The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-05-31
National Debts and u S.
] Stocks. - e


The creation of national debts Is not a
modern Improvement, but tie ability of a
great nation to provide for "a great debt, and
to make it the most convenient and best form
of personal property, is q modern wonder.
The debt Of Great Britain was begun by rais-
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 aud economists were
then alarmed at the great burden which had
been imposed upon the industry of theconn-
try, but when the war Of the Austrian spcs
eession had swelled this amount to eighty
millions, hacaulay says that historians and,
orators pronounced the case to be desperates7
But when war again broke out, and the ma
tional debt WAS rapidly carried up to On e.
hundred and forty millions, men o. theoiy
and business both pronounced that the fa,.
day had certainly arrived. David Hume ssaid
that, although. by taxing its energies 10 tho-
utmost the country might possibly lives
through it, the experiment must never be ;
repeated,-even small increase might be
fatal. Granville said the nation must sink
under it unless some portion of the Ioao was
borne by the American Colonies, and the at
tempt to impose this lead produced the
of the revolution. and, instead of DIMINISHING,
added another hundred millions to the bur-
den. "A gain, says Macaulay, was England
given over, but again she was more prosper
GUS than ever before. But when at the olose s
of her Napoleonio wars in 1916, this debt had
been swelled up to the enormous sum of
over eight hundred millions sterling, or tour
thousand three hundred million dollars, or
nearly one half the entire property Of the
United Kingdom, the stoutest heart, the firm
est believer iif national progress and national
development, might well have bseh appalled,.
But in the very face of this mountain of obli-
gation,-to say nothing Of her vast colonial
possessions property Of the British
nation has been more than trebled and LIEF
debt is now charge of but l25 per cent.
against it. AlIthat Great Britain has done in
paying her debt, we shall do, and more, with
ours. We have vast territories untouched by
the plow, mines of all precious metals of
which we have hardly opened the doors, a
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 urgiant aud ever to be united
republic. During the fercest and most ex-
hanstirg Of ali possible wars, we have demon
strated our national strength and all the
world over, national strength is but another
name for national credit. "As good as United
Stocks" will soon be Synonymous the world
over with .las gpod as British Consols." For
our part, we think U. s. Treasury note;
bearing seven and three-tenths annual inter-
est, is Just as much better than British Con-f
soils as the rate of interest is higher. Some
of our tinid brethren, who shipped their
gold to London and invested in Conssls, are
now glad to sell out and invest at home at
round loss,-and serves them right:
May IT; 1S65.-rSni.