The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-07-12
National Debts and u S
Stocks. as ses

4-ftt
The creation Of national debts isrnot a
modern improvements but tire ability of
great nation to provide for great debt, and
to make it the most convenient and best form
of personal property, is modern wonder.
The debt of Great Britain was begun by rails
ing million sterling by loan in 1892, and
when her great contest with Louis XJV.Fwas
terminated, the debt had reached fifty mil
lions. Many statesmen and economists weie
then alarmed at the great burden which had
been imposed upon the industry of the conn
try, but when the war of the Austriant suc-
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
tionai debt was rapidly carried up to one
hundred and forty millions, men OF theory
and business both pronounced thatsth 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 a small increase might be
fatal. Granville said the nation must sink
under it unless some portion of the load was
| borne by the American Colonies, and the at
tempt to impose this load produced the war
of the revolution. and, instead of ofpIMixIsHINe,
added another hundred millions to the bur-
den. Again, says Macaulay, was England
given over, but again she was more prosper
/ Gus than ever before. But when at the close
of her Napoleonic wars in sis, this debt had
been swelled up to the enormous sum of
| over eight hundred millions sterling, or four
! thousand three hundred million dollars, or
| nearly one half the entire property of the
| United Kingdom, the stoutest heart, the firm
! est believer iii national progress and national
development, might we'll have been appalled,.
But in the very face of this mountain OF obli-
| gation,-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 l23 per cent.
against it. All that Great Britain has done in
paying her debt, we shall do and more, with
ours. We have vast territories untouched by
i the plow, mines of all precious metals of
which we have hardly opened the doors, 3
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
4 republic. During the fercest and most ex-
haustirg of all possible wars, we have demon
strated our national strengthened all the
world over, national strength is bat another
name for national credit @As good as United
Stocks" viii soon be Synonymous the world
over with "as good as British Consols." For
our part, we think u. IS. Treasury note,
bearing seven and three-tenths annual inter
!, est, is Just as much better than British Con-
! soils as the rate of interest is higher. Some
! of our tiinid brethren, vito shipped their
gold to London and invested in Consols, are
now glad to sell out and invest at home at a
round loss and serves them right.
May II, 1866 3m.. .