True American. [volume] (Steubenville [Ohio]) 1855-1861, 1855-04-24
From the NY Saturday Courier.
How much this Country Owes.

How much this Country Owes
It is q favorite boast of Americans. that
their government is almost the only one
in the civilized world, which is not deeply
plunged in debt. So far as this boast re-
latcs to the United States, in its federal Ca
pacity, 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 majori-
tyof these are deeply, if not inextricably,
in debt. We hear this bit of braggadocia
80 frequently, that it is worth while to de-
yotea few moments to showing its folly.
In England, France, Austria, and all
ether consolidated nations, there is but one
sxchequer to meet every want of govern
ment. There is, consequently, but one
national debt. When we say that Great
Britain owes nearly eight hundred millions
Of pounds, or four thousand millions of
dollars, the whole story is told. But if we
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 circumscribed 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, and most of this bur-
den falling on the separate members of the
eOnfederacy. To give correct idea of the
real indebtedness of the nation, therefore
we must include the debts of the several
states.
Now the total Indebtedness of the vari-
Gus commonwealth is about two hundred
and twenty one millions of dollars divided
among twenty-seven states, four being so
fortunate as to owe nothing, viz: New
Hampshire, Vermont, Delaware and Flo
rida. Of these twenty-seven, the debts of
seven are under million each. Mary
land, Texas, Illinois, Ohio, Virginia, New
York and Pennsylvania are among the
states most deeply in debt. The largest
absolute debt is that of our own state,
which is over forty millions; the smallest
Is that of New Jersey, which is but seven
ty one thousand.
The heaviest debt in proportion to the
population, is the debt of Maryland, which
exceeds fifteen millions, in population Of
five hundred and eighty two thousand, bond
and free. The debt Of Virginia, though
but little greater numerically than that of
New York-the one being twenty-six mil
lions and the other twenty four--is more
than twice as heavy relatively, the popu-
lation being less than half, while the gene
raj resources Of the state are greatly infe-
rior. The entire debt Of the nation, esti.
mating the federal debt as we'll as that Of
tho states, exceeds two hundred and seven
ty millions Of dollars.
But this still fails to give an accurate
idea of the total Indebtedness of our coun-
try. In Europe, if we except England,
most public works are constructed by the
government, 50 that the national debt in
eludes the cost Of the principal rail roads,
canals and turnpikes. But in the United
! States, the exception Of the Pennsylvania
State Works and those of few other
Commonwealths, all such improvements
are owned by private corporations, Now
the aggregate cost Of the principal Of these
works is computed to be one thousand
millions Of dollars, of which, six hundred
millions alone are invested in rail roads
Consequently, if we would arrive at the
true indebtedness of these Upited States,
We must add the amount Of this descrip-
tion 81 securities 70 tho amount Of the
state and federal ones. Twelve hun
ilscdmiIlions Of the state and federal ones
Twelve hundred millions Of dollars arc,
therefore, about what we owc-a very re-
spootable SUN, il must be acknowledged,
especially for a nation but eighty years
ebl
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