Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1864-06-02
From the New Yorket.
The Future of our National Deb

The Future of our National Debt.
Many careful and prudent men look upon the
increase Of our national debt with some forebod-
ing. Let US examine the whole subject fairly
and see if we are not only able to pay our pres
emf, but any reasonable further debt that the
exigencies of war may compel us to incur, and
that the payment will neither be difficult or
cessively onerous. Let us see what 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-this 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 hundred and sixty-four millions ($3,764,
900 O0O) in 1910 to six thousand one hundred
and seventy four millions ($6, ia 900 OO0) in
1850, or 81 per cent. The next decade shows
a still greater advance in general prosperity and
riches For in that period, the yield of our
gold mines, the extension of our railroad system
and consequent opening of new fields for agrl-
culture, our large immigration, 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 $50, ia 900, 0OO) in 1850 to the enormous
aggregate of fourteen thousand one hundred
and eighty-three millions ($141S3, 600, 0O0) in
1860 or 1877 per cent, of which ten thousand
seven hundred and sixteen millions ($10716,-
coo, oOO) acas o,cned In the loyal States. Is
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 question, THAT the nation will not con-
tinue to nearly, if not quite, double its wealth
every ten years for several decades to come p
We have but Just begun to work our gold mines,
and the vast body of our other mineral wealth
| is still undeveloped. We have fertile lands
enough for an empire, that the pillow has never
touched, and it is only in this generation that
science aud art have fairly begun to open the
doors, and show the way towards our future
material greatness.
| But experience vf what others have done will
best tell us what we may rightfuly expect to do.
Let US compare our position with that OF great
Great Britain during one of the gloomiest peri
DDS of her financial history. At the end of her
great wars in 1916, her wealth was estimated at
| ten thousand four hundred millions 1910, AGO.
OO0,OO0) and her national debt of that time was
four thousand three hundred millions ($4, 3O0,-
600, 000) or more than Al per cent. of her en-
tire property. In 1861 her property was stat
ed at thirty-one thousand i've hundred millions
| 1881, 500, 000O00) while her debt was three
thousand eight hundred and ninety millions
($a, 800, 600, O0O) or was charge on the pro-
perty Of the country of only about 123 per
cent It needs no argument to show that the
,oeight Of the burden of this debt is now, but
one third what it was when contracted.
We do not wish to deceive ourselves on either
side of this question. Debt is always bad
enough but we should look the facts 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 States
are rich to-day as they were three years ago.
Such demand for labor was never before
known, and never before was it so we'll paid
War destroys bat 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 increased and unless some scourge
such as never visited nation should come up
on us,-unless we should be utterly destroyed,
or dismembered and broken to pieces by yield
ing to this demon of secession, there is no hui
man power that can arrest our continued pro-
gress and development. All wars hare ended
as will ours Let us hope that it may be soon;
but when it is ended, and triumphantly as it
must be, this country is bound to take posi-
ton in population, wealth, and vigor that will
make its debt so small in proportion to it's
wealth that the most timid man will laugh at
the fear that may have once overloaded his
vision.