Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1864-05-12

clude that we shall never be able to pay
it. These gloomy pictures are gener-
ally drawn by men whose sympathies
are with the enemies Of the country, or
whose political interest require such
representation of affairs as will induce
the belief that the country is ruined, or
can only be saved from ruin by the
elevation of their party to power. Let
us examine this matter little. Debt
is always bad enough, but we should
look the facts squarely in the face, be-
fore we determine whether this debt
win ruin us or not This debt is prin.
cipally taken by citizens Of the u. s.
The surplus capital Of the country has
been invested in it. The money is due
to the people, and the interest is paid
to them. The'orty, eight millions of
gold, the annual interest of the present
debt, is raised from duties, which are
paid by consumers, and falls upon the
people only in proportion to their abil-
ity or inclination to consume foreign
wares and merchandise, upon Which these
duties are levied and is paid to the peo-
pie Of the country, thus the wealthy or
the consumers of luxuries will pay the
interest Of this debt. Let us see now
what the capacity Of our country is to
pay the principal 1t will be seen from
the above estimates of receipts from
customs, that there is an annual surplus
of receipts, over the amount necessary
to pay the interest Of the funded debt,
about $50, 100000. This alone as a sink
ing fund would pay two thousand mil
lions of dollars in less than thirty years
BY the new rates of duties passed by
Congress it is estimated that on the
same volume Of gross importation, as
in 1864, the revenue will be S110, ,000,-
900 or S115, 100000.
Aside from this view of the case we
call attention to the following facts and
figurers compiled from census reports
by the "New Yorker" as evidence OF
our capacity to pay not only the inter
est but the principal also Of this debt
1t appears from the census returns, that
the increase in the value Of realand per
sonal property in the United States from
1910 to 1880, was from three thousand sew
en- hundred and sixty-four millions ($3, 1884,
000,000) in lS40 to six thousand one hun
dred and seventy. four millions ($6, l74, ,0OO,.
000) in 1850, or Ga per cent. The next
decade shows still greater advance in gen
eral prosperity and riches. For in that
period, the yield of our gold mines, the ex
tension of our railroad system and conse
quent opening of new fields for agriculture
our large immigration, and the stimulus
given to every branch of manufactures and
the mechanic arts raised the national wealth
from six thousand one hundred and seventy.
four millions ($6,l74, 900, ,OOO) in 1850 to the
enormous aggregate OF fourteen thousand
one hundred and eighty three millions
$l4. .l83, 3,000, ,o00) in 1850, or 1877 per cent.
OF which ten thousand seven hundred and
sixteen millions ($l0,7l6, GOO, ,O00) Uas opn
ed in the loyal States. Is there any good
reason to believe that we shall not contius
to prosper ss We have doLs--( Except from
the chances Of war, which can only modify
aud not change the character of the answer
to the question, THAT the nation will moi
continue to nearly, if not quite, double it.
wealth every ten years for several decade.
to come? We have but just begun to work
our gold mines, and the vast body of our
other mineral wealth is still undevelopsd
We have fertile lands enough for an empire,
that the plow has never touched, and il ID
only in this 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 rightfu,ly OK
pect to do. Let us compare our position
with that of Great Britain during one
Of the gloomiest periods Of her financial his
tory. At the end of her great wars in 1916,
her wealth was estimated at ten thousand
four hundred millions ($lO, 400, ,000, 900 and
her national debt Of that time was four
thousand three hundred ($4 300, 900, ,OOO) or
more than Al per cent Of her entire pro.
perty In 1861 her property was stated at
thirty-one thousand five hundred millions
1881 500, ,000,000) while her debt was three
thousand eight hundred and ninety millions
$3S90, 900, 00O) or was charge on the
property Of the country Of only about 12i
per cent. IL needs no argument to show
that the ,oeigM Of the burden Of this debt
10 now, but one-third what it was whom CON
tractsd.
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