The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-07-22
The National Debt.

of vigorous prosecution of the war and
speedy overthrow of the traitors IN arms
against the lawful government. Some of
these men do il purposely, being in sympa-
thy with the rebels, while there are others,
union men at heart, and ready to sacrifice
something for the cause, who do it thought
lessly. From the commencement of the war to
the present time the copperhead speakers and
writer's have used the public debt as one
of the most efficient obstacles with which to
trig the wheels of government and retard
the administration in its endeavors to crush
out the rebellion. They told the people that
the nation would soon be bankrupt; that
debt was accumulating which never would be
paid, and that our children even to the third
and fourth generation would be enormously
taxed to pay the interest of such debt. At
the Convention Of the (mis. called Demo-
cratic party OF Vermont held at Montpelier
last week one of the points most strenuously
urged, in hope to brighten the people, was
the enormous amount Of the public debt.
One speaker said that if the war should
cease now it is doubtful if the debt would
ever be paid. The author of the remark,
one Hon. A. ]. Parker, of Albany, n. y,
knew that it was not true and that the debt
could be wiped out in few years wi thout
the people being extraordinarily taxed. He
made the assertion well knowing that those
present who had thought over the subject
sufficiently to give him the lie would not do
so, because they were all sympathizers with
the traitors themselves; while those who
had never examined the matter would, with
out investigating the subject, swallow his
assertion as gospel truth and spit it out
among their neghbors. BY such misrepre-
tors hope to turn some thoughtless and ig-
norant men from the support Of the consti-
tuition and the union, and induce them to
Join the host black bannered which is
striving to crush every vestige of liberty in
America and build on its ruins slaveocratc
arstocracy.
To those men who knowingly and willfully
endeavor to weaken the hands of the gov
eminent by spouting forth these falsehoods:
it is useless TO talk,-they are joined to their
idols and will fall with them when the day Of
retribution comes, as it surely will come
| But word NAV not be amiss to another
class, who hope the war will be successful
| and who are ready to do what they can to
help the government, but who at the same
time are taint-hearted and doubling about
the final suit, and are ready to cry out at
every little reverse t he nation is ruined,
we can't carry on this war much longer, the
national debt will be so large that it will
take all the wealth of the country to pay il
off, etc. TO such, the public debt is a source
of anxiety, anG we commend to their atten-
! ton the following extract from the Boston
Journal, believing it will allay the fears of
!
We are willing to call the national debt
large enough, and make sum to represent
it which can be easily carried in the mind.
Call it therefore S2,0O0,000,O0O. An elor-
nous sum truly.
But We are always to remember that the
debt OF an Individual or nation, is always
to be rcckoneI relatively. The debt which
would be the cause of bankruptcy for one
man would be, comparatively, of no account
to another for the reason that the debts
would be relatively so exceedingly different.
If,therefore we wish to take a Just idea of the
debt of the United States, we must estimate
it in relation to the national resources. VIVA,
= is the proportion of the debt to the wealth
of the nation This is the fair way of re-
garding the question.
, Call the liabilities Of the nation at $4,000,
0 100000. The real value Of the real estate
and personal property of the United State
-, in 1860 was SlG,159,6l6O6S. The relative
& proportion of the debt to the zeal value 0
IL the property is little more than to s. o.
g again, assume the liabilities as before. Tn,
?. increase Of value in the property of the ma
ton from 1850 to 1850 was SS,925 ,4Sl oil
The Increase of the property as compare,
& with the debt was as ID to |. Ia ONE
s. words, We have been increasing in wealth
O considering times and money-toU and
+, half times as fast as We have beer runnin!
;" in debt or in other words, We have beer
l. increasing in wealth at The rate, for the las
three years. of S900,000,000 year for tn
y, last two and half years We have been run
= ing in debt at the average rate of abou
Il $780, 100000 year. \ little more tina
H. two years Increase in the value of the PROV
A. erty OF the nation would wipe out the del
n as it now stands If an individual coul
~ thus present to the world his assets an
r. property, ould he not be considered solvent
s. Why shall not the nation? The nation il
st creases much faster in wealth than the del
70 rolls up. The cash value of the farms {
the country has increased in ten years nearl
lie $4,000 900.
NO The wealth of country lies is what ca
e. be obtained from tin what can be produ
ed. The produce Of the United States fc
the year 1860 was valued at 50 900 000 00
RI During the war We have been running
u debt, say at the rate Of S6000O0O00 yea
III We have, therefore, the ability to produc
e 23,90OO0000 year land much more in q
II probability with which. to meet tie intere
st. of debt of S2,O0O,OOOOOO and gradual
as pay the principal. 1t mus: be also remeu
40 bered that the debt of the United States
50 parceled olt and a: such rates of int
''9 est, that the interest on the whole sum vi
OF be at small rate. We do not know exact
er. what it is, but We think we run no risk
,re saying it will not be more than four to fl
:, per cent.
In connection with the above, to show tt
resources and prospects, Of the nation ,