The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1865-06-03
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National Debts and U. s. Stocks,
b. The creation of national debts is not a
modern Improvement, but the ability of a
great nation to provide for q great debt,
and to make it the most convenient and
best form Of personal property, is a mod
ern wonder The debt of Great Britain
was begunby raising million sterling by
loan in 1892, and when her, great contest
with Louis XIV. was terminated, the debt
had reached fifty millions. Many states
men 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, Ma
caulay says that historians and orators pro-
nounced the case to be desperate. But
when war again broke out, and the nation
al debt was rapidly carried up to one hun
dred and forty millions, mems theory and
business both pronounced that the fatal day
had certainly arrived. David Hnme said
that, although, by taxing its energies to
the utmost, the country might possibly live
through it, the experiment must never be
repeated, even a small increase might be
fatal Granville said the nation must sink
underit unless some portion of the load
was borne by the American Colonies, and
the attempt to impose this load produced
the war Of the revolution, and instead Of
diminishing, added another hundred mill
lions to the burden. Again, says Macaplay,
was England given oyer, but again she was
more prosperous 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 mil
lions sterling, or four thousand three hun
dred million dollars, or nearly one half the
entire property Of the United Kingdom,
the stoutest heart the 6rmest believer in
national progress and national develop
ment, might well have been appalled,. But
in the very face Of this mountain of obliga-
tion,-to say nothing of her vast colonial
possessions,--the property of the British
nation has been more than trebled, and her
debt is nova charge of but 1912 per cent
against it. sAll that Great Britain has
done in paying her debt, we shall do, and
more, with ours. We have vast terrific
ries untouched by the plow, mines. of all
precious metals of which we have hardly
opened therdOors, population full of life,
energy, enterprise, and industry, and the
accumulated wealth of money andalabor of
the old countries pouring into the lap of
our giant and ever-to- o-be-unitsd republic
During the fircest and most exhausting Of
all possible wars we have demonstrated
our national strengthened all the world
over national strength is but another name
for national credit. Gas good as us.
Stocks will soonbe synonymous the world
over with "as good as British Consols."-
For our part, we think U. S. Treasury
note, bearing seven and three-tenths an
nual 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 London and invest
ed Eiu consols, are now glad to sell out and
invest at home at a round loss,-and serves
them right no lai1l 500 l9a snw ~ .ly 15i io