Evansville daily journal. (Evansville, Ind.) 1863-1866, 1863-11-20
Increasing Debt Increasing Capital.

The following article, contributed to
the Toledo Blade by distinguished
writer on Western statistics and pros
poets, tends to alleviate the popular fears
of the burden of the war debt. The
writer shows that the debt adds so much
more to the. active capital of the country,
which was just what it lacked to become
as rich as England. 1t is evident that
the principles of finance have been en-
tirely misunderstood in the past.
WHAT WILL CONE OF THE GREAT Re-
BELLIoN.-As nation, we have failed to
grow rich and civilized as rapidly as we
should, owing to lack of active capital
to develop our national resources. In
that respect England has had the advan-
tage of us, to large extent For fifty
years she has recognized, through all
departments of industry her four thous-
and millions of dollars of debt as so
much money at market value, in spe-
Gle, of ninety cents on the dollar The
confidence her people feel in the integri-
ty of the Government TO pay interest, at
the rate of thirty per cent, induces them
to use thlrty-slx millions as the equ1va-
lent of the same amount of gold. What
capital to work onl Who can esti-
mate the wealth that has grown out of
its use2 Britain is now, by great deal,
the richest nation on the earth. We,
too, have tried to make and use credit
capital as substitute for ready money.
But, with the banking operations of some
of the New England States, and of few
others, it has failed of success. I'm
friendly or dishonest legislations have
had much to do in destroying confidence,
without which there can be no success in
human affairs
A national bank has been twice legis-
lated up and then legislated down.
State Banks have been chartered and af-
terward cried down by party violence.
No system of credit has been stable ex-
cept in Massachusetts, and one or two
other States, the prosperity of which
have been in marked and favorable con-
trast with that of States which have put
down or CRIPPLED credit institutions.
The present condition of our credit
system-National, State and corporate
appears to be much more stable and re-
liable Our National Government has
passed from the slave power, always un-
friendly to the prosperity of the free
States, into the hands of men who re-
spect and who will protect free labor.
We now expect favorable and stable leg
islation. Confidence in our Government
is growing stronger day by day. Its Oh
legations, under the influence of that
confidence, are attaining an established
cash value. The use of these obliga-
tions, in the various forms of bonds large
and small, treasury notes, certificates,
&c, will add very large amount to the
floating capital of the country. Twenty
hundred millions will, probably, be in the
hands of the public before the termina-
ton of the year 1864 What proportion
will be represented by bank notes under
the new bank system, it is premature to
say-doubtless enough to form an abun-
dant circulating medium But the whole
amount will be in a condition to be used
to make payments in new fields of enter
| prise and the extension of old establish
ments in which success is promised and
probable New mines will be opened
anu WOEheOi new mdhuidCtaI0S viii oO
undertaken and old ones enlarged. Prog
ress more rapid than has been heretofore
witnessed will be made, in all depart
ments of industry and in all the require
ments of an advanced civilization. Our
means to pay labor, skilled and unskilled,
will be so ample that millions will leave
the over-peopled portions of Western Eu-
/ rome and make their homes with u.s.
England will now feel the effects of our
competition in the fields of skilled labor,
since our capital will have become a
match for hers, and our means of sus-
tanning great population will be great
ly beyond what she can offer. a-
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