The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-26

was neavy ana lower, WIN sales OF mess a. VA %
sl4 H. and primo At $40 SO 2s Sugars were steady,
with sales Of about 200 900 hhds At prices given
in another column. Coffee arm and In COED request
with sales Of 1000 bags Rio at 13c. 14c. Freighs
nrmes. with more Offering Tor English ports by
American and foreign vessels.
A Vast National Debt, Neither to bs
Feared NOR Avoided.
An inevitable consequence Of the efforts that
are being made by the government of the
United States, to suppress rebellion, and re-
store the integrity Of the Union, will be the
expenditure Of money, on . scale hitherto un-
known on the American continent and having
but one or two parallels in the history of
Europe. Nearly three hundred thousand troops
have been enrolled in the sertce of the
country; it Ia not impossible that Ibis number
may be doubled; the navy must be greatly
increased; every species Of materiel OF war
must be provided in the greatest abundance,
and an annual outlay may be expected. Of
between three and four hundred millions Of
dollars. Should three or four years be re-
quired to reduce the seeded States to submis-
sion, public debt will have been incurred of
between twelve and fifteen hundred millions,
and the future Of the nation will have been
literally mortgaged, to provide for the wants
of the present time. Northern journals, in the
secession interest, have made a terrible outcry
over prospect, at first sight go appalling, aud
have alleged it as conclusive reason why the
independence of the Confederate States should
be acknowledged, and the principle of anarchy
admitted, at whatever sacrifice. A little ex-
animation will, however, explode objections to
the war, founded on motive so weak, futile
and pusillanimous as shortsighted economy.
which would prefer 6nal and utter ruin, to the
Lesser evil Of vast national debt
Every people that has ever attained great
ness, has been compelled to bow before the
universal law, that national progress and devel-
opemsnt are inseparable from internal throes,
or external assaults-the natural diseases of
enpires-which must be successfully over
come, before their destinies can be fulfilled.
The dangers of such critical periods, differ from
mere ephemeral calamities, insomuch as the
sacrifices demanded to avert or conquer them,
are made for the benefit of succeeding genera
tons as well as the present, and are frequently
80 immense as to be impossible, without drawing
upon the resources of the future. The inherent
energy of Rome was never 50 sublimely mani
tested as upon such occasions, and modern
Italy, within four years, has witnessed the
creation of powerful kingdom, out of dis
tracted provinces, groaning under tyranny and
poverty because It's rulers comprehended
that the noble work they were engaged in was
destined, like the indestructible Pyramids, to
be the pride Of posterity, as well as the glory
of those who achieved it. Italy is loaded with
debt; but, in place of dozen petty despots, a
patriotic dynasty rules over free and con-
tented people. Wicked, insane, and untrue to
the traditions they have inherited from their
ferefathers, would Americans be, it, reversing
the example Of Victor Emanuel and Cavour,
they were to allow the United States to be cut
up into thirty or more impoverished little des.
potisms ; weak and miserable at home and
despised abroad preying upon each other,
and deprived alike of nationality, hope and
freedom, in order to avoid national debt,
which their children and children's children
would curse them for not having Incurred
Neither is q large national debt 30 great an
evil, as the advocates of disunion and anarchy
endeavor to mislead the public into believing.
The example Of Great Britain, during her long
struggle against the French republic and the
empire, and the history of France itself, prove
that the highest point Of material prosperity,
may coexist with the most exhaustive efforts
to carry on war, and that national debt
may even supply the place of destroyed COM
merce and an otherwise impaired prosperity.
The public indebtedness of England is nearly
four thousand millions of dollars Imagination
itself recoils before the consideration of such an
amount Yet had the ministries Of George III.
and the Prince Regent shrunk from the re-
sponsibility of mortgsgng the future industry
and possessions Of every descendant of Eng
lishmen then alive, the United Kingdom would
now be fourth rate Power, not impossibly an
appendage of France, like Algiers. Created
as the debt of Great Britain was, every pound
sterling expended, was poured back into Eng
lish Golfers, and the very subsidies with which
foreign allies were enabled to continue hostili-
ties, kept alive British manufactures, and were
paid in British merchandise Unborn genera
tons were thus enabled to foster and keep
alive, with the wealth, appropriated in advance
Of its creation, a trade and commerce which
would otherwise have persisted, and with them
freedom, nationality, and the high place among
the Powers Of the world which England holds.
The work in which loyal citizens of the Unit
ed States are engaged, is sacred and holy. The
patriotic sentiment which, after the lombard
ment Of Fort Sumter, sprang forth, from pre-
vious apathy, into solemn resolve that the
country should be restored to its lost position
of greatness and unity, was neither shortsight-
ed nor unenduring. 1t was the result of
spontaneously keen perception of the fact, that