The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-06-07
National indebtedness.

National Indebtedness.
Mr.. GLADSTONE, in recent speech 10
Parliament showed that nearly all the
great nations Of Europe, and many OF the
small ones, are overwhelmed-and nc
mxh, have said hopeleSsly-by debt. lhese
debts in the aggregate amount TO e,e'e"
Thousand five hundred millions OF doi'a.,'
The deb, Of England is four Thousand ."",
lions and that Of the continental na'lo"'
seven thousand five hundred m'ii'ohs.
English deb, would seem TO be out OF pro-
portion excessive in comparison WIN '"
az the continental nations. But Ihs'""a
Immense colonial possessions ana re''As
80 hor - manage her obligations Win
,orhsns more facility aud success 'han hef
eo,emporaries. Yet even sue "h"s
necessary TO re;rcnch ana put on the
breaks 10 stop the downhill way to repu-
a;o,;on !, should be appalling to those
continental nations to see that their indebt-
edpess is increasing at the yearly rate o!
three hundred millions Of dollars in time
Of peace. What are we to expect should
the grand war now threatened take place !?
1t might DC argued that it would make
affairs no worse since their treasures are
already bankrupt; or, indeed, that 1t might
be all the better as leading to reputation
aud wping out of the weight of oblisa-
ton which it is impossible for the nations
TO get rid Of in any other way.
These debts arc all entailed by war
most OF them waged for the qualification OF
national pride and love of power. In this
country we were in 1882 free from debt,
and moderate taxation would have kept us
40. The defensive war we had main
tanned seemed to add nothing to the public
Indebtedness which could not be very
readily met by moderate burthens. There
was change in this matter of war as soon
as the nature OF our wars was altered.
The war with Mexico, originally sort OF
defensive one, was made to assume the
form of conquest, and then our debt began
10 swell. The last war, which was amongst
ourselves, fought as it was mainly with
money, ran up the public debt more ra.
pidly than was ever known before in any
country. We now have debt Of some
three thousand millions. To pay this deb
We must be taxed most heavily. Taxa
ton, like the frogs of Egypt, has entered
into every part Of our houses, and follows
rs everywhere, and takes hold Of ever!
act we perform.
But the debt of the United States, un
like the debt of the older nations o
Europe, is the debt of a young country, ricl
in every national resource, whose rapidly
increasing population and wonderful anc
continually developed mineral wealth give
TO her a financial power of immense mag
nitude now, and which in short time pro
misses to exceed that of any nation in the
world. All she has to do is toavoid cauSeles:
wars: and if she can get back to the
Washingtopian policy, and avoid entanglne
alliances, and commit no wrongs she would
herself resist, in q few years she will bt
easv in her money matters, and the bur
tlens imposed on the people may bt
relaxed.
But will we do this! The bad passions
and overbearing disposition now displayed
q. Washington indicate the danger
which beset us. These are the disposition
which live amidst revolutions-they, il
fact, breed them. If the people put these
men out of power, restore the Union anc
the industry and prosperity of the country
We shall avoid war, and pay our debts, and
ease the nation.
In the matter of the reckless accumula.
tion of debt, nations are like individuals
The same consequences ensue to the cor.
porations formed out of many persons that
are entaied on one by mourning obliga-
tions beyond the capacity TO pay: loss OF
credit - continual embarrassment - the
parting with property which had yielded
income-fnal bankruptcy and ruin. 1t is
impossible to endure the burthens of pay
Ing the interest and curtailing the princi.
pal of such debts. 1t is time that govern
meuts had profted by the lesson so often
llIuoIEaleu Ou tAiS oubJSSss Aas sANs "'A'
not, though it were taught to them twice
a day. AS there is nothing in this world
that Is to endure forever, we take it tina,
oil governments must in time be revolu-
tionized aud reformed. 1t would be no
sxtravagant idea to conjecture, in this
money age, when money is so emphatically
power, that the hopeless embarrassment
of some nations will very materially help
in that revolution and reform by which the
old must give place to new political or
canisms. If we look at the individual, We
see very plainly how he reaches the end o
his rope, and is compelled to quit business
and submit TO compulsory delivery of al
he has on earth. So with the nations. The
governments representing them in such case
must wind up and quit business. The PEG.
pie, under new organizations answering
to new frms), may and will 90 into bust.
ness again and begin afresh--possibly to
repeat the old story Of pride, ambition,
cove,ousness, war, Observation-Disclosures
and revolution!
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THE PRESIDENTS ORGAN on JUDGE UN-
nrpwoon,a Cu.unr-The famous CHARGE