New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-05-25
THE NATIONAL DEBT OF ENGLAND.

|
view to an estimate of results in order that, within
the sphere Of human agency we may modify those
results for the benefit Of society. 1t is hopeful
sign that sociology term which, in its widest
extent embraces, together with the laws of social
organization, the yet undeveloped science Of gov
ernment--is escaping from the trammels of the
theological and metaphysical methods, and
achieving its emancipation by means of a philo
! sophioal subordination to the positive system
| This benefoent change-which is indeed the ind
cation Of the real progress of our ageis far more
ooHspieuously visible in Europe than in America
In the United States especially the metaphysical
doctrine Of first principles and natural rights
SO firm hold on thepubliC mind that those
who seek to treat political and social questions by
the scientific method are regarded as visionary
theorisers, or heretical blasphemers. Mr.. Sumner
and his party insist on conforming society to GER
tain abstract and fundamental principles, which
they regard as the foundation of human social and
political organization but which are about as
valid support for the complex realities of
sociology as the infinite vacancy Of the Brahmins
for the tortoise which was supposed TO carry the
earth onits back. When the people of the United
States get rid of this pernicious idea, when they
perceive that the party of first princples'' and
moral IDEAS is essentially retrogressiye and
obstructive in its nature and that the true shirt
OF modern progress is embodied in the opposite
party, they viii have taken the first step in the
right direction. Until then everything will neces.
sarily be anarchy and chaos.
II is refreshing, however after reading the vapfd
and insane generalites of Sumner, to turn to the
truly wise, philosophical and statesmanlike speech
which was recently delivered by the Chancellor
of the English Exehequer on the subject of
British finances. Apart from the fact that this
speech is one of the boldest utterances ever made
by any statesman, in any age, it possesses the
singular merit Of suggesting course of legislation
for the benefit Of posterity, and hence for the
benefit Of society, based not on an egotistcal as
sumption of disputed .'principIesn but upon |
generalization Of the admitted facts and phenome
ma of English society. The speech Ia Intended to
show the necessity which exists for providing for
at least an approximate extnguishment of the |
national debt within the next swenty or thirty
years by proving that, within a time not very ri
mote, the nation must lose its ability, not merely
q pay the principal, but even to provide for the
interest which in the nature of things must become
90 oppressive to be borne. To Judge from this
peech, England is now passing through her era Of
Industrial and commercial pre-eminence. If she
las not arrived at the eliminating point she is not
ar from it. Her commerce now exceeds the
United commerce of France and the United States |
while her population is but thirty million, against
he seventy million Of these two countries. This
upeTiority Of course, depends on sufficient causes
National vanity would attribute it to superior en-
erprise and to the benefeent influence OF the
British Constitution Mr. Gladstone traces DE
fleet toits real cause, and fnds that it depends
primarily, on the advantage which England en-.
oys "a consequence Of her vast supplies of cheap
vel, The coal fields Of England are the basis of t
lngiands commercial and industrial pre-emnence I
ne proMmate support Of her superiority is her '
tealn'engines. of these there are about forty
thousand in Great Britain They do more work f
nan Is performed by all the human muscle in the n
lngdom. By the products Of their labor England v
enabled to command the markets of the world o
ND to undersell all competitors. And these heron ii
can workers require no raiment; but only food o
ne food which is found in those coal fields which
Y q pleasing figure Of speech, have been called b
1exhaustible. These coal beds lie so near fac n
urface, and are SO close to her metallic mines ri
nat England enjoys vast advantage over other b
atfons IN the cost Of smelling ores and propelfne
laohinery. TFE7
But, after al the oeal fields are not inexbaust
e. On the contrary, trustworthy calculations "a
low that their accessible stores will be consumed M
thin period which may be deemed short ia the n,
story OF nation MIR, Hume, whose authority n,
quoted by Mr.. Gladstone estimates the duan- r
y Of coal in the United Kingdom, within 1000 20
ct Of the surface at SO 600 100000 tons. In 1854 a.
consumption was Ga 900 900 tons in 1t was n,
100000. At an annual increase Of IS per cent Hi
1ich is less than the actual increase in 1861 the Dir
nual consumption would be 261 ,00O, 900 tons: and K
1870 the total consumption would be 1880 OGo.- .,
1900, Or much greater quantity than is known eli,
be available in Great Britain within fo
100 feet of the surface. But long he. 70
re That time the causes leading to an IA
crease Of price will have begun to produce their Re
climate effects. Suppose, Them saws NJ. pa
ladstone, that pre-eminence in the cheap pro. an
lotion of coal should be carried from rs atyav oe
'ross the Atlantic, what will happen2 There u
II be decline Of rents, decline OF profits an
'cline Of wages. There will be precisely Tia ~,
verse ofwhat we have all seen taking place co
thin our time-an increase of rents, an increase Ina
profits, an increase of wages. And when rents,
otis and wages decline, what will the owners VIZ
THOSE who receive wsges, finding that wages elt
lower here than across the Atlantic, will mi ms
ate; and the holders of movable property find. fiji
that there is wider and more profitable field trs
their capital elsewhere, will send their capital
road y,
me inference is unavoidable that if Great Bri ne
n would avert, in her proximate future, the th,
rden OF crushing and oppressive taxation, ana he
certainty Of ultimate Reputation, she must ma
e measures, during this flush time of pros bo
rty, to pay off her national debt bai
IN this connection, Mr.. Gladstone touches ON mr.,
lat he calls the chapter of national debts an
declares that public indebtedness 9 is assum. N
painful and baneful prominence as social arc
q political fact Of modern experience The
lllstles produced by way Of illustration are re, Q
ese WIN warning and suggestion. The debt of tan
,eat Britain is in round figures "a 900 600 600 bo,
y debt Of Holland is $4,000 600 Of Prussia ~
~ veO,oO0 Of Russia, 81 100000, 600; of Aus a
" SiiosOoOO,eOO; Of France, about 50 000O00 hai
y Of Italy $500 000O00 Of spain s7qo mn ono A.
Portugal, l6S,ooo,OOO; and of Turkey. $3.50. NH
V'Ouo. Thus nine continental powers owa tor
yenty7ive hundred million dollars ai,oast w =
Of which has been contracted DURING tines 80 -.
ace. 0mittng Holland, Spain ana prpssia MI ~ ~
Ter six powers have increased their debt A. A. ~
Q of SS00,O0o00O per annnn. Mr.. GIadstons is,i
ks on these facts with natural alarm II tts ,ll-l
stenee Of these immense charges on narste,, W.
sees the inevitable operation of an evil which sS
st affect all the nations that are bound topetber
M %fas an,l -