The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-06-28
National Debts and u s.

The creation of national debts Ii not q
modern improvement, bat the ability of 8
great nation to provide for 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 rais-
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 eonn-
try, but when the war of the Austrian sue
cession had swelled this amount to eighty
millions, Macanlay 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 the experiment must never be
repeated, ,--even assmall increase might be
fatal. Granville said the nation must sink
under it unless some portion of the LOAD was
borne by the American Colonies, and the att
tempt to impose this lead produced the war
of the revolution. and, instead of DIMINISHING;
added another hundred millions to the bur-
den. Again, says Mscaulay, was England
given over, but again she was more prosper
GUS than ever before. But when at the close
of her Napoleonio wars in 1916, this debt had
been swelled mp to-tfie enormous sum of
over eight hundred millions sterling; or tour
thousand three hundred million dollars, or
nearly one half the entire property of the
United Kingdom, the stoutest heart; the firm:
est believer in national progress and national
development, might we'll have been appalled,;
But in the very face of this mountain of 6blis
gation,--to say nothing of her vast coloiial
possessions,--the property Of the British
nation has been more than trebled, ana her
debt is now a charge of bnt I2} per cent,
against 1t. All that Great Britain has done IN
paying her debt, we shall doj and more, with
ours. We have vast territories untouched by
the plow, mines of all precious metals of
which we hate hardly opened the doors, d
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 our giant and ever to be united
republic. During the feroest and most e&-
haustiRg of all possible wars, we have demon
strated our national strength-and allsthe
world over, national strength is but another
name for national credit. Gas good as United
Stocks will soon be Synonymous the world
over with "as good as British Consols." For
our part, we think U. s. Treasury note;
bearing seven and three-tenths annual inter-
! est, is just as much better than British Con-
soils as the rate of interest is higher. Some
of our timid brethren, who shipped their
gold to Lcndon and invested in Consols, are
now glad to sell out and invest at home at 3
round loss,--and serves them right.
May II, 1S65.--3m.