The New York herald., 1866-05-17

annum- Well, now looking at these nguree, man
burden must corfsn dat tAink the future " Amesoa
in gsstio-viu not b aaesdse via any smserras.
.sen do Not beIieve thas aat dsN ,OH eonsuse any
c'1s ss5.,s ann o1ne
ton OF that extraordinary resolution which on both
sides alike they manifested during the war; and of that
Of peace they have brought their monstrous gigantic
establishments within moderate bounds-(hear, hear)-I
which was once fashionable in this Country, vii be
feabite-(a laughi-but that In a moderate time
!. will Be- brought within vory small llmlts and may
effaced altogether (Hear, hearl At this moment
America is believe, paying war taxes, and the amount
hend than about eighty millions Of money the largest
sum ever raised in any country for the purposes Of
central government. The estimated surplus Is from
twenty to thirty millions sterling year. and believe
present only about ten millions Of their taxation
menacea oy the natural impa;ience OF the people with
Mr. McCuloch, the finance minister Of that country,
strongly urges the policy Of reducing the debt and
quite certain that from this side Of the shall
cess, 0o.A a. acooaT Of sntsrea - Ms wsa Icing
a. ms Example Of Hmsrsca ~iH react Ssnsaeialyf fsa on
hls country lCheersl But have gentlemen who
sit here paid attention to the steathy man
ner In which borrowing Is becoming the stand
ing vice OF almost every government Europef do
not speak now with regard to that uneasy Of things
in which the continent is at this moment liable be in
volved We hope that neither unrestraIned ambition
neglect of the rules Of prudence will deprive Europe
of tn inestmable blessings of peace (Cheersl But
ask the House to consider how enormously important
the practice OF the OF Europe with regard
to the contraction of debt is becoming have here the
national debts of nine countries in Europe, estimated
from the most trustworthy data could obtain find
that with the exception OF Hollands there is not OF
these that has not been virtually contracted in the last
half century, and by far the larger part Of them has
been contracted during the last twenty yearsa time of
peace for II there has been any expenditure added
to them during that time it is insignificant in amount
Holland find, acts prudently, and reduces her debt
while the finances OF Prussia are model OF good admin
istration for Prussa debt stands at f43 900 000 and
Hollands at GS5 600 000 Russa's debt is estimated at
f279 900 and Austrias at The debt Of
France not capital debt and IL Is difficult to estimate
1t with accuracy 1t is made up Of rentes Of twenty
three years purchase, and as nearly as possible it
amounts to f400 900 0G0 1t Is the largest of these debts
yet because Of The immense resources OF the country
and the energy and wonderful thrtness of its people,
one need perhaps feel less anxiety for its future security
and strength than for the stability any other European
government Itays debt stands at il52 900 000 and
is increasing with poentous strides The debt OF Spain
amounts TO fl45 000 000 Portugais is estimated at E33
000 000 and tho debt Of Turkey, which believe TO be
entirely modern institution principally created
the Crimcan war, amounts to t5l 600 O00 The great
bulk of these debts amounting altogether to thou
sand five hundred millions, have accumulated in time
OF peace and have not boen thrown upon the several
countries during struggle for life will trouble
the committee with details Of their rate of increase; but
omitting Holland, which has decreased debt, and
emitting Prussia, which does habiualy increase it,
and emitting Spain also which keeps its debt nearly
equilibrunl--tlaughter)- have six OF the nine
countries who have managed to increase their debts
481 900 600 sterling And this growing for like other
bad habits, ebt-naking has q tendency TO spread
Europe should thereto orc know the increase and look
ut 1t from the right point Of view 1t spending
time Of peace the resources Of war; 1t is exactly
If IN year Of good harvest the country spent the
whole of that good harvest and half another
harvest beside; and II should be remembered that
IL peace be preserved in Europe tor the rest of
the century, the debts Of these nine countries the
present rates OF increase would amount nearly
1t is not merely the money engagements; that is com
paraivcly little matter II Is not only very great
away from useful profitable purposes for what is
worse than unproducye expenditure 6u it an
nous political and soc,ai difficulty 'ick being gradually
stored up ty is ntoa tmprDudu There nothing
insidious, a. ieast knoU Of nohing insdis as
financial difficulty 1t approaches you in the first mo-
ment with smiles ana caressos The expedicnt OF bor-
rowing appears the first temptation TO open TO no
objection whatever. 1t is like what the poet described
In the lnes:-
Parva primo mox sese at.olit in nuras
Ingredturque solo, ct caput inter nuba condit.
And more that which one OF the Greek ,raredies
describes OF the cub OF the lloness which, having been
incautousy taken by the hunter his home is reared
with his dogs and petted by his children 1t upon
everyone while II remains cub, but when grows to It's
strength its mcekness suddenly forsakes it. and coming
In its terror deuges the whole house with the gore
OF its victims. is so with financial difficulties. They
begin with the most insnuatng address, and grow SO
gradually that you wont to put off the evil day OF
reck0ning but you will nevertheless have look in
the face some day and that may be when the difficulties
have become actually nsurmountablc Iienr hear so
much for other countries; and now let look our
own mus. ask you TO bear with me while endeavor
TO point out what take to be the true state OF own
case. address myself to the whole committee
and especially to gentlemen opposite, and those
interested in the land an and axed properly in ''s shs
country because apprehended that II there be any
special interest concerned In the subject to
consider the interest Of the landed property In the
first place. then let be remembered that 10 are living
in commercial era, The propeds " 'cAch il 1; almost
possible 10 appreciate, trUs their magnitude Every FIVE
years the Of increase continually shifting and
always shifting upwards The Liberation IF indAfru TIE
progress of fnrenon the steady invstgaiion Of scienc
he improvement Of social haJ all combining together
to induce Me conclusion that in the days Of our Childhood
oaen zee Go,gat he mmeyre n England uas suDndeu
fiing aud that the commerce Of the world was wonder
full; and when We had idea that a century's de-
velopmen had brought abou. almost mountain
OF transformation, the result was In point Of
1t was infant Hercules that has ever since
as Is the extension to which it has now reached in ali
likelihood will 60 extending still more in the future
we must refrain from do mazing estimate proba-
blitics as well We and like wise men permit our.
selves to be guided by the balance OF probability. Dur
Ing the next twenty or thirty year, them perhaps more
for cannot pretend 70 time are To look for
still further development and extension OF the commerce
OF this country which Is now In the aggregate appre-
hend, at least three fold what was Ave and twenty
years ago. Wcll the population has been increasing at
less rate than FIVE and twenty per cent while our com
has been multiplied three times; and this, we
must fairly presume will 10 Now the great agents
Of production are three ys ws have land and eupi
tai secondly, ue hare movable tdngrite capital and
It is mos, important the relative position Of these three
!
industry and enterprise, and doubt can exist as 10
what nation Is at this moment foremost the race The
people Of the United Kingdom by far the foremost
Their external commerce Is apprchend great as that
Of the two countries which come order TO IT; e
United K'ngdom, ~tA Z. thirty mtltons Of p1pls, as
great in commevcc as France and America sc16 Aeir
We have undoubtedly gt a. sa,s II Ae raoe; and te-
hooro W 70 inquire chdf has giver 10 Doubtless we
have great advantages our geographical position Is
great advantage also the character OF the people
But both our geographical position and the character OF
our people are the they century ago. and
England then did not lead the trade OF Europe What
then has given the cadt or course there ia an in
creasing In accumuatve capital; but the chief
cause In ne poSesson 9 our mineral keassres Hear
hear) The fact, not merely Of the possession OF
coal but Of the possession Of vast stores Of coal
under such circumstances that can raise 10 TO
the surface at lower pnce than any othor country the
world II Is not the quantity OF coal bNi IL puwcon
a 'os pricc which has gver the tart and has caused
the enormously rapid progress Of the country which
from many other points Of view might have been expect
cd TO make less rapid progress than Il has because after
all the very great treasure of nations their un
occupied land--s treasure which possess In our
three Kingdoms, in much smaller degree than almost
nj IA FNTAI EIrn ~