New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-28

waters Ol the IotOubC, uuu W "dSlo -" viz
rebel frontiers tho most precious heritage evcr
held by a generation, ratter than strike an
earnest manly blow at the foul system which
has put all in peril. Weigh well the wisdom
of policy which will regolltionize, if it do not
ruin us.
little more than two years ago John
BroVn, with only seventeen men, made the
whole South quake with confederation. To-
day 100000 men hang upon the frontiers Of
that same South, eating away the substance Of
the nation aud hurr!ipg US headlcOg into
repetition, in the New World. of tho injustice
under which Europe groans--tbe injustice OF
mOr,gaging, not merely tie industry Of our
own generation, but the industry Of countless
generations who are 10 come after us.
The COMMENCEMENT of the period of Public
Debt in England found the people in com
paratiVely happy conditions; humorous cla's
Of small landed proprietors; an Independent
yeOmanry; an Industrious and well PAID mana-
featuring population diiiused through several
districts. The agricultural IabOrers lived, for
borders Of the common lands belonging to
every township. Every man able and wiling
to werk had good, substantial fare, aud stroJg,
homemade clothing. The pOor-rates were
small in amount, though distributed with liber-
atty. Bankruptcies seldom occurred, for the
gains of labor and of trade were sure and
constant. IS the debt increased in magnitude
the small landed proprietors disappeared, as
we'll ~ the cottages and gardens on the
borders Of the common lands; the very meme
Of "yeomau" was Lost; the laboring p0pula-
ton, agricultural aud manufacturing, was
crushed into pauperitm and crime, aud The
traders were continually driven into bank
rptcy. Out OF this widespread ruin and
desoation grow up a class OF spectators N
flnds lOal-morgers, contractors and CON.
missaries, who dfew into great Lengs the
wealth ot which Che people were despolcd ~
tie customs officers ard taX-gatLegef. TIE
number Of baukrupts increased iiyeio.d, While
population doubled; the coat of living-thc
Larest subsis.euce-increa cd twofod but
wages were enhanced only one-baf; and, while
wages thus Jagged behind prices, taxes IN
creased in fearful ratio constant and coz
responding increase in the poor-rotes testified
TO the ruinous nature OF the revolution go.as
On. and afforded an exact measure Of the de-
scepdDg career Of tie people, indicating fifth
iui,y the successive levels Of degradation 20
which they we've forced.
Here, in few periods are the outlines OF
tie history Of q people loaded with great
PuLlic Debt. Let those who speak bppan'ly
of fastening thil national malady npon The peo-
pie OF this county explore the heaigendiDg de-
,ails ct THE op..onled account oi nations
wees.
Ire phenomena here exhibited arc tie iuey-
table couccmii4nts Of great Public Dett
Tee tax placed upon the commodities which
cntor into general con,unption il sure TO como
ms.nly irom tie people ot email or moderate
means, AMI il 50 much dead weigh. placed
upon Labor, only increasing the gains OF those
who have MONEY to lend. The system, ia its
perfection. .s the denial 70 tho working people
q. adequate wages and proper food aud yet
requiring them to supply tie revenues Of The
state.
The most falacious of oil the arguments put
forward-in ts favor il that It strene tbens the
Government by directly interesting the people
IN its continuance. A strong moneyei interest
Is undoubtedly thereby committed 10 ia main.
tcnance; but IN times Of peril and disaster il
Is ia the masses Of the people that . goye.a-
meEt fGds its main support or encounters lis
most dangerous enemy. The great funded
debt Of Enslan is held by bat an iucoD5ders-
Die portion of her population. One-thri of the
whole amount is held By abou. $50 loan-mon-
gers, many OF them foreigners; fully one-baii
is held by about 2,000 persons; while cOnsid-
erably less than 800 900 hold the entire Debt.
So far from being an element Of strer 9Th, the
Public Debt of England is her one vulnerable
point. Before tho exigencies OF public credit.
England naughty and defiant as shc now
seems, has more than once qGaied, and borne
patiently, ~ every student OF her h.s'Ory
knows, inyasions Of her traditional policy
which, under other circumstance. che would
have resented with war.
Let the events Of TIE last Elk months rebuke
those who speak with complacency Of the
fastening upon our people of that great
national calamity-a public debt. There Is
no support Tor a Government 50 sure rs that
which is found in millions Of intelligent, proc
porous, and happy irceaen, each one Of whom
ia bound To i b. the consciousness of rights
held sacred, AID OF unequalled opportunities
cor ,-o,-aea