The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1865-05-12
heJeffersOnian Democrat
JULIUS o. CONVERSE, Editor.
CllARDON, OHIO, FRIDAY, NAY u, lSGj.
National Debts and U. S. Stocks.

The creation Of national debts is
not modern improvement, but the ahli-
ty Of great nation tc-provide for a great
debt, and to make it the most convenient;
and best form of personal property, is q
modern wonder. The debt Of Great
Britain was begun BY raising a million Of
sterling by loan in 1899, and, when her
great contest with Louis XIV. was ter.
minated, the debt had reached fifty mil.
lions. Many statesmen end economists
were then alarmed at the great bur.
den which had been imposed upon the
industry of the country, but, when the
war Of the Austrian succession had
swelled this amount to eighty millions,
Macauley says that historians and orators
pronounced Tie case to be desperate. Bat
when war again broke out and the nation
oil debt was rapidly carried up TO one hun
dred and forty millions, men Of theory
and business both pronounced that the
fatal day had cartainIy arrived. David
Hume said that, although, by taxing its
energies 10 the utmost, the country might
live through it, the experiment must new
er be repeated, even a small increase
m ight be fatal. Granville said the nation
must sink under it unless some portion oI
the load was borne by the American Col
onies, and the attempt to impose this load
produced the war Of the revolution, and
instead Of diminishing, added another
hundred millions 10 the burden. Again
says Macauley, was England'given over
but again she was more prosperous thar
ever before. But, VIXEN at the close o
her Napoleonic wars in 1916, this deb
had Been sweiied up to the enormous sum
OF over eight hundred millions sterling, ,ol
four thousand three hundred million dol
lars, or nearly one half of the entire prop
erty Of the United Kingdom, the stoutesI
heart, the 6rmesi believer in national pro.
gress and national development, nigh,
well have been appalled,. But.in the very
face of this mountain Of obligation, ,-to
say nothing OF her vast colonial posses
sions,-the property ofthe British nalior
has been more than trebed, and her deb
is now charge Of but l2I per cent
agains: il. All that Great Britain ha
done in paying her debt. we shall Go, ant
more, with ours. We have vast terrific
ries untouched by the plow, mines of al
precious metals of which we have hardl
opened the doors. population full of life
energy, enterprise and industry, and tn
accumulated wealth of money and labo
Of the old countries pouring into the la
of our giant and ever-to.be united reput
lie. During the fiercest and most e,
hausting Of all possible wars, we have d,
monstrated our national strengthened q
the world over, national strength is bI
another name for national credit. al
good ms United Stocks" will soon be syl
onymous tbs world over with "as goc
Us British CoEsols." For our part, W
think u. S. Treasury note, bearing Sc,
en- and three .tenths annual interest, is ju
as much better than British Consols
the rate OF interest is higher. Some
our timid brethren, who shipped the
gold to London and invested in consol
are now glad 10 sell out and invest
home at round loss, and il serves the
right.