New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-18
DEBT.PAYING.
Legislat


selves constantly paraded before the nations by the
first orators in the world as the prize boy at school,
even if we do remember not many sessions since
when we were the one wicked boy among wicked
boys child Of many hopes and prayers and oppor-
tunities going to the bad irretriegaby and wasting
the inheritance Of prince among swine and goat
herds. We have now the sublime prominence Of
having the largest debt in the world with the excep-
ton of Engand's; and, when come TO look at our
interest tables and reckon the cost OF the debt even
larger than England For man to be poor is not
q rare attainment. To be poor with million Of
dollars of debt brings renown in Wall-st. Accord
ing to Mr.. Gladstone, there seems to be spirit
Of emulation among nations as to which of them
will reach the latter eminence first. During the last
twenty years particularly the European nations have
managed to incur debt OF about $500, 900 900.
The English debt has generally been considered one
of the few existing types of eternity 1t IL the one
thing on this earth which seems to have had no be-
ginning, and promises TO have no end. The debt now
is S399i545 600 more than $4,000, 900 less than IN
January, 1854, period preceding the Crmean War
This shows that in twelve years England has repaired
the losses Of the Russian war, and Advanced anew
toward economy.
To the Russell Ministry belongs the rare credit OF
disayowing English traditions, and regarding the
National debt as O responsibility which may be ter
minated and not law OF nature to the world with
out end. England is in the possession peculiar
sources of wealth. and if she can escape the standing
vice of borrowing which Mr. Gladstone assures us is
"sartliug;" if, above all things, she escapes the
tendency to assume debt, which has become mania
thar /. no raas " shp
may not arrange for the payment Of her entire debt
Her rulers have abandoned the policy of Walpole and
Pitt and no longer give millions to help the cause
of every forlorn king and kaiser who feels that
his crown Is the chief concern Of the world II Eu
ropean powers fight they must pay their bills. Hano
YER is no longer burden to The English crown. Pal
merston ia dead aud with him all Of the "yigor'
which expended itself in armament and frutess exhs
billions Of strength. Rather than write Mr. Seward
civil letter the Trent question: spend ten millions OF
dollars in getting ready for war which it was known
would never take place England no longer claims to
wear the champion belt Of the world. Like the most
of these brawny heroes John Bull has retired and set
up tavern If nations want bottle holder or ref
cree he is rare old Boniface who will fair play.
But his own bruises must be healed and his own bills
pal0, ana his tavern Is Optu 10 "V4au' WIN
entertainment abundant for man and beast.
While the debt of England has increased greatly
in the last twenty years. her commerce has trebled.
During the last twenty-five years it has increased
until now-thanks, in measure, to Liverpool pirates
and Raphael Semmesit is larger than tina. of France
and America combined. The cause Of this is said to
be the possession of mineral treasures especially COAL
England can miIfe coal cheaper than any other ma
ton and she controls the industry and consequently
the capital of the world America has thirty seven
times the amount Of coal in England, and, III humid
red years. according 70 Mr. Gladstone and Mr.. Mill,
the English supply will end. With that event, the
monopoly of coal passes to America. Suppose
coal is to fall" says Mr.. Gladstone and to carry
away this prominence of cheap production Of ours
across the Atlantic what will happen There viii
be decline-a decline Of rents profits, and wages.
There will be- precisely a reverse of what we have
seen for the last twenty years in the increase OF rents
profits, and wages. When rents, profits and wages
decline, what will the owners of them dot The
owners Of wages-those who receive wage5-fnding
,cages are higher across the Atlantic, will emgrate.
Orners Of morabe property rW find teidsr and more
profitable field for It's application, and 'oW send their
capital abroad. What will the owners OF rents do
It appears to me they cannot enigrate They may
emgrate personally but that upon which they depend
annot emigrate. At that period, when rents, wages,
and profits decline the charge on the National debt
will remain permanent mortgage on the lands and
durable property of the country" Therefore accord
ing to this logic while England retains almost mo-
nopoly Of COAL while her is larger than any
two other nations on the earth while all the world is
pouring revenue into her exchequer lie. her hasten to
pay of this debt and no longer keep it as burden
upon posterity.
As for our own country let us initiate England, or
rather let us set our old mother example Already
we are meeting our war taxes, and paying as we Co.
While the great Continental Powers are arming to
make war upon problems and purposeess quarrels
we are endeayoring to sband our armies, and do not
spend bills in times of peace. Don QuxoteS soul
never yearnea for higher impulses never beat higher
with the emotion of manly deeds than when he found
himself on tho verge of precpice. Do not our South
American and Mexican and Fenan schemes become
as those of Don Quixotel There is nothing more
tempting than war; "There is nothing so insdious
as financial difficulty. II approaches rih smiles and
earssas. Borrowing for the frs. time appears open
to no objection. There is nothing in alarming
or menaeing. is like the CUB Of the hones',
spoken Of by one Of the Greek poets, ~sieh "as
rashy taken by the hunter into his house. Then " ~as
uourg itwas reared ,ch his dogs and placed among has
children. ras mild in temper, and a,cned upo" every
one But whem it grsw up and felt its strength It Delayed
the house wiM gore" With this stern and beautiful
figure of the Chancellor of the Exchequer, we dismiss
tho subject entresting those statesmen in Congress
who would have US cling to war-interests and war
finances, to legal tenders, paper money, and the
exbaration of false, inflated currency, to be wise
now when they may, lest when this system Of debt
grows to its fulness its strength shall be our misery