The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1855-04-13
HOW MUCH THIS COUNTRY OWES

HOW MUCH THIS COUNTRY OWES
1t is favorte boast of Americans, thai
their government is almost the only one il
the civilized world, which is not deeply plung
ed IN debt So far as this boast relates u
the United States, in its federal capacity, it j.
well founded. But so far as il relates To The
one and thirty Commemorative. of which th,
nation is composed, it is an absolute absurd
ty, since the nlaj"rity of these are deeply, il
not inextricabIy.in in debt. We hear this b
Of braggadoclO so frequently, that II is worth
while Ia devote II few moments to showing
its folly.
In England, France, Austria and all Other
consoiid lied nations, there is but one rXche
quer to meet every want Of government
There is consequently, but one nalion.I debt
When we say that Great Britain owes nearly
eight hundred millions of pounds, or t0ul
thousand millions OF dollars, the whole story
is told. But if we should assert that the en-.
tire debt of the u. States was less than sixty
millions, we should be apt TO mislead the
reader. For the federal government, which
il what Is I, chnlrally meant 10y the term Un'.
ted States, having only clrcuulscribed powers,
is not, and never can be, made liable for the
principal share OF the expenses of maintaining
order and dispensing law among the people
al large, most OF ihls burden failing on the
separate members Of the conirderacy. 10
give Il correct idea OF the real Indebtedness oi
the nation, Therefore, we must include the
debts Ul The several states.
Now the total Indebtedness of the various
c0mlnunwealths is about two hundred and
t"enty one millions ot dollars, dividcd among
n states, tour being SO fortunate us 10 owe
nothing, VIZ, New Hampshire, Vermont, Del
aware aud Florida. U: these 81, the d, BITS of
seven are under II mi,liOn each. Maryland,
Texas, Illinois, Ohio, Virginia, New York
and fennsy ylvania are the sta rs most deeply
IN debt. The larges; absolute debt is th.t
Of our own state, Which is over forty millions;
the smallest is that oi New Jersey, which is
but venty one thousand.
The heaviest debt in proportion to the
population, is the debt OF Mar, land, which
exceeds fifteen millions, in II population Uf
582,O0O, bond and Tree. The debt oi Virgin
III. though but little greater numerically than
that OF New York,-the "ne being twenty
six millions and the other twenty.iour-is
more than twice as heavy relatively, the pop
nIatloh being less than halt, while the general
resources al the State are greatly Interior
! he entire debt If the nation, estimating the
ieGeraI debt ns well as that OF the States,
xcepdstwo hundred and seventy five millions
"i dollars.
Bul this still fails to give an accurate idea
IT the i.n etrGnr SIS Of our country. In Eu-
rope, IT We except England, most public
wotks are constructed by the government, so
that the national debt includes the cost ol the
,rincipal railroads, canal aud iurnpikes. But
II the United States, the exception of the
Prnnsy lvania Stale Works and those of Il
Jew other COmmonwealihs, all such improve.
ments are owned 10y private corp"ratIons.-
Now the aggregate c"sl of the principal oi
these works Is computed 10 be one Thousand
millions of dollars, OF which six hundred
millions are invested in railroads. C"nse
qurnily. il we would arrive at the true iudeht
ednrss of The United States, We must add
The amount oi this description OF securities
10 the amount ot the state and ieder i ones.
ones. Twelve hundred millions Of dollars
aie, therefore, about what We owe-a very
respectable sum, ii must b. acknowledged,
especi ly for nation but 80 years old
To give IN entirely just idea of the suhjrct,
however We must remind the reader that
chief part OF This debt is attributable TO the
fact that we are in II new country, three.
fourlhs OF those millions having been spent
IN developing our resonrcrs.
Considering the vast mineral and agricul-
tural wealth OF Amcric., considering, also, he
the ndomitable energy Of our people, con
>idrring the favorable postum We occupy for
conducting the commerce of the world, this
debt, enormous rs it seems, is comparatively
little, or would b., if We were always as
prudent and thrifty ms we are enterpris.
inU