The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1855-02-22
How Muoh this Country Owes.

1t is favorite boast of Americans that
their Government is almost the only one
in civilized world which is not deeply
plunged in debt. So far as it relates to
the United States, in its Federal capaci-
ty, it is well founded. But so far as it
relates to the one and thirty Common
wealths of which the nation is composed,
it is an absolute absurdity, since the ma
jority of these latter are deeply if not in
extricably, in debt. We hear this bit Of
bra ggadocia so frequently that it is worth
while to devote few moments to show
ing its folly.
In England, France, Austria, and all
other consolidated nations, there is but
one exchcquer to meet every want of Gov
ernment.-There is, consequently, but
one national debt. When we say that
Great Britain owes nearly eight hundred
million pounds, or four thousand million
of dollars, the whole story is told, But
if VIC should assert that the entire debt
of the United States was less than sixty
millions, We should be apt to mislead the
reader. For the Federal Government,
which is what is. technically meant by
the term United States, having only cir
cumscribed 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 at large,
most of this burden falling on the sepa-
rate members of the Confederacy. To
give correct idea of the real indebted
ness of the nation, therefore, we must in
clude the debts of the several States.
Now the total Indebtedness of the va
rious Commonwealths is about 1921 900,
900, divided among twenty-seven States,
four being SO fortunate as to owe moth
ing, viz New Hampshire, Vermont,
Delaware and Florida. Of these twenty
seven, the debts of seven are under 81, )
100000 apiece. Maryland, Texas, Hi
nois, Ohio, Virginia, New York, and
Pennsylvania, are the States most deep
ly in debt. The largest absolute debt is
that Of our own State, which is over $40,
100000 the lowest is that of New Jersey,
which is but 81 900.
The heaviest debt, in proportion to that
of the population, is the debt of Maryland
exceeding sl5,OOO,O 600, in population
of FIVE hundred and eighty-two thousand
bond and free. The debt of Virginia
though but little greater numerically than
that of N. York-the one being S26,.
900, 900 and the other s24, GOO, ,OOO-is
more than twice as heavy relative, the
population being less than half, while the
general resources Of the State are great
Iy inferior. The entire debt of the ma
ton, estimating the Federal debt as wei
as that Of the State, exceeds 275,OO0,
900.
But this still fails to give an accurate
idea of the total Indebtedness of our coun
try. In Euro pc, if we except England
most public works are construed by the
Government, so that the national debt in
cludes the cost of the principal railroads
canals and turnpikes. But in the United
States, with the exception of the Penn
sylvania State works, and those of a few
other Commonwealth, all such improve
ments are owned by private corporations
Now the aggregate cost of the principa
of these works is computed to be 81 900,
200, of which s6O0,OO0,O0O alone
are invested in railroads. Consequently
if we would arrive at the true indebted
ness of these United States, we must ado
the amount of this description of securi
ties to the amount of the State and Fede
raj ones. Twelve hundred millions are
therefore, about what we owe-a very re
spectacle sum, it must be acknowledg ged
especially for nation but eighty year:
old.
To give an entirely just idea of the sub
ject, however, we must remind the read
er that a chief part of this debt is attrib
utable to the fact that We are new coun
try, three fourths of those millions havin!
been spent in developing our resources.
Considering the vast mineral and ag
ricultural wealth of America consider
ing, also, the indomitable energy of ou
people; considering the favorable posi-
ton we occupy for conducting the com
merce of the world, this debt enormou
as it seems, is comparatively little, O.
would be, if we were always as prudent
and thrifty as we are enterprising. .-PHtI
adeLl1liG, Ledger.
Can Dram Shops be Abolished ?