Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-03-05
ADVANTAGES OF BEING IN DEBT.

10 O6 ID UeUt Dut II lnls pPihiuu is iStu WIN
out qualification, something may be said
against it. The shiftless spendthriit is sure
to be in debt to the full extent of his opportun-
tiles, without expectation or possibility of
making payment. The unfortunate man may
Unexpectedly find himself in debt beyond his
ability to pay, and this is a situation which it
is impossible to regard with satisfaction. On
the other hand, the shrewd and successful
money maker, who is sure to pay what he
owes, understands that indie btedness, iudicious-
ly contracted, is a constant Indictment to
economy and enterprise. lie maintains that
the art OF thriving consists in being constantly
in debt for something valuable as property.
He deems this policy necessary to secure the
most active and unremitting attention TO bus
mess. In his view, debt "saves money" by
eonstrainlng him to practice economy, and to
be always on the alert to secure means to sat
isty its demand tor payment. If it were our
purpose to analyze this argument in favor of
being in debt, something might DE said of that
questionable philosophy OF life on which it is
based. Those who adopt the policy it ndi.
Gates should be sure that they have the saga.
city, industry, and persistency OF purpose nee.
essary to make it successful.
But, leaving this point, we suggest that if
debt has advantages, they are likely TO be
illustrated by our national experience during
the next thirty years. We shall have ma.
tional debt amounting to from six hundred
million to a thousand million dollars, very
much smaller than that of several European
governments, and quite within our ability to
pay, burthen, nevertheless, that will be felt
Most OF us have contemplated this inevitable
accumulation OF debt with doubt and dismay.
1t has seemed to many impossible to pay it,
and they have felt very sure that it must end
in national bankruptcy. And so it might end
if we were all like the Spanish American PEG.
lie on this continent; or like the people of
he Turkish empire. But, with us, it can not
end in that way. Careful study Of our ma
tional character and resources, with little
reflection, will quickly dispel uncomfortable
Rpprehensions in regard to this matter. The
debt would be paid without any very serious
trouble should it become twice as large as it is
hASiJ " DCs DG HUTlu6TI states alone could
bear ii without any danger of bankruptcy, for
we number twenty millions of enterprising
people, with a vast amount of territory rich
in natural resources, and commercial adyan
tages of which nothing can deprive us
1t may be that this debt will become as
much blessing as a calamity. 1t will have
an important influence on our habits of expen.
diture. We have been a very extravagant
people in the matter of personal expenses.
wonderful and long-continued prosperity has
encouraged US to be lavish. No other people
on earth has been able to do as the mass of
our people have done in this respect. We
can retrench and adopt simpler habits OF life,
without any serious loss of comfort. Proba-
bly, we shall not go so far in this direction as
We can well afford but, under the pressure of
debt and taxation, we shall become more con-
siasrate and careful. We shall spend less for
luxuries OF foreign production, and cultivate
closer economy and, in the course of a few
years, we shall save in this way much more
than it will cost us to pay the national debt,
besides making serious improvement in char
acter by checking the tendency TO extrava-
gance. 1t may be true, as Walter Savage
Lander says, that "a man is not weaker in
mind or body for eating a turbot in preference
to roach, or peacock in preference to
raven" Nevertheless, there is a gain, even to
character, in the simpler diet and style of life.
The present embarrassment Of the country
Will not be wholly calamilous if it shall con-
strain US to acquire it.
This pressure of public debt will also pro.
dsce more economy in the expenses of the gov
ernment and closer management of the ma.
tional treasury. For the last twenty or TWEEN
ty-five years, with full treasury and no pub
lie debt to provide for, our national expendi.
lures have been careless and exlrayagant;
and dishonest officials have plundered the
treasury without exciting that wholesome in
dignation in the people which their crimes de-
manded. The people generally have not
given full attention to the facts. There has
been no taxation to make them feel a direct
interest in The financial proceedings of the
government, and, therefore, they have failed
to subject their representatives, in congress,
anu thS 'aiiOuS olhCldio COuueCteu WIFI the
government, 10 that wholesome scrutiny which
would have lessened extravaganza and prevent.
ed most of the frauds on the treasury. All this
will be changed. Heavy taxation will make
all the people alive with attention to the uses
made OF their money by the government; and
tue government itself will be constrained by
its own necessities to prevent useless expendi.
turs and guard tho treasury with a more
rigid care. This change alone will save three
or four times as much money as will be re-
quired to pay the interest on the public debt
Oh course, the expenses Of the government
will continue to be very heavy while the wal
lasts, but, hereafter, money will not be spent
so carelessly, and the warfare against treasury
thieves will become more and more fierce, re-
lentless, and effective.
1t will be found in our future experience
we think, that the debt we are contracting is
not by any means the greatest calamity that
might beiall us. Ii is an evil out OF which
much good will come, Besides developing
our financial strength as a nation, to an extent
thAt may astonish ourselves, or, at least, those
among US who have seen nothing ahead but
rum 1t Will contribute something to improve
the habits and elevate the character Of o,,r
people.
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