The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1864-05-25
From the New Yorker
The Future of our National Debt.

+ Many careful and prudent men look
upon the increase of our national debt
with some forhoding- Let us examine
the whole subject fairly and see if we
are not able to pay our present, but any
reasonable further debt that the exi-
gencies Of the war may compel us to in
eur. and that the payment will neither be
difficult or excessively onerous. Let us
see what are the facts. Unlike IN indi-
vidual 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 ofreal and personal property
in the United States from 1s40 to 1850,
was from three thousand seven hundred
and sixty -four millions (s3, 764, 900. 000)
in $40 to six thousand one hundred and
seventy four millions S6.l74 ,0o0, 600
in 1870, or 81 per cent. The next decade
shows q still greater advance in general
prosperity and riches. For in that period,
the yield of our gold mines, the exten-
sion of our railroad system and conse-
qucnt opening Of new fields for agri-
culture. our large immigration, and the
stimulOus given to every branch of manu-
factures ami the mechanic arts raised
the national wealth from six thousand
one hundred and seventy four millions
(S6,l14 600 900 in $50 to the enormous
aggregate Of fourteen thousand one hun
dred and eighty-three millions s14.1>3.-
0uo 00e) in 1850, or 127 per cent, of
which ten thousand seven hundred and
sixteen millions (Slo, ZIG, 900 ,000) sras
armed ~ the loyal States. Is there any
good reason to believe that we shall not
continue to prosper as we have done
teXcept 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 continue to
nearly. if not quite, double its wealth
every ten years for several decades to
come We have but Just begun to work
our gold mines, and the vast body OF our
other mineral wealth i still undeyeloped
We have fertile lands enough for an en-
pire, that the plow has never touched.
and it is only in 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 VIC may right
fully expect to do. Let rs compare our
position with that Of Great Britain
her financial history AT the end of her
great wars in Isle. her wealth was est
mated at ten thousand four hundred mil
lions $40, 400, ,000, ,0o0) and her national
debt Of that time was four thousand
three hundred million. (s4.3o0 900, ,000)
or more than Al per cent OF her entire
property. In 1851 her property was
stated a. thirty one thousand five hun
dred millions (s31, 500, 900 ,oO01 while
her debt was three thousand eich. hun
dred and ninety millions (s3,se1, ,00Q,-
QQ0) Or was charge on the property OF
the country Of only about 12s per cent
II needs no argument 20 show that the
.rei7i. osthe burden OF this debt Is now,
hut one third what II ~as when con
t-actei
We do not wish 20 deceive ourselves
or either side OF this question. Debt IS
always bad enough hu. VIC should look
"a. fzc.s sarsrely In lie face, ard srcer.