New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-04-05


initiative dread to retired capitalists journalists
and politicians. "The country was to be ru'
med"
Just see how men are alike in all times ana
all over the world Just see how precisely the
British felt and acted during their great wars
with the French. as very many of our people
have felt and acted during cur war with inc
Rebellion. See how thoroughly vicious ana
stupid and cowardly is the science called Poilu-
cal Economy whercwith the corruption OF youth
is permitted in the colleges OF England anu
America. Read this graphic picture painted
by the historian Macaulay: rrt... rt.
ION the 18th December 1922 the House OF SommOnS
resolved itself into Committee OF Ways ana Meau'.
II was proposod raise Ell 100000 by way OF "ani 'o
proposition was approved. -, -.
"Such was the origin Of tha deD. Hn 'n n Tho
become the greatest prodigy that ever petpehsa .nd
saencity and COMPOUNDED the pride OF statesmen anu
philosophers At every stage in the growth OF tnas
debt the nation has set up the same cry OF angus a
desnar Ar every stage in the growth of that debt II
has been seriously asserted by wise men taai .
rupcy and ruin were at hand fet SUI, tne ucp' VIZ
on growing; and still bankruptcy and rum were AZ re-
mote as ever When the great contest WIN Lou, ~. ~
was finally terminated by the peace OF utetch Tue ma
ton owed about 9500O0OOO; and ina! deD' was co,S ~
cred not merely by the rude multitude, not mercy ny
foxbunting squres and coffce-house orators on, pS
acute and profound thinkers membranes when
would permanently cripple the bodypolitic Neyerthe
hess trade fourished wealth increased the nation be-
came richer and richer Then came the war 0I o sxe
Austrian succession, and the debt rose to fooV%vu
Pampheteers historians and orators pronounced 'nat
now at all events. the was desperate. fet tue
signs Of increasing prosperity that cou nel.a
be countcrfced nor concealed ought 70 nave saiscn
observant and rejecting men that debt Of SSO0oCO
was less TO the England which was governed ny
Pelham than debt of 45Q.000.O00 hal been to the
England which governed by oxford Soou wa,
and uutpr the energetic ana
administration Of the first William Pitt the dept fapioy
swerd to 9l40000OOo. As soon as the fTst ino1ica'
ion OF victory Of theory and men OF bu-i
almost unanimously pronounced that the iatai uhy
| had really arrived. The only statesman Ihueru;
active speculative, who did not share in the general
| delusion was Edmund Burke. David Hume. undonbt'
cdy one Of the most profound political economists OF his
time declared that our madness had exceeded the mad
| ness Of the Crusaders Richard CGur dc Lion ana
Saint Louis had not gone in the face OF arithmetical
demonstration. Ii was impossible to prove by ngures
that the road to Paradise did not lie through the hoy
Land; but it possible 10 prove by hgucs that 'e
road 10 national ruin through the national debt IL
was idle however, now TO talk obont the road we mn
reached the goal all over All the revenues OF inc
north o. Trent ,Od wssI ss o, copouerS by Pr
sia or Austria than TO be saddled with the Interest Oh
! debt OF 3li0 0OOOCO
And vet this gre at philosopher for such no was had
only open his eyes and 70 see improvement al aIonu
hinjcincs increasing cultivation extending marts 700
IN all for the crowd Of buyers and sellers baTDors sni
fcicnt TO contain the Shipping artificial rivers joining
the chief inland seas of industry Ia the chief sespors
,reeIs better lighted houses better furnished richer
exposed to sale In stateier shops swiiter car
risges rolling along smoother roads He had, indeed
only TO compare the Edinburgh Of bis boyhood TO The
Edinburgh Of bis old age. His predictions remain 70
stcrity memorable instance Of the weakness irou
which the strongest minds are not exempt. Adam
Smith saw a little and but little. further lie admit
ted that immense the burden was, the nation dld
actually sustain IL ard thrive under 1t IN away that no
BODY could have forcseen. But he warned his country
men not to repeat hazardous an experiment. iLe
limit had been reached. Even small Increase might
be fatal.
Vile minister euninently diligcnt aud practical. took
of onr financial situation. The milton must he con
ceiyrd sink under a debt OF 900 CO., unless por'
ton Of the load borne by the American colonies
The nitenp, to 10y portion OF the load on the Amen
can colonies produced another war That war len us
with an additional fioooo go OF debt ard without
peusahls. Again England was given over; ard again
the strange patient persisted in becoming stronger ana
more blooming in spite Of al the diagnoetics aud prog
sosiics OF State physicians As she hsd been vlsiby
more prosperous With debt OF than Will
a deli Of fJo CO., so she was visihy more prosper
ous with Q debt Of k2i0. pooOO than With debt OF
$40 900. 1.-THE most enlightened man had been
told IN 1922 that IN 1915 the interest on f-oo0oey
would be daily paid 70 the day at the bank. he would
have boon hard 81 belief If he had been told that
the Government would BE- IN possession Of the lamp Of
Aladdin or Of the purse ri Iortvnatus Ii was In truth
gigantic. meulou, debt end we can hardly wonder
ever But again that CRY was 'ound TO be unreasona
bic as ever After few years OF exhaustion England
recovered herself Yet like Advisors ,aiciudn.riau,
who continued to wLnpcr that he was dying 81 con.
sumption till he became 80 fat he vas shHmcd into
silence she went on complaining that she Yves sunk ~
poverty t hsr wealth showed Itself by tokens that
made her complaints ridiculous. The beggarcd. tie
bankrupt soe!siy rot only proved able 10 meet all It's
obligations but whiie meeting those obligations grew
richer and richer fast that the growth could almost
DO dsceTncd by the eve.
I'm every county We saw wastes recently turned nso
gardens; In every city streets and squaros
and markets. more brilliant lamps, more abundan! sup
plies Of water ~ the suburbs Of every great seat OF IN
dustry villas multiplying fast. each cmbosomcd
in its gay little paradise Of lilacs and While
shallow politicians repeating that the energies Of
the people borne down by the weight OF the public
burdons. the irst journey performed b. steam
railway. Soon the Gland integsected by railways
A sam exceeding the whole amount OF the national
l years voluntarily expended by this ruined people in
yaducts tunnels. embankpens. bridges. stations en-.
gnes. Meanwhile taxation was ALMOST constantly be.
coming lighter and lighter. YET sal the exehequer
was full IL may now be affirmed. without fe.r of con.
tradicton that find IL ~ pay the Interest on
eight hundred Millions ancestors found II cen.
tor, ago 70 pay the interest on eighty millions
1T can hardly be Doubted that there must have been
some great fallacy In the notions of those who uttered
aud OF those who believed that long succession If con
idcnt predictions SO sgriy fasifed by Ion succes
the Office rather OF tie political economist than OF the
historian. Here II IA sufficient 10 say tint The prophets
81 evil under double delusop. They enormously
case OF an individual whois In debt 10 apother ndi.
yidual and the case OF society which is in debt
part Of Itself and this analogy led them ho ndese
mistakes about the effect Of the system Of finding
7Hfy aHdr crTDr ,ss stri0us touching me-
Of The country Iafy made Gfiordact orfif
1,o rbdncsd by he tncrsGHf progress Of cray eperi
mndl scisnce and by The hcesant ,or Of er0y man 10
e,f % In he They ssr tia, he deb grer and tley )r
got thar ofhor hn9s Rreo roI ns hs dot "facaaa g
chap ~. PIP. 526-rs.
Our case is precisely like that described by
| the great English historian Ii is suscepti