Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1866-05-25

Az ENGLiSHNAN on THE L. 5 NATIONAL
DFET.-Lord Gladstone in his address to
the British House Of Commons. On the 3d
inst, said
" The chapter OF national debts - assuaing,
! tiHE, painful and a bqlgui prominence "a
social and political fact Of m0{erH erpe-
rirnce. (Hear.) | 10 Eot know whether the
House is aware to what extent this mischievous
and injurious process is going on; but viii re-
fer first tc what DO not hesitate to declare
contemplate lriLh the least anriefy, and that is
the de5t Of the United States The debt Of the
United States IS in itself something wonderful
wonderful as the creation Of four years, strictly
Of four years. and no more, and yet amounting to
nearly 5000 900, 900 dollars, or $500, 900, 600,
and the rate Of growth OF the debt IN the last
year exceeded, | think, $500, 900, 900 That
Is a wonderful debt. and its charge is enormous.
II is not possible in the present state Of the fnau
eial arrangements Of that country to ascertain
with precision but believe am not wrong in saw
ing that the charge Of that debt is considerable
heariCr than ours, though the capital is less.
(Hear, hear The smallest sum at which
can estimate the charge is thirty or thirty
two million sterling; and if upon the back Of
that sum We lay the necessary cost Of raising
the revenue, which in America is much heavier
than It is here, do not think the effective
amount Of taxation incumbent upon the nation
az this time in consequence Of the Northern debt
q DO not include one fGrihiRg Of fhe Southern
d15O cannot be taken at less than nearly thirty
five millions sterling per annum. Well, now,
looking at these figures, one would be struck with
struck with something Ike despair; but if We
look at fbe position Of the country lrhieh has 10
bear the burden ! must confess that mink The
future Of -7msrica, as far as finance is con-
cerHed-iriH not be attended jrfth Gng em6ar-
TdssmeHt I DO not beiiers that that de5t lriH
constitute any difficulty for the AmericaR people
(Cheers.) | am confident that if they show
with respect to finance any portion Of that ex-
traordirary resolution vh ch on both sides alike
they manifested during the war, and Of that
equally remarkable resolution with which on
the return Of peace they have brought their
monstrous and gigantic establishments within
moderate bounds-(h6ar, hear)-I won't say
that this debt, according to an expression which
was once fashionable in this country, will be a
heabite-(a laugh)-but that in a moderate
time it will be broughs within very small limits,
and may, within the lifetime Of persons now
living, be effaced altogether. (Hear, hear) AT
this moment America i, | 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 sum
ever raised in any country for the purposes Of a
central government. The estimated surplus is
from twenty to thirty millions sterling year,
and believe at present only about ten millions
Of their taxation are meUaced by the natural
impatience Of the people with respect to some Of
the taxes that have been imposed. Mr.. McCul-
loch, the finance minister Of that country,
strongly urges the policy Of reducing the debt.
and am quite certain that from this side Of the
water ire shall send him a hearty erPrsssioH Of
good lrishes for his success, both on account Of
our interest IN The lrsH being Of a friendly nG-
fiOa. anu because ii may be hoped that the eI-
ample Of -fmeriea ieiH react 5sAsfciaIly on
this country.