Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-10-21
THE NATIONAL nERr

"0io nave Deeu tIree peFlouS Wnen the n a.
| tionaldebt of the United States ran mp to high
| hgures. The first of these was in 1871, when
| it amounted to about S71 900 900, and bore
the proportion of about IA per cent. to the ag-
gregate taxable property of the country. Be-
tween that period and the war of lSl2-l5 this
revolutionary debt was reduced to less than
one half.
In 1916, when the debt of the last mention
ed war was funded, the aggregate amount was
upwards of Sl27 100000, which bore a pro-
portion to the then aggregate taxable valua-
tion of the country of about IO5 per cent
Both these debts were held principally by for
elgners, and consequently the payment of in
terest was perpetual drain upon the coin Of
the country. At those periods we had no
mines of gold from which to replenish the ex-
hausted channels of circulation, and but little
export trade to maintain a financial equilibri-
utn with Europe. We had then hardly any
manufactures, but were dependent upon Eu-
rope and India. and upon the good old family
spinning wheel, for all our clothing, and upon
Foreigners for almost every article of comfort,
luxury and convenience. Under such cIrcCm-
stances, and in such conditions of national in
duStry and commerce, national debt due,
manly TO foreigners, was crushing burden,
and public sentiment sternly demanded its
liquidation, which work was begun by Mr.
Monroe, and was completed during the second
term of Genera l Jackson's administration
The war with Mexico created another small
national debt; but the amount was so triflipg
compared with the national resources, that if
Is not worth mentioning in this connection.
Then, again, under the rascally financiering
that prevailed during Mr.. Buhcanan' IS admin
istration, money was borrowed to replenish
the national Golfers at the enormous rate of
II per cent, and another little debt created.
But as it was the policy of the democrats he
had about him to bankrupt the treasury and
ruin the nation, it is hardly worth while to
mention his national debt in this connection
We now come to the great debt, created by
the present war, and which is still increasing
Its aggregate is over twelve hundred millions
and before we are through it may swell up
even to two thousand millions. But let US
speak of it as it is, not as it may be. At pres
ent 1T bears proportion of about per cent
to the aggregate valuation of the property of
the loyal States, and consequently is about II
per cent. less, relatively, than was the debt of
1916, and not much lore than half as oner-
Gus as was the revolutionary debt of 1891.
But our present debt is altogether unlike
the former great debts of the nation. The ma
tlonal bonds were then, as already intimated
principally in the hands of foreign bankers,
while those of the present are held by our own
people; and thus the semi-annual interest, in
stead Of being carried in large masses of coin
to Europe, never to return flow through thou
sands of channels among our own people, ,caus-
ing, instead of depicting and exhausting
drain, wholesome and vivifying current of
sound circulation, stimulating every kind of
business, and affording basis for safe and
abundant currency. Its weight, like that of
the all-suirounding atmosphere, is great, yet
unfelt-imparting buoyancy, not causing de- |
preston.
There many advantages arising from |
this domestic debt. 1t binds thousands and |
thousands OF influential citizens to the Gov
and insures their fidelity to it, by |
the strong bonds of private, individual inter-
est, and secures all their influence and actiyi- |
ty in the maintenance of its integrity, power |
and credit.
Another is, that it secures a perpetual pro-
lection to the manufacturer; and rescues his
interest and capital from the vicissitudes to
which they have long been exposed from par
ty changes and the whims, caprices and ILL
digeSted theories of politicians. If it would
maintain itself, the government is bound to
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; for they will feel that they have
more at stake than they ever had before.
Whatever else we may fear in these troub-
lesome times, we may dismiss all apprehen-
sions account of the national debt so long
as that debt is held by our own people-not by
our bankers and huge capitalists, but by our
own PEOPLE, our workers, our voters. 1t is
our great anchor, and already we are feeling
its beneticent power, as the vessel of State
tosses on the surging bilows.-PiHs. Gaeette.
How SOON WE FoRGET.-A leaf is torn from
The tree by rude gale, and borne away to
some desert spot to perish Who misses it
rom amongst its fellows Who is sad that it
las gone Thus it is with human life. There
ire dear friends, perhaps, who are stricken