Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1864-07-14
Ccrtai.ty Of Payment ofthe Va
tlonal Debt.


Every man may feel, and probably
does. on bis knowledge Of general facts ana
principles, that the payment OF the Puehe
Debt Of the United ststes Is certain. He
knows that bis country is one Of extraordi-
nary wealth and industry; that IL il fexcept
in the Rebel States) in condition Of uupre-
cedeDted prosperity; that its population in
creases with rapidly; that no nation has
beep more faithful in its dealings with cred.
itors; and that itsinteerity Is unquestioned
over the whole earth. This sstis6es him;
and yet it is not demonstration till the
facts are put into the shape Of en- irresista-
bic conclusion. This VIC propose TO do
There is no conclusion OF geometry more
demopstrable than that this nation can car.
~ on the present war for twenty years. and !
meet all its obligations and pay ali its debts |
With perfect ease. All that 10 needed is
Public Integri,y--and what American
doubts tbat2 What Englishmap doubts III
What man, over the whole globe, has any
reason to doubt American National faittiy
. Let as proceed then to the facts. In the
first place. let US premise that comparing
the fnaneisl. condition of England: France
or an European country with this IL entire
ly falacious. II is unjust 70 ourselves. No
country has anything Ike the 6nanrisl ahll-
ity and prosperity IF this. Take England,
the best country there, as an example,
England increases her population at less
than one-ihrd the rate OF this Ireland
diminishes almost ss much "a England and
Scotland increase. More yet: immense sups
are paid in taxes to support pauper poppia-
ton numbering more than ten times as
many as we have in this country. Yet, I'M
der all its burdens aud with .comparatiFe-
| ly small increase Of people and wealth, Eng
/ land bears and pays an enormous pubic
debt. 1t is within bounds to say that, II
| England can bear her debt, We can bear, as
easily, double that debt. But We can Snow
that ten years of war win not make our debt
equal TO that Of England. That point, how
ever, we leave for another for the present.
! let us now analyze our financial condition.
The true solution Of what nstionni debt we
can or cannot pay. lies in ascertaining clear,
ly the relations Of wealth, income, debt aud
interest. IF we can ascertain these, We shall
know the exact truth in regard to cur f.
nancial condition. Fortunately, the care
fully prepared statistics Of the United States
enable us TO determine these facts With CT
actitnde. L-s -. e. -.--,
Tuning to Table No. IS (Appeuiix to
Statistics we find this statement. by States,
as to the Wealth ofthe United States:
Tn 1sso-assI ,vraith Of ali scrts ;.fI.l355:ons
| Iu l.6U--Rea WealtI, OF all sorts' 10 i591ls.is
Inerssie in ter year. ....'''''.'..S1 81 o'3 =257to
Thus il appears that the wealth of this
J country increased, in fen years only, the
enormous amount of ninc thousand mid
lions of dollars In fact, it more than
doubled We neeI not be so much sur
} prisod ut this, when we reflect that in these
ten years Europe gave Us three millions OF
J its inhabitants to Increase our industry, and
advanced hundreds of millions Of money up
on our railroads and other works. sWlth
. these, the annual increase OF wealth Tas
nine hundred millions. Now let US take
Q the date before us, and proceed to ascertain
the present increase of wealth. What cl.an
s ges have occuned-in the manner OF accumu
0 latng wealth? let. We have the popuia
. number in the present Rebel States but
Q I the increase Of population il the presen,
LIoyal States has brought the population, oil
s these States, in 1864, to a greater number
q than the whole population in 1854. ln 9th,
n or words, the growth Of the present Loyal
a States. from l859-to 1854. is greater thar
}. the whole population OF the Rebel Coufed'
Il eracy. The population Of these States II
!. 1854 latter reducing by ene-ha!f the rait
e of increase in such States as Illinois. Iowa,
4 Wisconsin, &C., where the giowth had beer
o very rapidly was 26,025 900, inclutling len
II nessec. now in our possession. The popu
s lation of the whole country in 1850 (which
n was the basis for the annual increase o
o wealth to 1861 was only 23.i9l.S76. Henc'
d the basis is much larger than it was then
E %. The only other condition is. the loss
10 labsr in the War. Whatever this may be
L il is fully made up in the course OF severa
years, by these compeasations--hrst, tn
a ! a.. III so aft ttta
y. $50, 900 pei annum, and, second, by th
lg / great increase of machinery in agriculture
r. Anyone who looks upon our farms in ha
n, vest will see that machinery now does N
of work OF tens Of thousands of lsborers. In
- losses of labor are stherefore COMPENSATED
he Taking these data, then land they al
he beyond doubt. correct-) and we mad tni
o. wealth is increasing from 1860 to 1870 IN
he greater propertion than from 1850 to led
es- @ip the ratio of increased population
ho to %. iEThis gives an annual increase
fer wealth, at the present time, equal to on
w hundred millions Of dollars. How does th
a compare with the increase OF Debtl In
ry, last Treasury account puts totahexpenses
lat 1850, 900, 600 per annum. There Is no que
las ton that the tax and tariff laws enacted
,ss Congress will bring from three tetour hu
dred millions into the treasury. a'Ine pre-
VI eUt tafHl SNOW yiefuins az toS o." y "
tic hundred milliors per annum. and the u
of ceipts of the Collectors of Internal keyen
in are more than doubled.,a The annanl 'Iaaf
ty, mutation Of Public Debt cannot cpossit
= exceed five hundred millions. even in Il
Dry year of extraordinary effort. The balan
ow between the nation and its debts for 1855
ord will istand thus: el3uag. ha Us lst ~ s
Accommodated Wealth. .'3t eee MS =. ~
ll National pebt' Tr,'--f'' t's'a' fi6 ne"e1p =.
- n Profit over loss 10 eOaoC
+ There is nota merchant in the world "
wsuld not regard that as remarkably
,l;c vorable statement. There isnot one "
,N would not grow rapidly a,Iieh on su
RE- ratios. The account cannot be question:
and The books of the nation hsve been nc
ratey kept. The demonstration is co GO
o.. plete; aud the natidn can aud WI pay al
debts, under all circumstances, through =
= 80 - =. Anp