The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1865-05-12
National Debts and U, s. Stocks.

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The creation of national debts is not mod
ern Improvement, but the ability Of great ma
tion 10 provide for great debt, and to make
II the most convenient and best form Of person
al property, is a modern wonder. The debt OF
Great Britain was begun by raising a million
sterling by loan in 1892, and when her great
contest with Louis XIV was terminated the
debt mad reached fifty millions Many states
men and economists were then alarmed at the
great burden which had been imposed upon the
industry of the country, but when the war Of
the Austrian succession had sweled this amount
te eighty millions, Macaulay says that histori-
ans and orators pronounced the case to be des-
| perate. But when war again broke out, and
the national debt was rapidly carried up to one
hundred and forty millions, men Of theory and
business both pronounced that the fatal day had
certainly arrived. David Hume said that, a.
though, by taxing its energies to the utmost,
the country might possibly live through it, the
experiment must never be repeated-eyen a
small increase might be fatal Granville said
the nation must sink under it unless some por-
ton Of the load was borne by the American
Colonies, and the attempt TO impose this load
produced the war of the revolution, and, instead
of diabashRg, added another hundred millions
to the burden Again, says MacauIay, was
England given over, but again she was more
prosperous than ever before. But when at the
close Of her Napoeonic wars in 1916, this deb.
had been Swelled up TO the enormous sem OF
over eight hundred millions sterling, or four
thousand three hundred million dollars, or near
y one-hah the entire property Of the United
Kingdom, The sto utest heart, the firmest beliaY-
er in national progress and national develop
Iment, might well have been appalled,. But in
the very face OF this mountain of obligation
to say nothing Of her vast colonial possessions
the property Of the British nation has been more
than tre5led, and her debt is now charge Of
but l24 per cent. against it. Ali that Great
Britain has done in paying her debt, we shall
do, and more, with ours. We have vast terri
tories untouched by the plow, mines OF all pre-
cious metals Of which we have hardly opened
the doors, population full Of life, energy, en-
terpuse 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 fercest and most
eXhausting OF all possible wars, we have dem
onstrated our national strenglh-and all the
world oyer national strength is but another
name for national credit. GAS good as I. S.
Stocks will soon be Synonymous the world oven
with ''as good as British ConsQls," For our
part, We think L. S, Treasury note. bearing
seven and thTee-tenthS annual interest, is Just
as much better than British C0nsols as the rate
of interest is higher. Some Of cur timid breth-
ren, who shipped their gold 10 London and in
vested in consols, are now glad TO sell out and
invest at home at round loss-and serves them
right.-Ne1U Yorher.