Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-06-29
The Future Of Our National Debt.

Many careful and prudent men looked upon
the increase of bur national debt with some
foreboding. Let US examine the whole sub
ject fairly and see II we are not only able to
pay our present, but any reasonable further
debt that the exigencies Of war may compel
us to incur, and that the payment will neither
be difficult or excessively onerous. Let US
see what are the facts. Unlike an individual
who is unable to count with certainty upon
increased ability to pay in the future the debt
he contracts in the present-his country is
sure to increase in wealth and population.
1t appears from the census returns, that the
increase in the value of real and personal
property in the United States from 1910 to
1850, was from three thousand seven hun
dred and sixty-four millions 1874, 0OO, OOO)
in 1910, to six thousand one hundred and
seventy-four millions (S6, l74, 000, 000) in
1850, or Ga per cent. The next decade shows
still greater advance in general prosperity
and riches. For in that period the yield OF
our gold mines, the extension of our rail-
road system, and the consequent opening
Of new fields for agriculture, our large i'm
migration, 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 mil
lions COG, III, 0O0, 0O0) In 1850 to the enor-
nous aggregate OF fourteen thousand one
hundred and eighty-three millions ($l4 1885,
900, O00 in 1860, or l27 per cent, of which
ten thousand seven hundred and sixteen mil
lions ($l0, Tie, 600, 000 was owned in the
loyal States. Is there any good reason to be-
lieve that we shall not continue to prosper
as we have done-(except from the chances
Of war, which can only modify and not change
the character of the answer to the question:
that the nation will not continue nearly, II
not quite, double its wealth every ten years
for several decades to Gomez We have but
just begun to work our gold mines, and the
vast body of our mineral wealth is still unde-
veloped. We have fertile lands enough for
an empire, that the plough has never touch
ed, and it is only in this generation that sci
ence 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 rightfully ex-
pect to do. Let US compare our position
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 at ten thousand four
hundred millions (Sl0, 400, 000, 000) and her
national debt of that time was four thousand
three hundred millions (S4,300, 000, 0O0) or
more than Al per cent. OF her entire property.
In 1861 her property was stated at thirty-o one
thousand FIVE hundred millions 1881 ,500, 900, :
000) while her debt was three thousand
eight hundred and ninety millions or was
charge on the property OF the country Of
only about 21 per cent. 1t needs no argu-
ment to show that the weight Of the burden
of this debt is now, but one-third what it was
when contracted.
We do not wish to deceive ourselves on Ell
ther side Of this question. Debt is always
bad enough but we should look the facts
squarely in the face, and accept whatever de-
auctions 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 demand for
labor was never before known, and never
was it so well paid. War destroys, but our
hand of industry 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 in
creased; and unless some scourage as never
visited nation, should come upon us,-un-
les we should be utterly destroyed, or dis
membered and broken to pieces by yielding
to this demon of secession,-there is no hui
man power that can arrest our continued
progress and development. All wars have
ended, us will ours. Let us hope that it may
be soon but when it is ended triumphantly
as it must be, this country is bound to take a
position in population, wealth and yigor that
will make its debt so small in proportion to
its wealth that the most timid man will
laugh at the fear that may have once over
clouded his vision.-Neto Yorker.