The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-06-26
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France, '6S s2 3Ot 0oO 900 Sls2 $50, 600 st2l2
Austria, ga 1893. .400, ,000 rs COO 0c0 $500
Russia '64 1,Ii6,300,0OO 25 0OO0 0 1875
@. B'n., 49, 1000 91S,944 1888 564, ,548 lao S3 3Sl

o. States, 3oO00O0,OUO l65, 100000 So n 368
Our ability to pay our War Debt has been
demonstrated by an exhibit oi the resources
Of the Nation. The best statists connected
with the Financial Department Of the Govern
ment have shown that the Customs Revenues
of the United States, the Excise and Internal
Taxes, our mineral regions scarcely yet open
ed, our two millions OF acres Of petroleum
wealth, our unsold public lands, and the GER
tain growth of the country in population, and
the equally certain increase of its manufac-
tures, will be sufficient to discharge this debt
to the last dollar within twenty-five years
And this debt viii be discharged II the peo-
pie so ordain. Its payment or its retention
unpaid, Is matter for the people to decide.
1t is their debt to discharge if 1t be burden.
1t is their debt to perpetuate If il be good.
We lay down the proposition that our Ma
tional debt, made permanent and rightly man
aged, wilfbe a National blessing. IS
l. In studying these permanent debts, and
discussing the policy Of maintaining them, or
discharging them by payment, the mind
should free itself from the tyranny of words
Great Britain is in debt to Great Britain
Great Britain does indeed owe Great Britain
four thousand millions of dollars. The bur
den of the debt almost crushes the mind in
contemplation of it. But its vastness is not
the measure of the obligation, for there is no
engagement on the part OF the debtor king
dom to pay the principal of the debt, and lit
tie il any expectation, and still less desire on
the part of its creditor subjects that 1t shall be
paid. Tho principal OF the, neht hsins si...s-
removed from our educated idea of a legal
burden, and of The necessity to discharge
pecnniary obligation, ceases TO represent the
burden.
Tine interest of one debt only becomes The
measure OF its burden. Great Britain does
owe TO Great Britain coniessedy $4,000 ,O00,-
600. But practically, and by consent and har-
monious arrangement. Great Britain owes
to Great Britain only $127 600 . year.
And this is very small debt for the proprie
tors and workmen of the Workshop OF the
W8td' to owe to each other. Its distributive
burden is but $l29 33 a head, which is not as
seesed on pay day per capita, but Is Justly ap-
portioned, the larger share upon the proprle
tors OF the workshop, and the smaller and
smallest upon the artizans and labOrers. This
practically and financially is fair statement
OF the natuae and burden OF the much talked
of British Debt. 9a 2
Such, too, should be the regard Of our debt.
The United States will owe mostly to the peo-
pie of the United States. e165 900 900 year.
The burden nomnally $86 70 upon every citi
zen, and less than th at OF the British debt, un-
like that OF Great Britain, will every year rap
idly diminish by the rapid increase OF our pop
ulation by immigration and natural growth,
For, among the other blessings OF our war,
will probably be the transfer of the Workshop
of the World from England to America.
The Eoglishman who has 100000 in three
per cent. consols at his bankers, and only ten
guineas In his pocket, and who gives assent
to a proposal made to him to so mine for coal
on Vancouver's Island, has got 10000 10
cash to 20 into the operation. He knows that
positively. The world knows it. British consols
are cash capital. This cannot be controvert-
ed, And the $4,000 600 600 of British debt is
National cash capital to the industry and com.
merce of Great Britain. For half century
this seemingly and nominslly huge and bur-
densome debt has served to vitalize the man
utacluring and trading genius of the English
people, and as money. has enabled the British
to do for that long time the marine carrying
for the world, and to make for the world cloth
iron, steel, tin and hardware. This enormous
mass of capital, infused into the business Of
England at the close of her twenty-five years
war with the French Republic and Empire
almost always of par with gold-conveftible
daily and hourly into gold--accepted as gold
In all transactions, was the source of that pro
digious development of mechanical industry
and accumulation ofwealth which so suddenly
bore upward the Eaglsh after -tha. hottie {
Waterloo to the commandrrtl the trade and
nances :. the 49,.
1t was not the industry, persstency an
frugalty of the British people-it was nc
their insuIar position--it was not their coal
nor their iron stene-that gave them suprem
acy on the ocean and Ia the money market
and trading exci Dges of both hemisphere
Their insnlar position was against them.-
Their limited inland territory was unfavorab
TO empire. Their want of space and their cl
mate made them dependent upon other coui
tries for their bread. They became suprenl
~. ov,d
ers, simply bs cause their National Debt adde
four thousand millions Of capital TO their pr,
viously acquired wealth. and simply becaus
this vast infusion Of wealth, which had ever
business virtue OF standard coin. spurred Ii
industry of the island, developed its miner
resources, Invented and put in motie9fr yas
mass of machinery which sD(nEr wove an,
hammered fer hs world Z nd dersold the world
and ses ~ sS tic s5ll io London to pay debt an
to borrow money. What place among tn
cities OF the world would not permanen
American debt of Four Thousand Million
give New York?
The Englishman's 100000 in consols ar
mortgages, each and all, upon every noble
mans estate, and every spinning-enny
Great Britan-upon every coal-mine and e'
cry ship--a mortgage OF record upon ever
mug Of beer held in the fist Of workingma
throughout the Kingdom--a mortgage signe,
sealed, acknowledged add delivered on th
whole life, aye, on the death and burial Of I'll
people Of all England. 1t is the nationality
this promise 70 pay, backed up by the moi
visilant, distruslful, and thorough system
tsxation, for the enforcement OF which Il
whole power OF the Government, military ar
civil, pledged, that makes British conso
the equivalent. practically, of British guiDe
that makes the four thousand million dolla
OF British debt an addition of four thousar
millions Of money TO the capital the kingdo
otherwise possessed at the beginning Of tn
century.
It's precisely so with the war debt Of II