The Goodhue volunteer., 1864-05-25
Misrellanenas 8eading.
THE ENGLISH DEBT.
ITS ORIGIN, HISTORY AND MANIAC
MENT, -

|
! MENT. -.
On the 18th Of December, 1892, the
House Of Commons resolved itself into 4
committee Of ways and means. Somers
took the chair. Montague proposed to
raise million by way cflsan the propos:
ion was approved /; and it was ordered that
. bill should bs brought in. The details OF
the scheme were much discussed and mod.
ified /; but the principle seems to have been
popular with Ill parties. The noneyed
men were glad to have an opportunity Of
investing what they had boarded.
The landed men, hard pressed by the
Taxation, wer. ready to submit to anything
for the sake Of present ease. No member
ventured TO divide the House.
On the 10th Of January the bill was read
\ third. time, carried up to the Lords by
Somers, and passed by them without any
amendment.
Such was the origin Of that debt, which
has since become the greatest prodigy that
ever 'perplexed the sag.city and ceniounded
the pride Of statesmen and philosophers. Al
every stage in the growth OF that debt, the
patisn has set up the she same cry of an
Gul*h and despair. At every stage in tho
growth OF that debt, it has beon .eriousy
asserted by wise men that bankruptcy and
ruin were at hand. Yet, still tho debt
went on growing, and still bankruptcy ard
ruin were as remote as ever. When the
great contest with Louis XIV. was termi-
mated by the peace Of Utrect, the nation
owed ab~Lt ity milli,As; and that debt
WAS considered, not merely by the rude
mutit"1e. no: merely: by fox hunting squir
Is and coffee house orators. but by acute
and profound thiukers, ~ an incuubrance
which would permanently cripple the body
rohtio. Nevertheless, trade hourished
wealth increased the nation crew richer
and richer. Then came the war Of AuI.si
sn s'ccssai~n; aud tho debt rose to eighty
millions. PanphIeteers, historians and OF.
stors pronounced that uow, At I'll events
our sass WAS desperate. Yet the signs Of
increasing prosperity, signs which co~ld
esther to couuterleited nor concealed
ought to have satisfied obseryant and 70
ascting men thas debt 0: eighty million,
was less to England which was governed
by Pelham, than debt Of fifty millions bad
been to England which was governed by
IOxford:; Socn war again broke forth; and
under the energetic and prodiEal admins.
tra,ion Of the first William Pitt, the deb,
rapidly swvlleI to one hundred and forty
millions. A soon as the hrst intoxcation
OF victory was over, men Of theory and me n
Of business almost UNANIMOUSLY pronounced
that The fatal day had now really come.
The attempt to lay portion Of tho load
on the American colonies produced another
war. That WAT left US with AZ additional
hundred millions ofdebt, and without the
colonies whose help hsd been represented
IS indispensable. Again England WAS Civ.
en'over. and agsin tho strange patient per
sisted in becoming s,ronge' and more
blooming in spite Of al the dagnostics and
proguos.ics Of State physicians as she had
been visibly more prosperous with = debt
!!of ono hundred and forty ,nlllious than
with debt Of fifty millions, 50 she WAS vis.
,,ibIy more prosperous with debt Of ,wc
hundred and forty millions than with Z
deb, Of one hundred and forty millions. -
Sson, however, the wars which spraoe
from the French revolution. and which "a,
exceeded in cost, eny that the world bad
f ever seen, taxed the powers Of public credit
to the utmost. When tho world WAS agair
10. rest, the funded debt Of England amount
led to eight hundred millions. 1.-The mos
enlightened man had been told, in 1892
that in 1916, the interesto on eight hundred
millions would be duly paid to the day .
etths bask, hs would have been hard Q
belief q If hs had becn told that the Gov
lcrnment would b. in possession Of th'
lamp Of Aladdin or Of the purse Of Fortsna
! itus.- Il N. in truth. gigantic. > fabu
Ilous debt; and we can hardly wonder thu
1ths cry Of despair should havs been loudt
|shaa evsr. But again that cry was 'oun'
> 70 have bsen o unressonable . sver- Al
Ter few years 81 exhaustion, England :,
Iesvsrsd herself Yet. Ike Aladin's valsta
ldinarian. who continued 70 whimper taa
Ihs uas dyias q consumption I'LL b beeam
sIss ii thak hsssas shams1 INTO silsnee, Oh
lIvsat = l1illisS tlnt ~ suss susk ]
poverty .illhef s.alth shous1 iuslfby 4
1ns uhieh - hsr senplainls itiesloa'
TIL NJ haslksuA ssast5 sst enl
|psossd abls q 49, N - sbliAli. II b
I lpfSlS sssti thSss shaieasions. gFsv Siea
n.k xsen1enn - fs ssnvfhs e,aI