The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-05-17
National Debts and U. S
Stocks.

The creation of national debts is not a
modern Improvement, but TIE ability of a
great nation to provide for great debt, and
to make it the most convenient and best form
of personal property, is a 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 XIV. was
terminated, the debt had reached fifty mil
lions. Many statesmen and economists were
then alarmed at the great burden which had
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 OF 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,-eyen small increase might be
fatal. Granville said the nation must sink
under it unless some portion of the loaa was
borne by the American Colonies, and the at
tempt to impose this load produced the war
of the revolution. and, instead of DIMINISHING,
added another hundred millions to the bur
den. Again, says Mscaulay, was England
given over, but again she was more prosper
GUS than ever before. But when at the CLOSE
of her Napoleonic wars in 1916, 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 in 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.-tIie property of the British
nation has been more than trebled, and l.er
debt is now charge of but 123 per cent.
against it. All that Great Britain has done in
pa ying her debt, we shall do, and more, with
ours. We have vast territories untouched by
the plow, mines of all precious metals of
viii ch we have hardly opened the doors, a
popula tion 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-
haustiEg of all possible wars, we have demon
strated our national strength-and all the
world over, national strength is but another
name for national credit. sAs good as United
Stocks" will soon be Synonymous the world
over with "as good as British Consols." For
our part, we think U. S. Treasury note,
bearing seven and three-tenths annual intes-
est, is just as much better than British Con-
soils as the rate of interest is higher. Some
of our timid brethren, who shipped their
gold to Lcndon and invested in Consols, are
now glad to sell out and invest at home at a
round oss,-and serves them right.
May II, 1865.--3m.