The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-07-19
National Debts and U. S
Stocks.

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The creation of national debts is not .
modern improvement, but tre ability of
great nation to provide for great debt, and
to make it the most convenient and best form
of personal property, is modern wondei.
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 bad
been imposed upon the industry of the conn
try but when the war of the Austrian sue
cession had swelled this amount TO eighty
millions, Macaulay 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 up to one
hundred and forty millions, men o. 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 it. the experiment must never be
repeated, even small increase might be
fatal. Granville said the nation must sink
under it unless some portion of the l0ad was
borne by the American Colonies, and the at
tempt to impose this load produced the war
| of the revolution. and, instead of DIMISIsHINe,
added another hundred millions to the bur-
den. Again. says Macaulay, was England
1 given over, but again she was more prosper
/ GUS than ever before. But when at the close
of her Napoleonic wars in SIC, this debt had
been swelled up to the enormous sum of
over eight hundred millions sterling, or tour
thousand three hundred million dollars, or
nearly half the entire property of the
United Kingdom, the st0utest heart, the firm
est believer in national progress and national
development might well have been appalled,.
But in the very face of this mountain of obli-
Il gatioD,-to say nothing of her vast colonial
possessions.--the property of the British
nation has been more than trebled, and her
debt is now a charge of but l22 per cent.
against it. All that Great Britain has done in
paying her debit I'VE shall do, and more, with
ours. We have vast territories untouched by
the plow, mines of all precious metals Of
which we have hardly opened the doors, q
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 fercest and most ex-
haustirg of all possible wars, we have demon
+ strated our national strength--and all .he
}. world over, national strength is but another
It name or national credit. Gas good as United
Stocks > will soon be Synonymous the world
: over with cas- 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-
l. soils as the rate of interest is higher Some
D. of our tiinid brethren, who shipped their
W gold to London and invested in Consols, are
10 now glad 10 sell out and invest at home at q
round loss,-and serves them right.
May II, ls65.--3m.