The Portland daily press., 1864-05-31
SELECTIONS,
From NacInlay's History II Ensiand.
THE ENGLISH DEBT.
Its Origin, History and Management

It's Ofisins History ana Management.
On the 18th of December, 1902 the House
of Commons resolved itself into a committee
Of ways and means. Somers took the chair.
Montague proposed to roise a million by way
Of loan; the proposion was approved; and IL
was ordered that bill should be brought In.
The details of the scheme were much dis
cussed and modified; but the principle seems
TO have been popular with all parties. The
moneyed men were glad TO have an oppertu-.
nifty of investing what they had boarded.
The landed men, hard pressed by the load
Of taxation, were ready TO submit TO anything
for the sake Of present ease. No member
ventured 20 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 an amend
ment.
Such was the origin of that debt, which has
since become the greatest prodigy that ever
perplexed the sagaeity and confounded the
pride OF statesmen aud philosophers. At
every stage in the growth OF that debt, the
nation has sent up the same cry of anguish
and despair AT every stage in the growth
of that debt, 1t has been seriously asserted by
wise men that bankruptcy and ruiz were at
hand. Yet still the debt went on growing,
and still bankruptcy and ruin were as remote
as ever. When the great contest with Louis
the nation owed about fifty millions; aud that
debt was considered, not merely by the rude
multitude, not merely by fox hunting squires
and cofFee-honse orators, but by acute and
profound thinkers, as an incumbrance which
would permanently cripple the body polite.
Nevertheless, trade fourished; wealth IL
creased the nation grew richer aud richer.
Then came the war of Austrian succession
and the debt rose TO eighty millions. Pam
. rbiataQra biaforiape nd
that now, at all events, our case was desper.
ate. Yet the signs OF increasing prosperity,
signs which could neither be counterfeiied
nor concealed, ought to hvue satisfied obser-
want and relectsng men that debt of eight
millions was less to England which was gov
erned by Pelham than debt OF ifty millions
had been to England which was governed by
Oxford. Soon war again broke forth; and
under the energetic and prodigal administra-
tion of the FIRST William Pitt, the debt rapidly
swelled to one hundred and forty millions.
As soon as the first intoxication of victory
was over, men Of theory and men Of business
almost unanimously pronounced that the fatal
day had now really come.
The attempt TO lay portion Of the load on
the American colonies produced another war
That war left US with an additional hundred
millions of debt, and without the colonies
whose help had been represented as indispen-
cADst. hugihiIu WAS gwen over, ana
again the strange patient persisted In becom-
ing stronger aud more blooming in spite of
all the diagnostics and prognostics OF State
physicians. As she had been visibly more
prosperous with debt OF one hundred aud
forty millions than with debt OF fifty MI
lions, so she was visibly more prosperous with
a debt of two hundred and forty millions than
with debt OF one hundred and forty millions.
Soon, however. the wars which spraRg from
the French revolution, and which far exceeded
in cost, any tnat the world had ever seen,
tasked the powers Of public credit to the ut
most. When The world was again at rest, the
funded debt OF England amounted to eight
hundred millions. III the most enlightened
man had been told, in 1892, that in 1915, the
interest on eight hundred millions would be
duly paid to the day at the bank he would
have been as hard of belief as If he had been
told that the Government would be In pos
session Of the lamp OF Aladdin or Of the purse
OF Fortnnatus. II was ia truth, gigantic,
fabulous debt; and we can hardly wonder that
the cry of despair should have been louder
thar ever. But again that cry was found to
have been as unreasonable as ever. After
few years Of exhaustion. England recovered
herself. Yet, like Aladin's valetudinarian,
who continued to whimper that he was dying
Of consumption till he became so fat that he
was shamed into silence, she went on COM
planning that she was sunk in poverty till her
wealth showed itself by tokens which made
her complaints ridiculous. The beggard. the
bankrupt society not only proved able to
meet all its obligations, but, while meeting
those obligations, grew richer and richer so
fast that her g'owth could almost be dscoy-
cred.
La every county we saw wastes recently
turned into gardens; 10 every city we saw
streets, and squares. and markets, more bril-
liant lamps, more abundant supplies of wa
ter; IN the suburbs OF every great seat of in
dustry, we saw villas multiplying fast, each
embossomed in its gay little paradise OF lilacs
and roses. While shallow politicians were re-
peating that the energies OF the people were
more borne down BY the weight OF public bur
dens, the first journey was performed by steam
on railway. Soon the island was intersected
by railways A sum exceeding the whole
amount OF the national debt at the end of the
American war, In few years, voluntarily ex-
pended by the ruined people 10 yiaducts, tun-
Dels, embankments, bridges, stations, engines.
Meanwhile taxation was almost constantly be-
coming lighter; yet still the exchequer was
full. II may now be affirmed without fear OF
contradiction, that we find il as easy to pay
the interest of es000O0O00 as our ancestors
found 1t, 50 years ago, to pay the interest of
eSOO00000.