The Portland daily press., 1865-06-05
From a Philadelphia Prsss j

National Debts.
II may be assumed that, in round numbers,
sur debt amounts TO 5000 millions. This Is
exactly $100 per head Of our whole white pop
vlation-not such gerry large amount for
zach man, woman, and child. Take the d .bt
Of the other great Powers, and estimate how
much per head each really Is. EngIand's debt
amounts to Sal per head Of the whole popuia-
don there. On the other hand, England, hay-
ing gradually, reduced the interest on her ma
tional debt, herinhabitants pay proportionate-
~ much less than must be paid in this coun-
wy, annually, where, In our anxiety to raise
the wind, we fell into double error-frst, of
Homising to pay very high rate of interest
ior what we borrowed, and then, as II
Sstermined to reduce the value Of our green
backs, to pay that interest in gold, which was
~ good as saying that the greenbacks were By
80 means worth their nominalvalue. Having
sAus to pay an extensive sum, by way Of In
arrest, itclearly would be most economic TO
make bold, national, united effort to liquid
ste the ebtatonce, and have done whit. Low
srices-of rent, clothing, food-%cannot be cal
sulated upon until Internal Taxation is ended
iad ended it cannot be until there Is no fur
sAer demand for annual interest. Let us pay off
oSr national Deli, and thereby show the world
I double novelty-hrst, that without borrow
ing dollar from abroad we can raise So ,OO0,-
100000 to conduct an unexampled contest to
a.. - -----e-Ys=ssts aftds uoAts b1at
when the war was ended we had the means.
ne prudence, and the patriotism to unite and
pay Off the debt, rather than leave 1t, as other
nations have done, o. burthen on posterity
We ought to make any sacrifice to do this, and
II can be done at a very small sacrifice, in
deed, for our resources are more elastic and
expansive than those Of any other nation In
the world. 4 ge g., .~sr.4
IL has been recommended that our Govern
ment 'may rapidly fund its debt in an Ameri-
can consol drawing but four per cent interest
free Of taxes and deductions Of all sorts-that
Il to say, one per cent. in gold or its equiva-
lent quarterly, or 81 900 interest every three
months ON each 81 goo, 900 Invested. This win
reduce the burden of our debt to $12O 900 600
annually; for we are confident that the princi-
pal will not exceed three thousands millions
Fhen all just claims shall have been paid.
chis interest we can meet, this debt we can
gradually extinguish, without exhorbitant or
oppressive taxation We say, go beyond this,
~ paying on the debt and clearing the nation
estate at once Of its mortgages, for which
here is the annual drain of money to pay the
interest. AxA9A 1904 ektSak aHaR4
M 4riffft q 1..7. AK
No country except the United States nas
sver paid Gifts war debts. We did 1t In 1886;
may do it before 1866, if we are so minded.
olher countries. with few exceptions, have
gene On increasing their debt. At the end of
1915, after the paciHcation of Europe
and been effected. by the defeat and
captivity Of NAPOLEON, the National Debt
Of England was $4,205, 900, 900. 4 10 1854
Mr.. Gladstone tells us, it has de-
alined to $4,ll967O; and on the S1st Of
March, 1866, it stood at $4,O4l, 4l0-its
present total Of course. 1t would ap-
pear, then, to shallow observers, that
he whole reduction in the National Debt Of
England, in the fifty years between 1915 and
1885, was only sl64, 100000. But it must be
remembered that, in 1884, England had nobly
disbursed 500, 900 600, which she borrowed to
pay the West India proprietors for their slaves,
enancipated by the act of Parliament; that, in ]
lSs1, the sum Of $35 10000 was also added to
ne National Debt, and was given to the
starving Irish; that, 10 1856 So, it was necces-
sary to add $4,000 900 more to national bur-
asns, psyfor the Crimean War, and that, from
1859 to 1865, astill further sum Of $62ooO.-
ooowas added into defray the expense Of in
areased national defences. Taking these items
INTO account, the real reduction Of .Eoolana,s
National Debt, between 1876 and 1865 Il not
sl64, 1900, 000, but actually amounts to $40 900
900. In the last six years, Mr.. GLADsroNr
sslls u.s. the reduction Of that Debt was over
SssOooO00, or $l5, 900 per annum.
We can do more than this, and we ought to
do it. We can pay off our National Debt,
which 10 about three-.oulths OF that of EGG
Land. We can do this by a simultaneous, but
not very exacting cooperation. If we do it.,
We shall stand alone among the nations Of the
earth, as having borrowed the money from
ourselves and repaid it. By ourselves. Eng
Land never will pay of her Debt, but stagger
ander it for ever, with it hanging round her
neck like mill stone, weighing her down to