The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1862-01-30
The Public Debt.-Vhat We Car
Bear.

i t0 NOW YIN LNVs''S
the great struggle with Napoleon IN
creased the British national debt III
twenty two years by the vast sum OF
cool ,5Oo,346, equal to more than three
thousand millions Of dollars. In 1893
Great Britain aud Ireland had a popu
~lation ofless than fifteen millions; and
the government entered upon the war
with a debt Of over $3.50, 600 600, or
about eleven hundred and ninty-tiv"
million ofdollars; and an annual revenue
of about one hundred million dollars.
| In twenty-five years 1t borrowed three
thousand million dollars, besides increa-
sing the taxation to such an extent that
during the period from 1903 to lSoi
the annual revenue averaged forty-s'x
millions pounds stcrling-s230, o00, 900
with \ population of a little over 10
millions j; and in the succeeding period
Of 1901 to 1915, with a population Of
somewhatover seventeen millions (,hrcc
millions less han that of the loyal
States the annual revenue reached the
enormous suxl of three hundred and
forty millions Of dollars. At the close
Of the French war in 1916, Great Brit
tain owed over four thousand two hun
drcd millions of dollars, and had on her
hands 4 military and naval establish
ment a hundred times mere costly than
our own will be at the close of the pre-
sent war; while her natural resources,
though great, were not nearly so vast
as our own.
Great Britain is held up as an example
for us to follow her wars are levied to
spread herpower at the expense Of other
nations. But We may vel! turn to this
part Of her history for encouragement
in our own affairs. During the greater
part Of the period above mentioned she
was at war with half the world, and
had the other half in her pay. With
her prayed upon by hostile
cruisers with her merchants unable to
dispatch a cargo without an expensive
convey; with her products excluded
from the Continent; with every disad-
vantage to her industry, her rulers and
people steadf.stly kept in mind the
great principle that, when you want a
new loan, you must first devise a new
source Of income ; and that the way to
keep up a nations credit is to borrow
as little as possible, and raise as much
as possible by taxation. In 1913 the
total expenditure Of Great Britain. was
f1ls,o0O,oO0 five hundred and ninety
million dollars. She had in that year
one million one hundred and seven
thousand men under arms, and a fleet
OF one thousand and nine ships, Of
ofwhich 613 were in commission. She
had a population Ct less than eighteen
millions, and from this was raised in
that year a revenue Of fGs, t00,00o--
three hundred and forty million dollars.
That is to say, the rcvenuc Of the year
betrayed considerably more than halt
the vast total expenses. In 1914 the
British revenue was nearly equal to the
previous years; and in 1915, the year
Ct greatest expenditure, the total ex-
pcnscs grew to Gioo,00c,' 0o-six ihun
dred and thirty-six million dollars; but
with a courage and wisdom which We
must emulate if we value our credit,
the revcnuc was also raised, and grew
in this year to ELS, 500, oO0-three hun.
drel and seventy six million dollars.
Here we see not only what a nation
in earnest can do, but also what we
must do if we do not mean to sink ON
credit, and disgrace that fair name
which We have for years held in the
money markets Of the world. It de.
Ponds upon our Legislators to tax tho
nation properly. Let them have the
nerve and the wisdom Of honest men,
who can bear to look affairs in The face
and are determined by all means to
present a fair balance sheet to the world
and we shall be all right. And the more
because we shall be our creditors.
Hitherto we have not looked abroad for
financial aid-at present, it is well to
add, We need not look there. The
paper money plans advocated by some
Of our financiers, and the hesitation and
insufficient measures Of Congress have
brought III affairs tn such a pass that
foreigners would not care to look at our
bonds were they offered to them. Let
our rulers do their duty, and that without
further trifing, and this growing dis
grace may be cured almost at G
The state Agricultural society.