The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-07-05
National Debts and U. S
Stocks.

The creation of national debts ia not
modern improvement, but the ability of a
great nation to provide for great debt, and
to make it the most convenient and best form
of personal property, issa modern wonder.
The debt of Great Britain was begun by rails
ing million sterling by loan in 1892, and
when her great contest with Louis XIV. was
terminated, the debt had reached fifty mill
lions. Many statesmen and economists were
then alarmed at the great burden which had
been imposed upon the industry of the Gonna
try but when the war of the Austrian sue
eession had sselled this amount to eighty
millions, Maeaulay says that historians and
orators pronounced the case to be desperate.
But when war again broke out. and the ma
tional debt was rapidly carried mp to one
hundred and forty millions, men OF theory
and business both pronounced that the fatal
day had certainly arrived. David Hume said
that, although, by taxing its energies to the
utmost, the country might possibly live
through it, the experiment must never be
| repeated even small increase might he
fatal. Granville said the natlon must sink
under it unless some portion of the leaa was
| borne by the American Colonies, and the at
tempt to impose this lead produced the war
| of the rev voiution and, instead of DIMINISHING,
added another hundred millions to the bur-
den. Again, says Mseaulay, was England
| given over, but again she was more prosper
| Gus than ever before. But when at the close
of her Napoleonic wars in 1876, this debt had
been swelled up to the enormous sum Of
over eight hundred millions sterling, or four
thousand three hundred million dollars, or
nearly one half the entire property of the
! United Kingdom, the stoatest heart, the frrp-
est believer in national progress and national
development, might web have been appalled,.
| But in the very face of this mountain of obli-
! gation,-to say nothing of her vast colonial
| possessions,-the property of the British
nation has been more than trebled, and her
debt4s now a charge OF but 125 per cents
against it. AL that Great Britain has done in
| pa ying her debt, we shah do, and more, with
ours. We have vast territories untouched by
the plow, mines of all precious metals Of
which we have hardly opened the, doors, u
population full OF life, energy, enterprise and
industry, and the accumulated wealth Of
money and labor of the old countries pouring
into the lap of ourgiant and ever to be united
republic. During the fercest and most ex-
haustirg Of all possible wars, We have demon
strated our national strength-aRd all the
world ever, national strength is but another
name for national credit. .As good as United
stocks" will soon be synonymous the Grid
over with .sas good as British Consels.n For
our part, we think u. S. Treasury note,
bearing seven and three-ten.hs annual inter-
lest, is just as much better than British Con-
sols as the rate of interest is higher. Some
of cur tifnid brethren, who shipped their
| gold to London and Invested in coDsoEs, are
now glad to sell out and invest at home at =
round loss,-and serves them tight.
| May AZ, loG5.--3m.