Delaware State journal and statesman., 1864-05-24
tProm the New Yorker,

THE FUTURE OF OUR NATIONAL DEBT.
Many careful and prudent men look upon the
increase OF our national debt with some fore-
Dodlng. Let US examine ths whole subject fairly
and see II We are not only able 10 pay cur pre
sent, but any reasonable further debt that the
exigencies OF war mby compel us to incur, and
that the payment will neither be difficult or ex-
oessively onerous. Let US see what are the
facts. Unlike an individual who ia unable 10
count with certainty upon increased ability 10
pay in the future the debt he contracts in the
present - this country is sure to increase ia
wealth and population. 1t appears froin the
census returns, that the increase in the value of
real aud personal property in the United States
from lS40 to 1850, was from three thousand seven
hundred and sixty-four millions (S3, ,764 OOO. =
OOO) in lS4O to six thousand one hundred and
seVenty-four millions ($6, ia, 900, ,00Ol in 1850
or GA per cent. The next decade shows a st,l
greater advance in general prosperity aud riches.
For in that period, the yield OF our gold mines.
the extension OF our railroad system and con
sequent opening OF new fields for agriculture.
our large immigration, aud the stimulus given
TO every branch Of manufactures and the me-
chanle arts raised the national wealth from sx
thousand one hundred aud seventy-four millions
($8, ia, 900 000) in 1850 to the enormous agere-
gate Of fourteen thousand one hundred aud
eighty-three millionH) $14, 1873. 900 O00) in 1860
or III per cent, Of which ten Thousand seven
hundred and sixteen millions (l0,7I6. 900. OOO)
tDas owned in the loyal Staleg. ls there any
good reason to believe 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 ques-
ti0n, THAT the nation will not continue To
nearly, il not quite, double its wealth every ten
years for several decades 10 Gomez We have
but just begun to work our gold mines, and the
vast body OF our other mineral wealth ia still
undeveloped. We have fertile lands enough for
an empire, that the plow has never touched. and
it is 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 rightfully expect 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 $50, 400, ,0O0,-
OOO) and her national debt of that time was four
thousand three hundred millions ($4 800 OOO.-
O00) or more than Al per cent. Of her entire
property. In 1851 her property was stated at
thirty one thousand five hundred millions f3l. :
500, ,000. .00O) while her debt was three thousand
eight hundred and ninety millions 1873, $40 OOO-
O00) or was charge on the property Of
needs NO argument 10 show tlat the 'yeiqht of
the burden of this debt is now, but one third
what il was when contracted.
We do not with to deceive ourselves on either
side Of this question. Debt is always had
enough but we should look the fact squarely in
the face, and accept whatever deductions we
have right TO draw from them as truth
IN spite OF the war, we believe the Northern
Ststes are as rich to-day as they were three
years ago. Such demand for labor was never
before known, and never before WAS it go well
paid. War destroys, but our hand of industry
has never for q moment ceased to create, and
the creation will more than balance the des-
truction. L Nrge as our losses Of our brave and
gallant men Lave been, the population of the
country has steh dily increased and unless some
scoursge such us never visited nation should
come upon us,-unless we should be utterly de-
stroyed, or dismem bered and broken to pieces
by yielding to this d, NmOn Of secession-there is
no human power that can arrest our continued
progress and developme Ut All wars have end
ed as will ours. Let us hope that it may be
sosn but when it is end,rd, and triumphantly
as il must be, this country is bound to take
position in population, veal th, and vigor that
will make ita debt so small in proportion to its
wealth that the most timid man will laugh at the
Tear that msy have OnOe oyer-cIouded his vision.