Delaware State journal and statesman., 1865-05-16
NATIONAL DEBTS AND U. 8 srooKs.

We t-9'N'
NATIONAL DEBTS AND U. =. STOCKS.
The creation of national debts is not a
modern improvement, but the 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 Bri-
tain was begun by raising million sterling
by loan in 1902, and when her great con-
test with Louis XIV. was terminated, the
debt had reached fifty millions, Many
statesmen and economists were then
alarmed at the great burden which had
been imposed upon the industry of the
country, but when the war of the Austrian
succession had swelled this amount to
eighty millions, Macauley says that histo-
rians and orators pronounced the case to
be desperate. But when war again broke
out, and the national debt was rapidly car
ried up to one hundred and forty millions,
men oftheory 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 expert
ment 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 tho attempt to i'm
pose this load produced the war of the Rev
olution, and, instead of diminishing, added
another hundred millions to the burden.
Again, says Macauley, was England given
over, but again she was more prosperous
than ever before But when at the close
of her Napoloonic wars in 1916, this debt
had been swelled up to tho enormous sum
OF over eight hundred millions sterling,
or four thousand three hundred million
dollars, or nearly one-half the eutiro pro-
perty Of the United Kingdom, the stoutest
heart, the tirmest believer in national pro.
9ress and national development, might
well have been appalled,. But iu the very
face Of this mountain Of obligation, to
say nothing of her vast colonial possessions
tho property Of the British nation has
been more than trebled, and her debt is
now charge OF but twelve and half per
cent. against it. All that Great Britain
has done in paying her debt, we shall do,
and more, with ours. We have vast terri.
tories untouched by the plow, mines Of all
precious metals of which We have hardly
opened the doors, 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. Dur.
ing the Geroest and most exhaustine Of all
possible wars, we have demonstrated our
national strength-and all the world over,
national strength is but another namo for
national credit. GAS good as United States
Stocks will soon be synonymous the
world over with GAS good as British Con-
soils" For our part, We think United
States Treasury Note, bearing seven and
threa-tenths annual interest, is just as much
better than British Consols as the rate Of
interest is higher Some of our timid
brethren, who shipped their gold to Lon.
don and invested in Consols, are now glad
TO sell out and invest at home at a round
loss,-and serves thom right.