Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1861-11-20
ISe National Finances.

u nST1ona1 .
ltSanuOt fail to be gratifying to every
Loyal American citizen to know that at this,
the first time within the last half century
when the ~sopnduess Of the financial 'eondi-
ton Of the nation. and the capacity Of a
republican government to bear heavy mon
essry burdens arc severely put to the test,
that they IRE both found equal to the euer-
gency. Il docs not row seem probable,
even if the civil war should not cease with
IN the year. that the national debt will
reach the sum Of $500, 900 0o0; but IL it
shcuid reach tLat amount it Will not DO
q fourth as large in rropsrtiOn to the.
means Of the COUNTRY to pay. and not orc
half as great in proportion to the pOrdla-
ton, as this ~lnation has twice BEIGE con-
traeted, and paid. When the c institution
was adopted, the population w.as 8, 800. 600,
and the national debt ten assumed. was
$4,000. 600, or abOu:. $50 for each white
man, woman, and mild, in the country
The a6ility..Of me citizens to pay, was not
q tenth of tat possessed at this time. The
country iad been flooded with eontisental
Ineney, and was drained of specie; its
wealth had been exhausted by long wars
its commercial manufactures we're in their
infancy; the immense agricultural resources
Of the soil, and the mineral riches hidden
beneath it, we're all undeveloped. Not
Uithstnnding all these drawbacks, during
the FIRST fourteen years after the adoption
of the Constitution, the debt of eighty mil
lions had been reduced to forty-fvc mil
lions; when, during the war from 1912 tc
1916, it was again syelled to one hundred
and twenty-seyen millions. The popula
ton Of the country having increased t.
-s.5o0,o 600, the rate per head vas only 6f
teen dollars, or FIVE dollars less than at tn,
adoption Of the constitution.
At the return Of peace, ane extirruisn
ment Of this debt was Immediately begun
and in 1885 it was accomplished.
The population of the country now ex
eeeds 80, oo0,o o0. and if the national deb
shall reach 500. 900, 900 it will be be
tmeenYsixteea and seventeen dollars pc
bead of the population. This would ex
esed the average per head. Of the debt O
1851, provided the ability to pay wa
equal and e~.y equal, which is by no mean
tas case
The retarns.o the census at each decade
and the valuation of taxable property
show that the wealth of the country Ia
trVrssed in s;three-fold ratio to its popu
iatiOn. In 1860 the value Of property il
the several States, for taxable purpOses
was sll, 296, So6. 942, it having increase,
over loo Per cent since 1850, while tn
population had only increased 80 per cen
10 the same time. is proportion, there
fore. to the abflty Of the People to pay,
debt of S5ooyeo0.O 900, in 1861, is less b,
Go Der cent than was the debt of SI27,
100000 in 1916. Besides al this,
should not be forgotten that thus far not
dollar of the war loan has been taken BY
Ct offered to fcreigu capitalists. but it al
being taken by cur OWE citizens, and WheI
paid it will be paid to our own citizens
thus not diminishing the wealth Of the ma
ton. but simply changing hands. lheF'
!. nothing SO sensitive as capital, 10 nerv'
% irritable as the money-nelre, aid no bet
ter proof Of the financial s~ouudDess
government could be given than the conf
dence and prOmptness with which Amer
can capitalists have come onward and IN
vested their money in thefsOVernment loan
At this time the total nahoual debt
SI44,ooo.ooo, including treasury Note