The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1864-08-17
The National Debt.

The New York Shpping Ls, in its last issue, gives
its readers a most able article upon "The National
Debt, and Our Resources Ii is with qualification
that give readers the "fcts and figures" that
will prove 20 most minds, the capacity of free in
sttutons to financially the exigences of of
the most stupendous the world has ever witness
ed, and that though dark clouds present over
shadow the growing greatness and grandeur of our
Republic, still see the sarer thinning 10 the clouds,
and as the storm dissPates under the influence of the
pure sunshine of freedom and loyalty, generations vet
unborn will RISE TO bless the present race who have
freely sacrificed life and in behalf of the in
tegrity of our Union. The writer says
'.The future of this Republic claims the attention
of all who are looking confidently to the ultimate
triumph of Republican institutions, aud although
listing circumstances render investigation in this di
rection open, in measure, TO the criticism of being
speculation upon uncertain premises yet there Is
abundant data upon which we may base opinion,
and from which think may deduct reliable con-
illusions. No subject connected with the rebellion
seems To be more misunderstood and misrepresented
than that of th.reation OF debt
Apart from the evil vaccinations CT those iniInca
the Government thousands OF loyal and patriotic peo
pie are appalled, at the augmenting magnitude of the
former while, apparently ignoring the fact that the
value OF the latter keeps pace with IT. When the
bcllion first naugurated, certain class of critics.
both at home and abroad, very confidently asserted
that would be found impossible To contract loans for
the support of hostites. Their proved error this
case affords strong presumptive evidence that their
judgment on these questions subject peculiar
Is N as
eertaining the ability of nation To carry certain
amount OF debt than there is in a merchant estimating
whether he can safely contract given amount OF OBJ
legations. In both cases the resources for payment
OF interest principal are open estimate and the
question of ability to pay therefore difficult
to determine The most extreme estimates with re-
gard 20 the probable limit of the National debt be
contracted in the suppression Of the rebellion have
not exceeded si,oooooo,ooo. The debt the 18th
Instant according official statement was 1885,
POS zoo and considering the present military situation
and an increase of revenue which il is presumed
accrue from the tax and tariff MEASURES il
much more probable that the VIII close upon
debt under $4,000 100000 than that amount
Adopting the extreme estimate of 81 900 OOo how
ever and supposing the annual expenditures of thu Gov
TO be $685. 600 900, 100000 eOO OF which u
be raised under the revenue bills would leave
per annum 20 be raised on bonds other
forms OF indebtedness 10 inset current expenditures
including interest, which woul allow rsrod over
five and half years of host.es before the
maximum figure OF $4,000. 000, 600 reached.
According g the returns for the fiscal year ending
on the 3oth ult the customs revenue of the Govern
ment IN coin, over SieS,0v0,0o0, about twice
the whole amount of the interest the present gold
bearing deb. Of the nation. which, this rav.-
il BY law expressly pledged. There is therefore.
reason why debt cannot be carried and the NJ
tcres regularly paid, II there shalt be
OF revenue under the new measures provided by the
las: Congress.
An individual may have doubts as to his caplbili.y
of paying at some future time. debt which he in
ours TO-DAY, but Country has the assurance that
its wealth VIII increase with the growth of it, popula-
ton, taking the past criterion The census re
ports demonstrate that the real and personal property
Of the United States Increased during the decade from
ls4o to 1850, sixty -four per cent. From 1850 1860
is increased from $6,is4o7e,ooe TO st4ls3,0oO,0o0
AEndrei asS tlneiits-ssuc. per of which
nearly Slo0a 0ea. o0e belongs the loyal States The
probability Is the ten years will show further
increase il material wealth and prosperity re-
suit Of the rapid extension of railroad system and
consequent opening on, Of fresh territory for sg-icu
ture, the increase in Immigration the development Of
manufactures and commerce. Ip ming interests, &c
British history affords an analogy the state Of
affairs existing this country or likely to exist at the
close of the retellion. In Isi6, the
the great war. the English national debt amounted 10
SA.SeaoOo.oep or tortycne per cent of the wealth
aoe.oeo, that instead OF being impoverished by the
she attained tina, great impetus which made her
the vcaltest nation Of the world The basis thus
tAblshed has been weakened for while her debt
ssii reaches the enormous sum OF <Sesooooooo, her
wealth has risen TO S3l 500 Gee Gee The secret Of
owned by her ovn people. Were the b1lS Of il held
abroad, the would be materially different but
held at home il enriches the people instead Of being
burden upon them for, while the amount OF the debt
has diminished but little relatively, tho wealth Of the
country has gone on increasing until the former in
1851, had become charge upon The latter OF oay 1919
Per cent against Al per cent IN 1881.
Our own deo; is also held at home constituting
an active captsl and the loyal States undoubtedly
richer to-day than they erer were before. II the
closes during the current the whole interest bear
Ing debt viii not exceed il reach, $2,009 GOO o0o
These facts Offering. as they PROFESSIONALLY do.
guarantee for brh; future should certainly ease the
mind Of the tiuad who look upon the National debt
y weight the country cannot bear Erel English
friends the Atlantic. are nos supposed 70
favor the North in her Efforts to suppress lie rebel
hon, acknowfetse cur great National wealth the Lon
don Eeosessss having demonstrated recently ahi-
ty % bear easily annual axs:son of SIX huni-e,
mlfcD OF dollars.