The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1864-05-12
The National Debt.

Tho enemies OF The Government look
upon this subject us one to be used in
their interest this ycor, OS u lever to
change popular opinion. N1t it the
matter is studied calmly, by the light ol
experience uilordcd by some European
nations, II will DO found that great
debt ut home is an element OF prosper
ty. But we must guard against incur.
ring Indebtedness To foreign nations by
heavy importutiuns Of luxurics which we
can aud ought TO DO without, and which
IL not checked by legislation, will prove
disastrous. Economy in personal cx.
ponsus should DO the rule among cur
people, 80 that the balance of trade can
be maintained in our favor. Keep this
point right, aud we need not nticiputc
disaster irom an accommodating National
indobt, dncss held at homc. The Ma.
tionul Debt (otliciaD on the 10th of Feb
ruOry lust was Sl,isa ,GOO,OO0, Now
this will be added to, Of course, but what
has been the experience OF England with
II debt Of 81 I,o00, 100000 The English
correspondent OF the New York Times
says;
." War feeds war, and has its own
prosperity, When England wps cngug.
ed in the war with Napoleon, the Bank
of England suspended specie pay ymcnts
ior twenty years. But money was plcn
tiiul, wages were high, there Was work
Tor every body, aud though England came
out VI tho war with a debt vi $4,000 OOO,-
900 il he's never impcdcd, but rather ia.
creased her prosperity. A great debt at
homc is an element OF that prosperity
Owed abroad il would be Il constant
drain upon the country, Owed at home, |
II is u stimulus to industry, Not penny |
of II is lost, II is like taking money |
from one pocket aud putting it into the
other, Those who pay the interest on
this debt must work little harder, aud
thOso who receive IL have more capital
u invest and more money to spcnd.---
The effect upon the nation has been
constant aud vast accumulation uiwcalth. !
II is not debt, but capital. There can |
bo no doubt that the wealth, power and |
security of England have boon immense,
" increased 10y this so-callc! national |
debt and wh,ra Is there any reason to
apprehCnd that like causes will not pro. I
tuce like effects ON the other side OF the
the Allautie !"
This we have every raason TO believe,
must be the experience OF this country,
Ia connection with this subject it is
to inquire where the funds for
this War have come nom.
At the commencement of the war
large numbers OF persons were the own.
ers of personal property some owning
horses, cows, sheep, wheat aud corn
others, barrels of beef and aud hogs etds
IT sugar ! others, bales of dry goods
aud others tunS Of iron aud coal. The
whole of this country amounted in tho
aggregate TO some eight thousand mil
lions OF dollars, ,Ond about one eli h,h part
,f il has been handed over by its owu.
prs TO the oiliccrs of Government, and
in military operations.
Two powerful causes have operated to
enable the community To contribute
without Inconvenience, tLis large pro.
portion Of It's active capital 10 the GOV.
ornment.
One Of these is the change from a
credit To cash system Of trade, When
,ur commission merchants sold goods on
Eight months time, and our jobbcrs gave
4 credit Of eight and ten months, a whole
seasons stock was bought by the coun-
Try trader at one titnc, and tho tendency /
lf the system was 10 cause large stocks
generally to be held ON hand, a con.
siderable portion of these goods belonged
o the banks. The notes OF the traders
which the banks had discounted were
simply certificates of an ownership by
he banks Of an interest in the merehan.
iise for which the notes were given, -
When the credit system was abon
ioned the stocks of merchandise could
20 very largely diminished, and
hus tho Government found great
eservoir Of unemployed capital from :
which to draw. The traders, having {
,eased 10 take notes for their goods, Of
,ourse ceased TO offer notes Tor discount.
The banks, seeing no other safe way Of /