Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1864-12-23

In the approximate Statistics Of the pro-
ducts of industry of the New England States,
based upon the capital invested in business,
the annual average value Is 1870, while that
of Vermont is 1863.
Ought not this array of evidence to raise
the inquiry why our State has fallen so far
behind in the race of national progress The
cause cannot exist in our climate or soil, or
the character of our people. We furnish
hne specimens of hardy, strong men our
soil responds in rich harvests TO the labors of
the husbandman, while our sons DIN in the
councils of States, aud stand in the front
rank of the army.
The provisions Of our statutes are unlike
those OF any other New England State. They
have, with the exception OF few years, taxed
foreign capital, preventing its introduction.
They allow the seizure Of property by at
tachment, and afford no relief to the unsuc-
cessful business men by laws of insolvency.
1t IL believed that many Of the enterprisng
men Of our state have sought homes else
where, to obtain, through the beneicent legal
provision Of other States, a relief denied them
here
In view of the debt of the State, it's fu-
ture welfare, growth and other interests, does
not prudent foresight claim at our hands an
examination Of the causes which retard our
progress, and discredit us in comparison with
other States
The national debt at this time does not
exceed two thousand million of dollars. Many
civilians MAINTAIN that the present revenue
from taxes and customs, amounting probably
to three hundred million of dollars, will pay,
IN time of peace, the annual interest upon the
lfshN tFt Yt. =.
expenses OF the army, fifty million, and or
binary Government expenses, eighty million,
thus leaving thirty million applicable to the
payment of the principal Of the public debt.
They further maintain that national debt is
national blessing, and that if the present
debt had existed previous to 1860, it would
have been a regulator, and prevented the war
Leaving these opinions, the committee would
ask attention to the statistics and statements
which follow, showing conclusively. in their
opinion, that the national strength is equal
to the harden imposed by the present war.
II should be borne in mind, however, that
our deb is due principally to our own ctiz-
ems, and its payment is an exchange from one
to another. 1t will not be exhaustive ike a |
foreign debt, aud il is difficult to conceive
how the Interchange OF two thousand million
OF dollars, spread over the period of forty
years, and distributed among the people, can
diminish the aggregate Of the national wealth.
The value of personal aud real estate. in
creased from seven thousand million dollars
in 1850, TO sixteen Thousand million In 1860.
being an increase of 1876 per cen. Estmat-
ing upon these premises, the value Of me
property of the nation, on the ffst Of Janua-
~, 1865, will amount to twenty-six thousand
million Of dollars.
The payment Of the public debt, by the
provisions of the acts authorizing it. il dis
over period VI forty years, and on
an average requires the payment of fifty mil
ion Of dollars. Add annual interest to the
shole debt. at five per cent. amounting to
me hundred million. and we have one hun
lred and fifty million dollars as the sum to
De provided for. II