Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-05-04
CAN We PAY THE DEBT2


Hitherto the ordinary revenues from customs have
been sufficient to meet all the wants OF the Gov /
ernmen without a resort to system of direct tax
es 1t is not strange, therefore. that many FER
sons should think our condition anon aious. and
fear tba there is danger of exhaustng resour-
ees or of the national debt reaching an amount
that we will never oe able 20 pay. To aiIay the
apprehensiOns of the umid, and counteract the
influence of the unpatriotic who seek for their
purposes to magnify both the danger and the
debt, it may not be improbable briefly te con-
trast our financial condition and resources with
those of other nations, where the internal and do
nestic changes through which we are now pass
ing, have already been experienced
We dnd IN English history almost exact par
aIel to that of our country for the last three
years. In ITeS England entered upon the war
with France. and the contest continued for more
than twenty years. During that period specie pay
nents were suspended-there was an enormous ex-
pansion of the paper currency-a great appre-
ciatien in gold-a rise in prices unparalleled in
any country, and the very widest spirit of specr-
lation. Yet, notwithstanding all this, there was
the appearance of the most astonishing prosperi-
ty. At the close Of the war the public debt was
over foHr thousand and tars0ty-f0nr millions Of
dollars. Of this three thous sand millions had been
added by the war. The eannual expendi' ure dur
ing the last years of the contest S5S5 o0a 0O0
81 ,eO2,7 739 per day. On the First day of Janu-
airy 1852, the public debt of Great Britain
still four thousand millions of dollars while the
annual receipts from all sources about three
hundred millions, of which sum it required the
one half 10 pay the interest ar the expenses of
the management OF the debt. During the lapse
of two centuries the English people, from ma
ton free Of taxation and of debt came To be one
bearing annual tax Of three hundred millions
of dollars and holding absorbed in its midst debt
of four Thousand millions. Yet during this peri
cd it constantly advanced in prosperity and great
ness while the immense debt added stability to
the Government. and taxation gave caution and
permsneney to the transactions of private life
The national debt of France from 1914 to 1859,
forty FIVE years, was increased in the aggregate
! from S24OOC0,G0O, to ST. 700 600 Go8-and the an
nual charges thereon, to be provided for by taxa
ton, from $4,000 OO0 70 81 90 coo e0O Their pres
ent debt is IL 9als72 SIS francs. or 81 295, ,374,
593. Their annual receipts are S347.4e3. eco and
their expenditures, exclusive of interest and
penses en- the debt, s23S, ,S2I 6s4 Their annual
expenditures. including the interest the debt,
are about seventy-ive per cent in excess of their
revenues.
On the 10th of March last the public debt of
the United States was 81 ,39s, ,9e9,429 30 and the
average rate of expenditure was 5 800 900 per
day. This is about one fourth the debt of Great
Britain, and one half the debt Of France At the
same rate of expenditure, if no part of our reve-
nues were appropriated to the payment of the
penses, or to the principal OF the debt, We could
continue to carry on The war for Se-sa ysarS.
before our national debt would be equal to that of
Great Britain and for three years more before it
| would equal that Of France.
We have Eot room within the limits OF 5 news
paper article to discuss all our vast reso urces for
the psyInen. ef this ebt. We can notice but a
very few of thern. BY the last census our Ma
tional wealth was 6,05S-and its In
crease during the previous ten years SS-925,-
4SL0il, or l26 45 per cent, which would make it
at the present time about Sta 729 76s ,472-and at
the same rate OF increase, it will be in 1870 $780,
393, ,45o5S5 In 1890. it will be S4a3 $50 ABS tsS
Now if we viii subtract one-feursh from the aggrc
gate, we viii find thar public debt constitutes
tsss than one-haif o. per cent Of tie INCREASE
| of oar mationzl 1ceaffh Instead, therefore. of
the debt e1haus;ing capital, it only effects q
small diminution in the rate Of augmentation.
| Another source 20 which we may confd entity
| look for the extinguishment of our public debt is
our mines of precious metals. The aggregate
! product of gold and silver mines now reach
] es ONE BILLION OF DOLLARS. The precious metals
are now found in SEVEN States and NINE Terrific
ries The Secretary of the Interior estimates the
total product for the present year at SlO000O 000
and it is supposed that on the completion of the
| Pacific Railroad the annual yield will be 5 i50,-
| 600 600. The highest geological authority has
declared the mines to be Zine haustible and the
| Nevada silver mines are pronounced "the richest
| in the world These mines of precious metals
are nearly all the public lands of the United
States, and THEIR INTRINSIC VALUE EXCEEDS THE
| ENTIRE NATIONAL DEBT.
In the census estimate of national wealth.
the public lands not included, because it is
only when they become farms and private proper
ty, that they valued part of the capital
of the nation Ia the ten territories belonging
! 10 the Government have 500, GOO, 600 acres OF
public lands sufficient for tweuty-sx States OF the
size of New-York Under the operation of the
Homestead law. these lands are being rapidly set
tied As the Pacific Railroad is extended they
will be occupied improved. and cultivated. and
will contribute, more than anything else, to in
crease our population, wealth and power, and aug
ment our revenues from duties and taxes.
Ample, then, are the resources of the nation,
not only to pay the present debt, but to carry on
the war as long as it may be necessary for the
suppression of the rebellion. The timid need
have no apprehension of the exhaustion of the ma
tional resources. and the disloyal can have no
hope OF such consummation. their part $50 de-
!, voutly TO be wished" We may take occasion
hereafter, to exhibit our vast resources more at
length, and to demonstrate that, the destruction
I - kr IL IL. .1-