The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-10-21
From the Pittsburg Gazette
The NATIONAL DEBT.


There have been three periods ben the Ma
'iofa denr Of the Uuited States ran up 10 high
lELfcs Tie first Of these VA in 1871. when
&c auoua Ted 20 ahOut s. 600. 600. and bore the
DioPoflrn OF about II per cent. 70 the sggre-
gate tsxthi- property Of the country. Between
/ th1t period and the var OF lsl2-l5 this revoiu-
Sona,y crot was reduced 10 les than one halt.
lu 1916. whei tie debt OF the l4st mentioned
~af ~a- funded, the aggregate amount Hss up
T "a - 49, ; SiZ1 600 uuV, Nnich bore proportion
f % the aggregate taxable valuation OF the coun-
nv OF about lo ~ per cent. Both these debts
were held principally by foreigners, ana eonse-
qnently ihe payment OF inte est ~as a perpetual
Grain upon the coiu OF the country. Al those
periods ~e had To mines Of gold from shich TO
'epieui~b the exhausted channels of circulation,
and but litle ex1ott trade 70 maintain financial
equilibrium with Europe. We had then hardly
any msnuidciure-, but we're dependent upon
E"f"pe and India, and upon the good old family
-pinaiug Nheei, tor al our clothing, and upon
i'r~iEuer- tor almost every article OF comfort
luxury an0 cohFeuleuce Under such circum-
-tauces, and 10 sucb Conditions OF national indus
Try ana commerce, a national Ce0t due mainly
10 foreigners, was \ crushing burden, aud public
sentiment s,eruly demanded iis houidatioc which
Nofk was begun bs Mr. Monroe. and was com.
peted dufiu- the second term of Mr. Jacksou's
administration.
The War with Mexico created another small
natiOnai debt; but the amount was so triaiug
compared With the national resources that Il :
not worth mentioning in this CONNECTION. Then.
fsain, under the rascaly hnanciering that pre-
eahed DUNG Mr.. Buchauau's administration
mo'ty was borrowed 10 replenish the national
cohers at The enormous rate of II per cent and
AIT, her d. ~ pst
cy OF the democrats be had about him to bank.
rupt Tire treasury and ruin the nation. it Is hard
y worth willie TO mention his national debt il,
TINS connection
We no" coue % the great debt, created bv
the present war, and which is still increasing
lts aggregate T. over twelve hundred millions
and before We are thrOu- b il NAV swell uD even
10 TWO thousand millions. But let u speak OF
lt ~ ii l., not as 10 may be. AT present il bear
a proportion OF about . per cent. to the aggre
gate saiuauOn OF the property OF the lOyal States
tno consequently Il about ] per cent less. rel
4uvely, than was the debt OF 1916. and NOT
much more than half onerous as was the rev
OlutiOuars deOt OF 1871.
But our present debt is altogether unlike the
iorIner great debts OF the nation. TIE national
bonds were then, as already iutimated. princiaal
~ ~ the hands OF foreign bankers. while those.
mus the senii annual interest, instead OF being
carried IN large masses of coin to Europe, never
10 return, ho~ through thousands of channels
among our own people, causing, instead of a de
pletiug aud exhausting drain, a wholesome and
yiviiSIng current OF sound circulation, stimula-
ting every kind OF business, aud affOrding basis
Tor Il safe and abundant currency. Its weight
Ike that Of the all surrounding atmosphere, l.
great, vet unieit-impartiug buoyancy, not caus
ing depression
There are many advantages arising from this
domestic debt Il binds thousands aud thousands
ot Influential citizens to the Government. and
msure- their fidelity TO it, by the strong bond-
Of private individual interest. aud secures all
heir influence aud activity in the maintenance
OF its integrity, power and credit.
Another il, that ii secures perpetual protec
lion to the manu- iacturer and rescues his inter
est and capital from the vicsitudes 70 which they
nave long been exposed from party changes and
the whlius, csprices and III dgested theories OF
politicians. 1T It would maintain itsof tho gov
ernment Is bound 10 sustain the great industrial
interests OF the country.
Another benefit will be that men will be more
careful IN the selection of the agents into whose
hands they commit the interests of the nation
tor they will feel that they have more at stake
han they ever had before.
Whatever else we NAV fear in these trouble
some times we NAV dismiss all apprehension Oh
tccOunt of the national debt iI Is held by our
own peOple-nOf by our bankers and Capitalists
out bv our own PEOPLE, our workers. our voters
Il l. our great auch. r., and already We are feeling
benedcent power, as the vessel Of State
tosses on the suTgiug bill0ws.