Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-05-07
From Mseauiey's History Of England J
THE ENGLISH DEBT.
Its OrIEiu, History and lanas.me


Its OrIEfu, History and RianaEement.
On the 18th Of December, 1892, the
House Of Commons resolved itself into a
Committee Of Ways and Means. Somers
took the chair. Montague proposed to
raise million by way Of loan; the propo-
sition was approved; and it was ordered
that bill should be brought in. The de-
tails Of the scheme were much discussed
and modified; but the principle seems
to have been popular with all parties
Tho moneyed men were glad to have an
opportunity Of investing what they hsd
boarded.
The landed men, hard pressed by the
lead Of taxation, we're ready 10 submit to
anything for the sake Of present ease
No member Ventured to divide the House.
On the 10th Of January the bill was
read third time, carried up to the Lords
By somers, and passed by them without
an amendment.
Such WAS the origin Of that debt, which
has since become the greatest prodigy that
ever perplexed the sagscity and confound-
ed the pride of statesmen and philoso-
piers. At every stage in the growth Of
that debt, the nation has set up the same
cry Of anguish and despair. At every
stage in the growth Of that debt, it has
been seriously asserted by wise men that
bankruptcy and ruin were at hand. Yet,
still, the debt went on growing, and still
bankruptcy and ruin were as remote IS
ever. When the great contest with Louis
XIV. was terminated by the peace Of
IItrnnhE fha - & Ff-T mil
lions; snd that debt was considered, not
merely by The rude multitude, not merely
BY fox.hunting squires and coffse-house
orators, but by acute and profound think
ers, IS an incumbrance that would perms-
nently cripple the body politio. Never
tbeless, trade iourished; wealth increased;
the nation became richer and richer. Then
came the war Of Austrian sucosssion; and
the debt rose to eighty millions. Pam
phleteers, historians, and orators pro
nounced that now, at sll events, our case
was desperate. Yet the signs Of
increasing prosperity, signs which
could neither be counterfeited nor
concealed, ought to have sat-
isfed observsnt and rehscting men that q
aas6t Of sigbty Taillinza vas less 10 Eng
land which vas governed by Rs1hani, tI.ss'-
debt Of fifty millions had been to Eng
land which was governed by Oxford. Soon
war again broke forth; and under the en-
ergetic and prodigsl administration Of the
first William Pitt, the debt rapidly sWelled
to hundred and forty millions. As soon
as the first intoxicstion of victory WAS
over, the men Of theory and men Of bust
ness almost unanimously pronounced that
the fatal day had now really come.
The attempt to lay portion of the load
on the American colonies produced
another war. That war left us with an sd
ditional hundred millions Of debt, and
without the colonies whose help had been
represented IS indispensable. Again
EHRlsnd WRs given Over. lnd Agair-+Ar-
strange patient persisted in becoming
stronger and more blooming in spite Of all
the disgnostics and prognOstics Of State
physicians. As she had been more Visi-
bly, prosperous with debt Of hundred
and forty millions than with debt Of fifty
millions, go she was visibly more pros
porous with debt Of two hundred and
forty millions than with debt Of a hun.
dred and forty millions. Soon, however,
the wars which sprsDg from the French
and which far exceeded in cost
any that the world had ever seen, tasked
the powers of public credit to the utmost
When the world was again at rest, the
funded debt of England amounted to
eight hundred millions II the most en-
lightened man had been told, in 1892, that
in 1916, the interest on eight hundred
millions would be duly paid 10 the day at
the bank, he would have been as hard of
belief IS if he had been told that the Gov
ernment would be in possession Of the
lamp of Aladdin or of the purse of Fortu-
natus. 1t was in truth gigantic, fab
ulous debt; and we can hardly wonder
that the cry Of despair should have been
louder than ever. After 3 few years of
Englend recovered herself
Yet like Alsddin's Valetudinsrisn, who
continued TO whimper that he was dying
Of consumption till he became so fat that
be was shsmed into silence, she went on
that she was sunk in power
ty till her wealth showed itself by tokens
which made her complaints ridiculous
The beggsred, the bankrupt society not
only proved able to meet all its Obliga-
tions, but, while meeting those obligs
tions, grew richer and richer so fast that
her growth could almost be discovered by
the eye.
aI In every county We saw wastes recently
turned into gardens; in every city we
saw streets, and squares, and markets,
more brilliant lamps, more abundant sup
plies Of water; in the suburbs of every
great seat Of industry, we saw villas null
fast, each embOsomed in its gay
little paradise Of lilscs and roses. While
shslloW politicians we're repeating that the
energies of the people were more borne
down by the weight Of public burdens,
the first journey was performed by steam
on railway. Soon the island was inter
sected by rsilwsysr A sum exceeding
the whole amount Of the national debt at
the end Of the American war, in few
years, voluntarily expended by the ruined
people in visducts, tunnels, embsnkments,
bridges, stations, engines. Meanwhile
taxation was almost constantly becoming
lighter and lighter; yet still the exchequer
was full 1t may now be affirmed without
fear Of contradiction, that we find it as
easy to pay the interest of eS00 OOO, 900 as
our ancestors found it, 80 years ago, to
pay the interest on e80O0O00O.
Quarter Of Million of Emigrnnts.