Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1866-05-23
Gladstone, or the u. =. National
Debt, and the Debt of Foreign
Countries.

Tue great English minister of finance, Glad
stone. in q recent speech IN Parliament max
- MS annual financial statement, expressed
himself respecting The debt of this country
- we'll a. the debt Of other counties, as fol-
.Jws:
The chapter OF national debt. IL assuming,
| think, painful and baletui prominence
- q social aud political fact OF modern expe
renee. (Hear.) | Go not know whether the
House is aware TO wha, extent this nischiev
Gus and injurious process Is gong on, but
will refer fret 10 what | do not hesitate to
declare | contemplate with the least anxiety,
and that Is the debt of the United Statee.
fhe debt OF the United States is IN itself some
thing wonderiul-wondertul the creation
OF iour years, strictly OF four Year,, and no
more, and yet amounting 10 nearly % ,oO0.-
100000 or 1000 900 OD0, and the Iae o
growth Ot the debt In the last year exceeded,
think, Zoo 900 900. That Is Il wonderful
debt, aud LIS charge Is enormous lt Is not
possible IN the present sta 9 ot he financial
arrangements OF that country to ascertain
with precision, but l believe | am not wrong
saying that the charge OF that debt Is Con-
-ideraDiy heavier THAI ours, though the capt
tai Is less. (Hear, hear.) The smallest sum
st when | can estimate the charge Is thirty
one tDfIty-tWO mllJlODc cltIjiuk anu III
upon the back of that sum We lay the nece.-
sary cost OF raising the revenue. which In
America is much heavier than it is here, L do
not think the effective amount OF taxation
incumbent upon the nation ut this time IN
Consequences of the nor hern debt. U do not
Incluue one iarthing of the southern debt,)
cannot be taken at less than nearly thirty-6ve
millions steriing per annum. Well, now,
looking at these figures, man would be struck
with something like despair; but, If We look
ut the position of the country which has to
bear the burden, | must confess that | think
the future of America, far huance is
concerned-polltical pr )biems are not now In
question-wIll not be attended with any en-
Darrasslnent. 1 do not believe that that debt
will constitute any officially tor the Amei ican
people. (Cheers) | am confident that If
they show with respect to finance any portion
OF that extraordinary resolution which 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 estab-
lshments within modern bounds (hear, hear),
won't say that this debt, according to an
expression which was once fashionable in this
country, will be a fea-bite Ga laugh, but that
10 moderate time it will be brought 10 very
small limits, and may, even within the lifetime
(Hear, hear. AT this moment America is, l
believe, paying taxes, and the amount OF the
revenue of the United States is not less, | ap-
prehend, than about eighty millions of money,
the largest sum ever raised In any country for
the purpose of central government. The
estimated surplus IS from twenty TO thirty
millions sterling a year, and believe al pres
ent only about ten millions of their taxation
are nenaced by the natural impatience of the
people with respect to some OF the taxes that
nave been imposed. MIR. No Culioch, the FL
nance Minister of that country, strongly urges
the policy of reducing the debt, and am quite
certan n that from this side CT the water we
shall send him hearty expression OF good
wishes Tor his success, both On account OF our
interest in the we'll being of q friendly nasion,
and because it may be hoped that the example
of America will react benefcially on this ooun-
try. (Cheers.) l have here the national
debts OF nine countries in Europe, estimated
from the most trust worthy data l could OBJ
tain. find that, with the exception of Hol-
land q, there is not one of these that has not
been virtually contracted IN the last halt CEN
tury. and by FAR the larger par. Of them has
besn contracted during tie lasf hTecsy years
"a time of peace !; ior Ii .hers mas ocen any
war expenditures added t. them during that
time IL is insignihcant IL amount. Holland,
fnd, acts prudenlly, and reduces her debs,
while the fnancos Of Prussia sTe 9 model OF
good administration, ior PrussiA's debt stands