based on
the principle OF the divine right of kings,
and supported by standing armies. Ours
is the government Of the people, and needs
{ no support of armies or police.
In less than a quarter of a century thi:
country will be no longer. a borrower from
Europe. The capital Of the country is in
creasing so rapidly that We shall soon have
oil needed means of completing all the
vast and wonderful enterprises contempla'
ted. or that may hereafter be projected
We draw gold enough from California an
nually to build two thousand miles ofrail
roads each year; while our supply of cap
ital from other sources is ample for all 9th
OF purposes.
In view OF this unparalleled fnancia
condition ofour government, and prosper
ity Of our country, the London Times pub
fishes an article in which it is compelled
10 speak hin high terms Of praise OF this
country, and it draws a parallel between
the governments of Europe and our own
quite f1attering to our national pride.
We wonder not that such intelligent
mon rs the editor of the London Time.
are ut last compelled to acknowledge the
vast advantages of republicanism over des
potic governments. The article in the
Times concludes as folio VS.:
alt is refreshing to turn from the con
temptation Of the worn out and effete des
potisms of the old world, where the reve
nues Of the State are absorbed by p~rofiles.
standing armies, and %squandered in til,
maintenance Of a police employed to sup
press thought, and of spies organized /,
detect it-where the annual deficit threat
n TO absorb in its ponderous jaws all
and more than all, which can be wrun.
from the exhausted peasantry-to this new
and vigorous country, actually bowe,
down by the weight Of its own prosperity
and embarrassed in selecting those burden
which it is actually compelled by force o
circumstances to remit. With US, whel
little surplus gives US the opportunity O
remission, there are always so many in
Justices to remedy. SO many grievances II
redress, that the difficulty of selection i
extreme. and every remission gives almos
a. much pain as pleasure, by the disap
pointment it infiicts on the advocates o
other remissions In the United States
the difficulty seems not to choose whicl
Of q number of pressing cases is the mos
urgent, but to find any pressing case a
all, We congratulate our TRANSPLANT,
brethren on the exhuberance of their re
sources, and sincerely hope that this diff
Guilty of finding a tax to remit may be til
only which their Chancellor of the Elk
chequer will ever have to encounter"
Sublimity Of Facts.
The editor of the Chicago Journal take
( a - I:-l -.