Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-07-27
From Macauley's History Of England.
The National Debt Of England
! It's origin. History and MannEement.

The National Debt OF England
Its origin. History and Management.
On the 18th of December, 1892, tn,
House of Commons resolved into a Com
mittee of Ways and Means. Somers tool
the Chair. Montague proposed to raise
million by way oflcan; the proposition wa
approved; and it was ordered that bill
should be brought in. The details of the
scheme were much discussed and modified
but the principle seems to have been pop
ular with all parties. The moneyed mer
were glad TO have an opportunity of in
vesting what they had hoarded.
The landed men hard pressed by the
load of taxation, were ready to consent Il
anything for the sake of present ease
No member ventured TO divide the House
On the Goth of January, the bill was
read the third time, carried up to the
Lords by Somers, and passed by them
without any amendment.
BY this memorable law, new duties
were imposed on beer and other liquors.
These duties were to be kept in the ex-
chequer separate from all other receipts,
and were to form a fund on the credit of
which million was to be raised by life
annuities. As the annuitants dropped
off, their annuities were to be divided
among the survivors until the number of
survivors were reduced to seven. After
that time whatever fell in was to go to
the public. 1t was, therefore, certain that
the eighteenth century would be far ad-
yanced the debt would be finally eXtin-
guished. The rate of interest was to be
ten per cent. till the year 100, and after
that year, seven per cent. The advan-
tages offered to the public creditor by this
scheme may seem great, but were not
more than sufficient to compensate him
for the risk he ran. Itwas not impossible
that there might be a counter-reyolution,
and that those who. had lent money to
William would lose both interest and prin-
ciple. ---..- ....
Such was the origin of that debt which
has become the greatest prodigy that ev-
-er perplexed the sagacity and confounded
the pride of statesmen and philosophers
| At every stage in the growth of that debt
the nation has sent up the same cry oi
anguish and despair. At every stage in
the growth of that debt il has been seri,
ously asserted by wise men that bankrupt.
cy and ruin were at hand Yet still the
debt went on growing; and still bankrupt
cy and ruin were remote as ever. When
the great contest with Louis XIV. was
finally terminated by the peace of Utrecht,
the nation owed about ESQ, ,000, 900. and
| that debt was considered not merely by
! the rude multitude. not merely by fox.
hunting squires and coffee-house orators,
but by acute and profound thinkers, as
an incumbfance which would permanent
| ly cripple the body polite. Nevertheless
trade fourished, wealth increased. the
nation became richer and richer. Then
came the war of Austrian succession, and
the debt rose TO GS0,000. 900. -Pamphlet.
eers, historians, and orators pronounced
that now, at all events. the case was des.
perste. Yet the signs of increasing pros
perity, signs that could neither be eoun-
terfeited nor concealed, ought to have
satisfied observant and rejecting men
that a debt of ESQ, 100000 was less to
England which was governed by Pelham
than debt of ESQ, 100000 had been to
England which was governed by Oxford
Soon war again broke forth; and, under
theensrgetic and prodigal administration
of the,f first William Pitt, the debt was
swelled 10 .el40, ,000, 600. As soon as the
first intoxicstion of victory was over men
of theory and men OF business almost
unanimously pronounced that the fatal
day had now really arrived. The only
statesman, indeed, active or speculative
who did not share in the general delusior
was Edmund Burke. David Hume, un
doubtedly one of the most profound po
| litical economists of his time, declared
that ''our madness had exceeded the mad
ness of the crusaders" Richard de CBul
Lion and Saint Louis had not gone in the
1 face of arithmetical demonstration. II
was impossible to prove by figures that
the road to paradise did not lie through
the Holy Land; but it was possible Il
fprove that the road to national ruin wa
through the national debt. 1t was idle
however, TO talk about the road; We haC
4 reached the goal; all was over. All the
revenues of the island north of Trent anC
! West Riding were mortgaged. Better fo
us to have been conquered ty Prussia o.
Austria than to be saddled with the in
terest of debt of E140, 100000.
| And yet this great philosopher, for sucl
he was, had only TO open his eyes and Il
see improvement all around him-citie
increasing. cultivation extending, mart
LOO Sludll lot Iu6 CEOHQ Oi DuS SoTS anu SCH
ers, harbors insufficient 10 contain th'
shipping, artificial rivers joining the chic
inland seas OF industry 20 the chief sea
ports, strests better lighted, houses bette
/ furnished, richer wares exposed to sale il
statelier shops, sYifter carriages rollins
along smoother roads. He had, indeed
only TO compare the Edinburg of boyhooC
Ito the Edidburg of his old age. His PIE
1 dietions remained to posterity, memora
ble instance ofweakness from which the
strongest mind is not exempt. Adam
Smith saw little and put little, farther
He admitted that, immense as the burder
was, the nation, did actually sustain j
and thrive under it in way which NJ
lone could have foreseen. But he warned
his eouutrymen not to repeat so hazard
Gus an experiment The limit had beer
Preached. Even a small increase nigh
be fatal.
Not less gloomy was the view whicl
.iGeofge Grenville, a minister eminentll