Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1865-05-12

The SEVEN THIRTY LoAN.-The marvellous
rapidity with which this Loan has been Ia
ken up. is a constant source of Comment
Mr. Cooke. the subscription agent, said last
February, that the first two hundred mil
lions would probably be taken up in three or
four months-they were taken in less than
two months. OF the second series of three
hundred millions, more than one hundred
and seventy millions have already hcen taken,
and the whole viii be absorbed before the
first Of July. No more convincing proof of
the confidence of the people in the govern
mcnt could be given than the rapid increase
of subscriptions to this loan-an increase
not stopped even by the death of President
Lincoln.
With regard to the ability of our country
to pay of the immense debt which has been
accrued, the following remarks upon what
England has been able to do, viii be found
interesting
The creation Of national debt is not a modern
improvement. but the ability Of great nation
to provide for a great debt, and 10 make IL the
most convenient and best form Of personal prop
erty, is a modern wonder.
The debt Of Great Britain was begun by rails
ing a million sterling by loan ia 1862, and when
her great contest with Louis XIV. was termiu-
ated. the debt had reached fifty millions Many
statesmen and economists We're then alarmed AZ
the great burden which had been imposed upon
the industry Of the country. but when the war
Of the Austrian succession had swellei this
amount TO eighty millions, Macaulay says that
historians and orators pronounced the case Go be
desperate But when war again broke out. and
the national debt was rapidly carried up % one
hundred and forty millions, men Of theory and
bus ess both pronounced that the fatal day had
arrived. David Hume ssii that, although,
by, taxing its energies to the utmost, the
country might possibly live through il, the e1-
pertinent must never be repeated,-eveu q small
increase might be fatal Granville said the na-
ton must sink under it unless some portion Of
the loan was borne by the American Colonies,
and the sttempt to impose this load produced the
war Of the revolution, and, instead Of diminish
ing, added smother hundred millions 90 the
I burden.
/ Again says Macaulay .Englandwss given over. but
/ again she was more prosperous than ever before
/ But when al the close Of her Nap0leonic wars Ia
1916, this debt had been sWellei up 20 the eu0r-
/ nous sum Of over eight hundred millions ster-
ling, or four thousand three hundred million dol
| lars. or nearly one half the entire property Of
| the United Kingdom, the stoutest heart. the
| hrmest believer in national progress and nation
/ al ievelopement, light well have been appalled,.
/ But in the very face Of this mountain Of OhhEa-
tion,-to say nothing OF her vast colonial pos
sessions, the property Of the British nation has
/ been more than trebled, and her debt j. u0w a
charge OF but l25 per cent. against II. An that
/ Great Britain has done in paying her debt, We
shall do, and more, with ours. We have vast
/ territories untouched by the. pillow, mines Of all
| precious metals Of which We have hardly opened
| the doors, population fun Of life, energy. en-
/ terprise and industry, and the accumulated
wealth Of money and labor Of the ola countries
/ pouring into the lap Of our giant and ever-to-te
| united republic.
During the fercest and most exhausting Of
/ all possible wars, We have demonstrated our ua-
tional s,rength-and all the world over, national
strength is but another name for national credit
As good as United States Stocks viii soon be
synonymous the world over with s'as cool as
British Consols." For our part, we think L.
;. Treasury note, bearing seven and three-teuths
annual interest, is Just g. much better than
British Consols as the rate OF interest is higher
Some Of our timid brethren. who shipped their
gold to London and invested in consois, are now
glad to sell out snd invest At home AZ a round
loss,-and serves them right.