Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-06-01
From the New Yorker.
The Future of our National
Debt.

Many careful and prudent men look
upon the increase of u national debt
with sober foreboding. Let US examine
the whole subject fairly and see if we are
only able to pay Our present, but any
reasonable further debt that the exigen-
cies 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 our 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, 764, OO0, 000) in 1910 to six
thousand one hundred and seventy-four
millions (S6, ia, 900, 000) in 1856, or64 per
cent. The next decade shows a still
greater advance in general prosperity and
riches. For in that period, the yield of
our gold mines, the extension of our rail
road system and consequent opening of
new fields for agriculture, or large immi-
grafton; and the stimulus given to every
branch of manufacturers and the mechan-
ic arts raised the national wealth from six
thousand one hundred and s~eventy-four
millions (6, 900, OOOl in 1850 to the
enormous aggregate of fourteen thousand
one hundred and eighty-three millions
1914, 1873, 00O, 000) In 1860, or 127 per cent,
ofwhich ten thousand seven hundred and
sixteen millions $50, lie, 000, 000) was
owned in the loyal States. Is there any
good reason to believe that we shall not
continue to prosper as we nave done
Except from the chances of war, which
can only modify and not change the char
acter of the answer to the question:
that the nation will not continue to near
ly, if not quite, double its wealth every
ten years for decades to come? We have
but just begun to work our gold mines, and
the vast body of our other mineral wealth
is still undeveloped. We have fertile
lands enough for an empire, that the pillow
has never touched, and it is only II
this generation that science and art have
fairly begun TO open the doors, and show
the way towards our future materia
greatness.
But experience of what others have
done will best tell us what we may right
fully expect to do. Let us compare ouI
position with that of Great Britain during
one of the gloomiest periods of her hnan'
cial history. At the end of her great warE
in 1916, her wealth was estimated at ten
thousand four hundred millions, and heI
national debt at that time was foul thou
sand three hundred millions, or more than
Al per cent. of her entire property In
1864 per property was stated at thlrty-on
thousand five hundred millions, while heI
debt was three thousand eight hundred
and ninety millions, or was a chargeon
the property of the country of only about
I21 per cent. 1t needs no argument t.
show that the 1eight of the burden Of thi'
debt is now, but one third what it wal
when contracted.
We no not wish to deceive ourselves or
either side of this question. Debt Is al
ways bad enough, but we should look the
facts squarely in the face, and accep-
whatever deductions we have a right Il
draw from them as truth. In spite of the
war, we believe the Northern States ar
as rich to-day as they were three year
ago. Such a demand for labor was neye,
before known, and never before so vel
paid. War destroys, but our hand of IN
dustry has never for a moment ceased Il
create, and the creation viii more thAI
balance the destruction. Large as Gu
loss of brave and gallant men have been
the population of the country has steadily
increased; and unless some scOurge sucl
as never visited a nation should come up
on us.-unless we should be utterly des
troyed, or dismembered and broken to
pieces by yielding to the demon of seces
sion.-there is no human power that car
arrest our continued progress and devel
opment. All wars hare ended as will ours
Let us hope that it may be soon; but when
it is ended, and triumphantly as it may
be, this country is bound to take a posi-
ton in population, wealth, and vigor thai
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
~OveroIo-uded his vision.