Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-11-16
From the Pittsburgh Post.
The NRfiNmR1 Debt.

AMC 1NGA&AWAW2AA DS~S
The present debt of the United Statas is $685.,
47O, 600, and there is about half enough gold and
silver in the National Treasury to pay it off,
Under the operation of the present tariff, revenue
sufficient could be raised to pay 1t entirely in two
or three years, and meet all the expenses of the
government besides
The vast difference between the condition and
character Of our republican government and the
despotisms of the old world, is becoming too ap
parent to be longer denied and European writers
are now thoroughly awakened to the fact that re-
publicanism is the true basis of national prosper
ity.
While the governments of Europe are stretch
ing their ingenuity to find new objects OF taxation
to increu Sc their revenues, our government and
our Secretary Of the Treasury are equally busy in
finding means to cur: all our revenues, reduce tax
alton, and tighten the alresdy scarce felt burdens
of the people While European governments
find large deficit annually in their revenues, and
have to borrow money to pay the interest on their
immense debts, our government is troubled with
surplus in gold, half large enough to pay off its
entire debt. While some of the European gov
ernments find it impossible to borrow money at
any premium, our government offers large prelni-
ums to its creditors 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 creditors to
bring in their bonds and get the cash; yet they
come in very slowly; hardly as fast as the Treas
ury surplus accumuates. The European govern
ments striving to get deeper in debt to relieve
their necessities, and are only prevented by the
refusal Of their creditors to lend more. Our gov
ernment is striving to get out of debt and relieve
itself Of surplus money; and is only prevented by
the refusal of creditors to take their pay.
| Our government owes about $5S, 900, 900;
some of the European governments owe thou
sand million dollars. Our could pay all off in
two years. Theirs can never pay, and never ex-
pect or intend to pay. Their governments are
based the principle of the divine right of kings
government of the people, and needs no support
of armies or police.
In less than quarter of century this coun-
try will be no longer a borrower from Europe
The capital of the country is increasing 80 rapid
ly that we shall soon have all needed means oi
completing all the vast and wonderful enterpri-
ses contemplated, or that may hereafter be pro.
jected We draw gold enough from California
annually to built two thousand miles of railroads
each year, while our supply of capital from Other
sources is ample for all other purposes.
In view Of this unparalleled financial condition
of our government, and prosperity of our country
the London Times publishes article in which i
this country, and it draws parallel between the
governments of Europe and our own, quite fatter
ing to our national pride.
We wonder not that such intelligent men Il.
the editors of the London Times are at last com
PEELED to acknowledge the vast advantages of re
publicanism over despotic governments. The ar
ticle in the Times concludes follows:
; "It is refreshing to turn from the contempla
ton of the worn out and effete despotisms of th'
old world. where the revenues of the State ar
absorbed by profitless standing armies, and squan
dered in the maintenance of police employed t.
suppress thought, and of spies organized to de
tect it-where the annual deficit threatens to alb
sorb in its pondrous jaws all, and more than all
which can be wrung from the exhausted peasant
ry-to this new and vigorous country, actual
bowed down by the weight Of its own prosperity
and embarrassed in selecting those burdens whic
it is actually compelled by force ofcircumstance
to remit. With US, when little surplus give
US the opportunity Of remission, there alway
, so many injustices to remedy, so many grievar
ces to redress, that the difficulty of selection
: extreme, and every remission gives almost a
f much pain as pleasure, by the disappointment
inflicts on the advocates Of other remissions.
the United States the difficulty seems not t
!. choose which of number of pressing cases
! the most Urgent but to find any pressing case
/ all. We congratulate our Transatlantic brett
rem on the exuberauce Of their resources, an
sincerely hope that this difficulty of finding ia
a to remit may be the only one which their Chan
cellor of the Exchequer will ever have to encour
f ter"