New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-06-16
OUR NATIONAL DEBT
PHILADELPHIA

ssred the following srce show the utility of tla eht
bond froitics Union ard the basis OF National dv opme
Ifysoopt the views forth in the article and sa take
MEASURES disseminate them in the hope that they vii aid
IN the solution Of doubts fears the financial future
country and inIres. the public with true conception
ofthe real benefcent working of the National Debt.
JAY CooKs
The five great Powers of the world have each
permanent National Debt 1t would seen THAT II
chi, institution was not incidental 10 The growth and
development of States, it the contrvancc oil the
yrectica nancers who share with princes
and soldiers in the crises of National life. ana VINO
accept gladly, economical good, what providence
falsely seemed to the unenlghteaed to have cast upon
their countries as pencil necessity Tie following is
table Of the permanent indebtedness Of Great Britain
France Russia. Austr aud the United STATES OF tue
burden Of the interes Of the debt Of each Government
al the burden the debts per capita on the population
OF each and OF the ratio OF the interest to the annual
production of the five countries respectively:
p p'S N To s1a9 al
France. R;ss 600 s 1a''; So sa production
Austria. 1894. l,2634ce00 55,!,9oM 81 90
ssritsio C s. stc1sissA ls!:csa5 va 3 3a
United state. 3OOOCoOoOO 100000 n = 3oS
Our ability 10 pay our War Debt has been demon
s,rated by an exhibit of the resources Of tie Nation
Tie best staists connected with the Financial Depart
rent OF the Government have shown mat the customs
Revenues Of the Unel States. the Excise ana internal
Taxes. cur mineral regions scarcely yet opened our
two millions OF acres If pet oem wcclthonr un.old
public lands and tie certain growth Of The country IN
Sopulation and the ecu LIZ certain increase Of us
ractrres. will he sufficient TO discharge TINS CtOt 20
the last dollar within twenty-five years. And TINS DEBT
will be discharged if the people 80 ofdan It's pay
mint or its retention unpaid is matter for the people
10 decide Ii is their deht 70 discharge, II II &c
burden. II is their dcbt to perpetuate # II oe ~
We lsy down the proposition that our National D-li
made permanent and rightly manaetd, viii be Ma
In studying these permanent debts and discussing
No. If mn lf
rayneut the mind should free itself irom the tyranny
Of words. Great Britain rs in debt 10 Great Britain
Great Britain does. indeed. Great Britain {,
thousand millions OF dollars. The b,Gen al the cent
brushes the mind in contemplation Oi But ITS vast
ness is not the measure OF the oOh2atiO-ior mere L
no engag cement on the part OF the cebor kingdom 10
pay he principal of he debt, and little If any cxpecta
ton and less desire the part of MS creditor tuhct
that il shall be paid. The principal OF The det beng
thus removed from orr educated idea of C al bur
den and of the necessity to discharge pecuniary Obj
eation ceases TO represent the burden.
The interest of the debt only becomes the measure OF
Its burden. Great Britain does owe TO Great lrl' lin
uonfessedly $4,000 OoOOOO. Bn; practically. ana ~
owes to Great Bfit1in only 2!,tO,ND year. Ana
that is very small debt for the pIoIrietors aud We
men OF The Workshop Of The World 20 owe 10 eacl
other rs distribuye burden is hui elaH % a head
winch is assessed ON pay day per oapIth, Do. Dr.
Justly apportiohed tie iaIg ger share upon TIE rroprc
Tors of the workshop and the smaller and small IT
upon the artisans ana aborers This practically md
financially is fair statement of The nature and burden
OF the much talked-of British Debt
Such too should be the regard o. our debt. Tie
United States will owe. mostly 10 the people If tie
United States. sl65, 100000 year. The burden monte
pay SCI ~ upon every citizen. aud less ha. that
the Brush debt unlike that of Great Britain. viii
ayerv rapidly diminish BY The rapid 0crcnse Of
our population by immigration ana aiural grcath and
by the rapid Augmentation Of our ain. IOf among
tse OF er blessings of our wai vii probably DO the
fransg of the Worksbop of the World from England 10
Ife En-lishman WHO has $4,000 in three per cent
consols his bankers. aud onl, ten euineas IN his
pocket, and who gives assent to lnon made 20 liin
2 10 .aol Nartp .Aigr F. a.
$40 OoJ in cash IL into the operation. lie snoNs
that positvey. The world knovsn- British con.c's
nre cash capital This cannot BE- cn;ltrovortcd Ana
the ST. 900 600 OF British debt Is National cash cap
tai to tie industry end commerce OF Great Britain
For hs sena Gs ,I has ssved to e tbe a I
featuring and trading genius 81 The 1T gsh people hnu
e. money has enabled The British 10 90 Tor tA-t long
fine the msrine carrying for The word ana I" nahe
FOR the world CLOTH iron, steel tin and hardware IDS
enormous mass Of capital Infused into the busHe's O
rlend at the close Of her twentyiwo years with
10 Freucn Republic and Empire nosi always Of par
with gold-cOnveItibe daily and honI! INTO SOId-ic.
celted as gold in all transactions, was the source 81
thst proGicious development Of mechanical iIdG'tfy
and accumulation Of wealth which so suddenly bore
inward the English after the Baie Of Waterloo to the
command Of the trade and finances OF the g"be. ,
II not the industry, persistency and rugIity OF
I'VE British peOpleit not Their 4iaular I"sI'pn-
was not tier Goals their iron siOuethat gave them
supremacy on the and III the money dfhrl5 hhu
tradipg exchanges Of both bems pteres Their msmsr
loston was against them. Their limited lhand terii'
tory was unfsVorable to empire Their wan 81 'lace
countries for their bread They became Supreme IS
n erchan,s manufacturers and monoy Lenders, simply
because their National Debt added four thousand nil
Ions OF capital 10 the If previously acquired "cai. th1
simply because this vast Infusion OF wealth. Wien au
every business virtue OF standard com, sircd tbo IN
dusry of the island. deveo ell III mineral Tes0urc
invented and put in motion vasl mass OF ndch.Is
vi ch spun Vove and hammered ipr nc N"Iiu hhpeT
> 4 .le world. and sent the VIOLA 10 Iohloh t"pt!
debt and 10 borrow money. What p.hcc among lhe
cities Of the world womb not perHnncni American
dcbi Of Four Thou and Millions give Sew hoiA
The Enclishmans 10000 m cOh>ol- arc mortgages
each and all upon every nOblemnns estate and ever!
spinning Jenny in Great BraiD-upo ever! coal-'nlbr
and every sbp-a mortgage Of record upon every mug
Of oecr held In the fs of workngnau Throughout We
Kinydon-a MORTGAGE signed, sealed, acAn""l rS'd
uua delivered on the hole life aye. OF the dclth ana
bnrial Of the people OF all England. II = me ns''iy
OF is promise 10 pay backed up q! l'e 's' '4sih
di.trustfu aud thorough system 1: taxation, for INC
enforcement OF whicb the whole power oi iIo Go',r
ment military aud evil il pledged tEt makes lifitsh
c0asol, the equivalent. practically Of rish gnI'a.--
that makes the four thousand mlLon dohfs 81 bIitsh
a.bt an addition Of four Thousand millions 81 money To-
Tie pital the kingdom otherwise POSSESSED ut me be-
ginn m OF this century.
f. II precisely with the wal icbt u TIC Jnted
S,ctss Seven.1hirtes are aynlablc Tor an! enter .
pyise 10 which unOccupied lands uudcNeiOycd nil's
imestablishcd arts and unseized commerce nVte /
Americans. They cash capitol, hefa'iY, absolutely
and yithout figure OF speech TiaciIc.iH lNei ~, 3
cash In bank and cash ia the pocket. Ire artificial
measures of their value which stOck exchanges nave /
succeeded in insttutiDg AT times nomlhaAy gave nue.
tuaon their worth as they he ~ M" nlf' hbuIiN'i'
OF farmers But in reality the desperation Oi W ausi /
does Lot white off tie thousanGih part OF a hsirs
breath from that worth. 1hose farmers hro" ihh
they ore first bond anu mortgage "p"h MI 'h' 'h'u
State and on all the people ia me l'u ''fi'' h
upon their children and their cuGfeIs chiuI'h. DIV
NSheti or 3 per cent above par p"r cent above par
holders If this debt Of $500 OdOOO can any Gay
and any hour, from san FIanc.sco 10 Now iors anu
from Portland 10 New. Orleans convert II into cash
~ lDd Ia ~ Inn