Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-06-01
OUR NATIONAL DEBT.

Vu6 NhI4ONAL uEbIs
Mr.. Gladstone, the English Chancellor
Of the Exchequer, in his usual annual
financial statement made before the House
of Commons on the 81 inst, urges the De.
cessity Of making immediate provision for
the payment of the national debt in view of
the constant drain upon The coal mines Of
that country, which must lead ultimately
to Increased cost of production, and to
financial embarrassment:
In regard to the national debt, Mr.. Glad
stone says: ave have effaced the results
of the Crimean war, and the debt tlnus
stands at the very place which it occupied
at the commencement Of the year 1854"
and seven hundred and ninety million
pounds, or say four billions of dollars, in
round numbers, is the figure at which it
stands. A pitiful reduction Of two or three
millions year in times Of peace may we'll
alarm the Chancellor, in view Of the iuev-
table drawbacks Of a protractcd war
Meantime on the Continent "the chapter
of national debts is assuming painful
and bansful prominence as social and
From this reflection he oxempts the enor-
nous debt Of the United States Of three
billion dollars, for he does not believe that
it "will conslitu'.' any difficulty for the
American people"
With regard to our debt lie presents the
following hopeful ricw:
The chapter of national debts is assuming.
Think paiulu and q baleful prominence
as social and roli,ical fact Of :noJern
experience. (Hea' I do not know whether
tue House is a" are TO what extent this
miscEievous and Injurious process is going
on; ;'nt will refer first to what do not
hesitate to declare contemplate with the
leas. anxiety, and that is the debt of the
United States which is in itself something
wonderful--wondetful as the creation Of four
years, strictly Of four years, and no more
and yet amounting to nearly 3,ooO,ooQ,-
900 dollars, or 96oOO,OoO, ,OOO,aud the rate
Of growth Of the debt in the last year cx.
ceeded, think, G2ooo,OoO, 900. That is
wonderful debt, and its charge is enorm.
Gus. Itis not possible in the present state
OF the financial arrangements of that coun
Try to ascertain with precision, but believe
am not wrong in saying that the charge
81 that debt is considerably heavier than
ours, though the capital is less. (Hear,
hear) The smallest sum at which I can
Estimate the charge is thirty two millions
sterling; and ifupon the back Of that sum
we lay the necessary cost of raising the
revenue, which in America is much heay-
Ter then it is here, do not think the 'efTec-
tive amount of taxation incumbent upon
the nation at this time in consequence of
the Northern debt (I do not include one
farthing of the Southern debit cannot be
taken at less then nearly thirty five millions
sterling per ahnum. Well, now, looking
at these figures, man would be struck
with something like despair; but if we
look at the position Of the country acAich
has to bear the burden must confess that
! think the future Of America, as far as
finance IS concerned-political problems
are not now in qucstion-will rot DO at.
tended with any emit arrassment. I do not
believe that tha' debt will constitute anv
difficulty for the American people. (Cheers)
ain confident that if they show with res
pect to finance any portion of that extra
ordinary resolution whick on both sides
alike they manifested during the war, and
OF that equally remarkable resolution with
which Oh the'return Of peace they have
brought their INDUSTRIOUS aud gigantic es-
Establishments within moderate bounds
(hear, hear Il won't say that this debt
according to an expression which was once
fashionable in this country, will Le flea.
o'te-(a laugh)-but that in n moderate
time 1t will be brought within very small
limits, and may, even within The lifetime OF
persons now living, be effaced altogether.
(Htar, hear.) AT this moment America
Is, 1 believe, paying war taxes, and the
amount Of the revenue Of the United
States is not less, apprehend, than about
eighty millions OF money, the largest snm
ever raised in any country for the purposes
OF a central government. The estimated
surplus Is from twenty 10 thirty millions
sterling year, and l believe. at present
only abont ten millions Of their taxation
are menaced BY tie natural 'inpatience Of
the people with respect to some Of the
taxes that have been imposed. Mr.. Nc
CuiIocb, the finance minister of tba, conn.
try strongly urges the policy Of reduc;np The
debt, and am quite certain that from ib;s
side OF the water we shall send him
hearty expression Of good wishes for his
success, both on account Of our interest in
the we'll being ola friendly. nation. and
because it may be hoped that the example
OF America will react benefcially on this
country. -''s.. =
RusNISa DowN.-There has been, uu.
der the Republican domination, says the:
Cincinnati Enquirer, the most utter and
complete degenerscy 10 the material which
eomposes the United States Senate. For
mef'y that body was composed of states
men and pen OF talent. It is5poy mainly
nm moda 0f ano1i l,n>t . ~. .f =,