Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-13
The Future of Our National Debt.

pus suspended-Abe Lincoln is a tyrant-
to the rescue CoPPerheads |"
The Future OF Our National Debt.
Many carefzl and prudent men look up
on the increase of our national debt with
some foreboding. Let US examine the
whole subject fairly, and see If we are not
oHly able 10 pay our present, but any reas-
enable further debt that the exigeucies of
war may compel Us to incur, and that the
payment will neither be difficult, or exces-
sively ouerous. Let Us see what are the
facts.
Unlike an individual who is unable TO
count with certainty upon increased aoili-
ty to pay in the future a debt he contracts
in the present, the country is sure 10 iu-
crease in wealth and population. IL ap-
pears from the census returns that the in
crease in the value OF real and personal
property in the United States, from 1870 to
1850. was from S3,774, 900, 600, in 1910, to
6,l74 600 900, in 1850, or Ga per cent
The next decade shows a still greater ad-
vance in general prosperity and riches
For, in that period, the yield OF our gold
mines, the extension of our railroad system
aud consequent opening of new fields for
agriculture, our large immigration, and the
stimulus given to every branch Of manu-
factures aud the mechanical arts, raised
the rational wealth from So, ia ,OOO,OO in
1850. to the enormous aggregate Of Sl4,-
1873 600 600, in 1860, or l2T per cent, OF
which $40, TIC, 900 was owned in the
loyal States.
Is there any good reason to believe that
we shall not continue 70 prosper as We
have doue-eIcept from the chances Of war
which can only modify aud not change the
character of the answer TO the question
that the nation will not continue TO nearly, /
if not quite, double its wealth every tee 4
years for several decades to conner We /
have but just begun to work our gold mines (
and the vast body OF our mineral wealth |
is still uudeveloped. We have fertile lands /
enough for an empire that the plow .
has never touched, aud il is only in this 4
generation that science and art have fairly |
begun to open the doors and show the way |
towards our future material greatness.
But experience of what others have done /,
will best tell Us what we may righttully |
expect to do. Let US compare our coBdi-
ton with that of Great Britain, during one
of the gloomiest periods of her financial
history. At the end of her great wars in
1916, her wealth was estimated SlO, 400,
600, 600, or more than IL per cent. of her
entire property In 1861 her property was
stated at S3I, SOC, 900, while her debt
was So, $50 100000 or was charge on the
property of the country of only about l25
per cent. 1t needs no argument TO show
that the weight of the burden Of this debt
is now but one-third of what it was when
contracted.
We do not wish TO deceive ourselves
on either side OF the question. Debt is
always bad enough, but we should look
the facts squarely in the face, and accept /
whatever deductions we have right to
draw from them as truth. In spite of |
the war, we believe the Northern States |
are as rich to-day as they were three years /
ago. Such a demand for labor was new
er before known, and never before so well /
paid. War destroys, but our land Of in~ |
dustry has never for moment ceased to /
create, and the creation will more than
balance the destruction. Large as our
losses of brave and gallant men have
been, the population of the country has
steadily increased; and unless some
scOurge such Us never visited a nation
should come upon US, unless we should
be utterly destroyed, or dismembered
and broken to pieces by yielding to the
demon of Secession, there is no human
power that can arrest our continued prog
ress and development Ali wars have
ended as will ours. Let US hope that II
may be soon; but when it is ended, and
as it must be, this country
is bound to take position in population,
wealth and vigor, that will make its debt
so small in proportion to its wealth, that
the most timid man will laugh at the vain
fears thatmay once have over-clouded his
yisOn.