Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1865-05-12
Chairman & Stair Journal.
MONTPELIER. NAY ~, 1866.
NATIONAL DEBTS AND UNITED
STATES STOCKS

STATES STOCKS.
The creation of national debts is not a
modern improvement, but the ability of a
great nation to provide for great debt, and
to make it the most convenient and best form
of personal property, lie modern wonder
The debt of Great Britain was begun by rails
ing a million sterling by loan in 1922, and
when her great contest with Louis XIV. was
terminated, the debt had reached 6fty mill
lions. Many statesmen and economists were
then alarmed at the great burden which had
been imposed upon the industry Of the coun-
try, but when The war of the Austrian sue
cession had swelled this amount to eighty
millions, Macaulay says that historians aud
orators pronounced the case to be desperate.
But when war again broke out, and the ma
tional debt was rapidly carried up to one hun
bred and forty millions, men Of theory and
business both pronounced that the fatal day
had certainly arrived. David Hume said that,
although, by taxing its energies to the ut
most, the country might possibly live through
it, the experiment must never be repeated
even a small increase might be fatal. Gran
Vile said the nation must sink under it un-
less some portion Of the load was borne by
the American Colonies, and the attempt tc
impose this load produced the war of the
revolution, and, instead of diminishing, add.
ed another hundred millions to the burden
Again, says Macaulay, was England giver
over, but again she was more prosperous thar
ever before. But when at the close Of hei
/ Napoleonic wars in 1916 this debt had beer
swelled up to the enormous sum Of over eigh
hundred millions sterling, or four Thousand
three hundred million dollars. or nearly on,
half the entire property Of the United King
dom, the stoutest heart, the frmest believe
in national progress and national develop
ment. might well have been appalled,. Blu
in the very face Of this mountain of obliga
tion,-to say nothing Of her vast colonia
POSSESSIONS the property Of the British ma
ton has been more than trebed, and he
| debt is now a charge of but IL IL per cent
against it. All that Great Britain has don
in paying her debt, we shall do, and more
with ours. We have vast territories untouch
ed by the plow, mines of all precious metal
of which we have hardly opened the doors,
I population full Of life, energy, enterprise an,
industry, and the accumulated wealth O
money and labor Of the old countries pour
ing in the lap Of our giant and ever-to-be- uni
ted republic. During the fercest and most ex
hausting Of all possible wars, we have de
monstrated our national strengih-and al
the world over. national strength is but an
other name for national credit. AZ geo
as u S. Stocks will soon be synonymou
the world over with as good as Btitisl
Consols." For our part, we think Unite
States Treasury note, bearing seven an,
three-tenths annual interest, is just as muc
better thar British Consols as the rate of in
terest is higher Some OF our timid breth
rem, who shipped their gold to London an
invested in consols, ere now glad to sell ou
and invest at home at round loss,-sn
serves them right.