The North-Carolinian. [volume] (Fayetteville [N.C.]) 1839-1861, 1855-02-17
NORTH CAROLINIAN.
How Mitch this Country Owes.
EAYETTETILLE ". G.

How Mich this Country Owes.
1t is a favorite boast of Americans that their
government is almost the only one in the civil
lied world which is not deeply plunged in debt
So far it relates to the United States in its
federal capacity, 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 majority of
these latter are deeply, if not inextricably in
debt We hear this bit of braggadoca SO fire.
quently that it is worth while to devote a few
moments to showing its folly.
In England, France, Austria and all other
consolidated nations, there is but one exchequer
to meet every want of government There is,
consequently, but one national debt. When we
say that Great Britain owes nearly eight hun
dred millions of pounds, or four thousand mill
lions 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 techni-
cally 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 dispen-
sing law among the people at large, most of
this burden falling on the separate members of
the confederacy. To give correct idea of the
real Indebtedness Of the nation, therefore, we
Now, the total Indebtedness of the various
commonwealths is about two hundred and
twenty-one millions of dollars, divided among
twenty-seven States, four being so fortunate as
to nothing, viz: New Hampshire, Yer
mont Delaware and Florida. OF these twenty
seven, the debts of seven are under million
apiece: Maryland, Texas, Illinois, Ohio, Vir-
ginia, New York and Pennsylvania are the
States most deeply in debt. The largest alb
nluto oh iS hot nfD
over forty millions; the lowest is that of New
Jersey, which is but seventy-one thousand.
The heaviest debt, in proportion to the popu-
lation, is that of Marylad, which exceeds fifteen
millions, in population of five hundred and
eighty-two thousand, bond and free The debt
of Virginia, though but little greater numeri-
cally than that of New York-the one being
twenty-six millions and the other twenty-four-
is more than twice as heavy relatively, the
population being less than half, while the gen
eral resources of the State are greatly inferior.
The entire debt Of the nation, estimating the
federal debt as well as that of the State, ex-
ceeds two hundred and seventy-fve millions of
dollars.
But this still fails to give an accurate idea
of the total Indebtedness of our country. In
Europe, if we except England most public
works are constructed by the government, so
that the national debt includes the cost of the
principal railroads, canals and turnpikcs. But
in the United States, with the exception of the
Pennsylvania State works and those of a 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 dol
lars, of which six hundred millions alone are
invested in railroads. Consequently, if we would
arrive at the true Indebtedness of these United
States, we must add the amount of this de-
scription of securities to the amount of the
State and federal ones. Twelve hundred mill
lions of dollars are, therefore, about what we
owe--a very respectable sum, it must be ac-
knowledged especially for nation but eighty
years old.
TO give an entirely just idea of the subject,
however, must remind the reader that a
chief part of this debt is attributable to the
fact that we are a new country, thrce-fourths
Of those millions have been spent in developing
resources.
Considering the vast mineral and agricultural
wealth of America; considering, also, the in
domitabe energy of our people; considering
the favorable position occupy for conduct
ing the commerce of the world, this debt enor-
nous as it seems, is comparatively little, or
would be if we were always prudent and
thrifty we are enterprising.-PhiLa. Ledger.
~~>~~~~~~>>>>~>>>>>>>>>
Council STArE.-This body, which assem-
bled in Raleigh on Monday, adjourned on Tues
day evening.
We learn that Calvin Graves, of Caswell,
and n. +. Canady, of Granville, were appoint
ed members of the Board of internal improve
ments; and Matthew Shaw, of Beaufort, and
Alfred Jones and William w. Holden, of
Wake, members of the Literary Board. The
Governor of the State, it is known is Presi-
dent en oDfeio of the two Boards and member
thereof.
Mr. Graves has been for some time a mem
ber of the Internal improvement Board; but
Mr. Canady is new member, and takes the
place occupied by Mr. Bragg, the present Gov
ernor. No change has been made in the Liter
ary Board.
Mr. Canady is gentl- man of information
and excellent judgment, and will no doubt dis
charge the responsible duties of the Office in
such manner as to advance the best interests
of the State-Raletgh Standard.