The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-06-14
National Debts and U. s
Stocks.

The creation of national debts is hot
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 Britain was begun BY rsis=
ing million sterling by loan in 1882, ana
when her great contest with Lotis XIV. was
terminated, the debt had reached fifty mill
lions. Many statesmen and economists weSs
then ALARMED at the great burden which had
bcen imposed upon the industry OF the conn-
try, but when the war of the Austrian suo-
cession had sNelled this amount to eighty
millions, Maeaulay says that historians and
orators pronounced the case to be desperate;
But when war again broke ont, and the na-
tional debt was rapidly carried up 70 ou6
hundred and forty millions, men o. theory
and business both pronounced that the fatal
day had certainly arrived. David Hume said
that, although. by taking It's energies to the
utmost, the country might possibly live
through it, the experiment must newer BE-
repeated, ,--even small increase might bS
fatal: Granville said the. natloh must sink
under 1t unless some portion Of the l6ad xas
borne By the American Colonies; and the A.
tempt to impose this load produced the war
of the revolutions. and, instead of binINfsurros
added another hundred millions to the bur-
den. Again, says Mscaulay, &as England
given over, but again she was more prosper
ous than ever before. But when at the close
of her Napoleonic wars in 1916, this debt ha1
been swelled up to the enormous sum o1
over eight hundred millions sterling, or feo1
! Thousand three hundred million dollars, %
nearly one half the entire property 4 tA1
i United Kingdcm, the stoutest heart, the frn-
| est believer in national progress and national
Development, might well have been appalled,.
| Bat in-the very face of this moantxin Of obli-
! gation,-to say nothing of her vast colonial
possessions.-- property Of the Brftiah
nation has been more than trsbled, snd hs1
debt is now a charge of but 124 Per cent
! against it. All that Crest Britain has done -
| paying her debt, we shall dc. and more, With
/ ours We havesvzst territories untouchea b,
the plow, mines of al precious metals o'
which we have hardly opened the doors, Z
population full ofalifs, energy, enterprise and
industry; and the accumulated wezith d
money and labor of the old counties pouring
into the hap of our giant and ever to be omitted
republic. During the feyoest and mont En-
haustirg of all possible y ara, We have demos
strated our national strength--snd al .hs
world over, national strength is but spsths
name for national credit. cas- good a. Unitsi
Stocks" win soon be syncnymous the vorl,
over with 'sas good as British Cohsols." 70
our part, we think U. S. Treasury note
bearing seven and three-tenths annual inter
) est, Is just as much better than British Con
soils as the rate of interest is higher. Som
of our timid brethren, who shipped thsi
gold to Lendon and invested in Console, or
now glad to sell out and invest at homo 81 |
round loss,-and serves them right.
May IL, ls65.--sm.