Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1865-07-04
The Debt and Wealth of the Country

iH'lhP'HHa pu'h "'Sft ANPVtdI ia 7OmV ioT
marks about the close of the war says:
We could go into statistics and show very con-
cusively that the population Of the United States
OF America will be 5000 900 in l9l5-only 80
years hence, and that the product OF the precious
metals (sod aud silver from our mines will be
$500, 100000 per annun; and that the wealth of
the nation, as menured by thu great augmenta-
ton OF specie money basis, and specie-psy-
ing paper money as an active medium, will be
sweled beyond anything ever known on the face
Of the earth
From 1850 to Is 0 the assessabe property Of
the nation rose FROM 81 1876 900 900 TO SIG, no.
900 000-more thar doubled in ten years. The de
yisutlon Of the slave states and the wipng out OF
slaves as property, will leave the nation IS regards
as.es.abe property in 1870, about as it was in
1860 From that date II is modest to estimate a
duunling IN every ten years-sey in 1880, S32,-
600 0O0,On0 in 1890, $64 0O0O00 0O0i 10 1900,
SIPS 900 100000; aud in 1910, 1886 900, 000,-
COO.
| per cent, tax for only one year, or mill
tax per annum Tor twelve years, would cincll the
en'lfe rebellion debt.
We do not mean it to be understood that the
property Of the nation will actually double every
zen years. Out tUdl It's Ndlut III uplltIo IN
likely to overreach the above ratio. How much
OF thi' augmentation Of valuation will be properly
attributable to the augmentation Of currency,
both metal and paper, Is to be taken into consid
Grafton. Certain it is that from 1900 to 1850
property was measured by the annual product of
gold and silver for the whole world, Of 80 O00,.
600. For the fifty years to come, operty is to
ne mea,uted by an ann Ial product Of more than
300000,OO0.
Either a dollar must be made to contain more
of the precious metal or a dollar ceases TO have
any more than tenth Of its form purchasing
power. Hence dollar, for the fifty years to
come, is to be of no more amount than a dime
vas from 1900 to 1850.
Debt is payable in dollars, II dollars are made
abundant by great augmentation OF the metal,
the burden OF the debt is propotionably lghtened.
! rhe British debt is lightened at the rate Of four
/ per cent, per annnm by lfornia and Australian
gold. Practically, all debt is in process of repu-
dation. Those who live on annuilies incomes
oud salaries, feel thus insuious reputation, with
out knowing why it is so.
The cry Of high prices-fabulous prices, as
grandahers term it's traoeabe to the increase
of Currency not SO much Of greenbacks as of
yellow boys.
In this train Of argument we come to the YER
dict that our rebellion debt of $4,000 100000 Is
no very great debt after all.
The reas ming of the above paragraph is con-
soatory it its figures, and hopeful il its prophe'
ces but is We have no doubt, somewhat vision
ory in its specuatons It needs now cool and
steady brain to write Of the wealth Of nations
and to accurately calculate the purchasing power
Of gold or whatever may be used as money! and
it /, rather too soon TO toretell the value OF our
currency as compared with property even few
years ahead. Ii the gold which crcultes as
money is multiplied, It's value will diminish be-
yond question: in short, it is with money as with
eye,y other representative of wealth. after the
demand is supplied the increase OF quantity does
not increase the value. And il our people would
thoroughly understand that digging for gold
when successful increases but little the absolute
wealth oil the country, while every bushel OF
wheat which is raised is an actual creation OF
wealth, there would he more Sheat-growng, and
Iess gold-dWgi1g. But # the writer in Taomp
son Repotr is right in his predictions, this
hunt Ter gl will bring its owu cure, in the de
probation Of the metal to point so low as to
render the search for it Improbable.
Tue rose.oolored view Of our national debt
hch this writer shows, should not be dwelt up
on with uomhg ,ted satisfaction, however, for il
his speeuIatons resp cIinE the depreciation OF
gold and consequent high prices are correct, the
actual wealth OF the nation will not be multiplied
in anything ike the ratio he suggests, while the
current expenses of the Government will be nee.
essatily so much increased, that the taxes 10 the
oes golden era will bear the same irritating pro-
portion to our resources as now. And while our
national debt aud our expenses are not larger
than we Can bear, aud stand erect under the bur.
den, We cannot safely console ourselves with the
hope Of any present escape from them.