Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1864-05-12
Tie Future OF eur National Debt.

Many careful and prudent men look
upon the increase of our national debr
with some forcboding. Let us examine
the whole subject fairly and see if we are
MT only able to pay our present. but any
reasonable future debt that the exircncits
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 in
creased 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 (S3,1 ,O0G 00U) in 1870 to
six thousonl one hundred and seventy
iour millions (S6,iT4 900 ,O0O) in 1850.
or "a per cent. The next decade shows
still greater advance in general pros
pcriiy 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 agriculture, 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 scvcnty-tour millions (S6,1T4, 0O0.-
UCO) in 1890 to the enormous aggregate
Of fourteen thousand one hundred and
eighty-threc millions (SI4.1S2, zoe, 900
in 1860 or III per cent, of which ten
thousand seven hundred and sixteen
millions (Sl0.71G.000, COO tcas armed
IN The loyat ,StatcS Is there any good
reason to believe that we shall not con-
tinue to prosper as we have done Except
from the chances Of war, which can only
modify and not change the character of
the answer 10 the quostion)--that the
nation will not continue TO nearly, if not
quite, double its wealth every ten years
for several decades TO come ? We have
but Just Jegaa. to work our gold mines
and the vast body of our other mineral
wealth is still undeycloped. We have
fertile lands enough for an empire. that
the plow has never touched, and it is on
lynn 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 right
fully expect to do. Let us compare our
position with that of great Greu; Britain
during one Of &. CONTEST periods OF
her fnali history AZ The end of great
wars in ISIS. iSv wealth was estimated
at ten thousan. f9ur-h. ,dred millions
(Sl0, 400, 100000 and u,tional, bt of
that time was fJar thousand three hundred
millions (54 300, OJ0,U or more than
II per cent. of her entire property. In
1861 her property was stated at thirty
one thousand FIVE hundred millions
(S3l 800, 000, 000) while her debt was
three thousand eight hundred and ninety
millions (S3, $50, 100000 or was a
charge on the property of the country of
only about 12i per cent 1t needs no
argument to show that the peight 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 VIC 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 a demand for labor was never
before known, and never before was it so
well paid. War destroys. but ON. hand
of industry has never for moment ceased
to create, and tho creation will mtrs than
balance the destruction. Large as our
losses Of brave and gallant men have been
the population Of the country has steadily
and unless some scrurage
such rs never visited n nation should
come upon us,--unless we should be
utterly destsoyed Or dismenberod and
broken to pieces by yielding to this de-
mon Of secession, there is no human
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 a position in population,
wealth, and vigor 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 overloaded his