Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-05-15
Gladstone on America.

7ribme Of tie Greut English Finance
Minister to the Po,rer ami Greatness
Of The United States.
The following splendid tribute to the
American people is from the recent speech
Of Mr. Gladstone on the Disraeli budget.
In AN elaborate argument drawn from
the relative and reciprocal effects OF the
banking and Exchequer accounts Of the
bank. he showed that the plan had no
analogy with the sinking fund. and after a
vigorous defence OF the policy of reducing
the national debt. he said: " The occasion
does not admit of heightened argument, but
| will quote an example; and l say. let us
not be ashamed to follow a good example.
find il where We may. let us not be
ashamed TO eros, the Atlantic, and 10 rem
der "A Just tribute of admiration to the
courage and torethought with which the
American people are at this moment bear
ing a burden of taxation which. both i'll
amount and kind. makes their own conduct
a marvel. because they think that the true
secret OF their future power lies III the
steady and rapid reduction OF their debt.
(Cheers) Sir, think the authority of the
British Legislatures 20 adopted. repeated
and echoed from the other side of the At
lantic, has a weight which it is very diff
cult to resist At any rate it is worth
while to consider what the Americans have
really done The American debt reached
the highest point on the 3lst OF August
1850. when the total amounted to S2,131.-
000,000 Immediately after IT reached
that point the process of reduction wa>
h., Of i |
it had been reduced to 5000 600 900
Bv the 3lst Of October, 1866, II was re-
duced to S2.33l 000, 900, and by the lst
Of January, 1867, to S2,543,o0o,0oo
Thus the total decrease of the debt be-
tween the 3lst of August, $50 and the
lst of January, 1867, was 2l4 millions
and half of dollars or very nearly f4S,-
600. 900, taken out of taxation of the
country i'll period of sixteen months
Hear, hear.) And. sir, | must say, pass
ing bv the arguments OF my honorable
friend. when | see such facts | am infnitelN y
more impressed with the greatness of tha
people and with the formidable character
Of the conflict which we or any Other
country would have to sustain upon entering
into conflict with them, than if. instead o
thus applying their resources, they hac
idly and vainly imagined that the secret o
their security lay in endeayoring to mann
: tain huge armaments in time of peace
(Hear, hear.) L believe they judge right !,
in the calculation they have made, ant
: made deliberately, with regard to the tru
basis Of national power that their mean
ought to be husbanded and saved in ordi
nary times, but should be delivered freel
and without stint in periods of emergency
Hear, hear.1 Therefore. so far froI
f acceding to the doctrines of my honorahl
friend that we should not reduce our deb
: | cherish the hope that this magnificef
: example set by the American people Wi
: have an effect not only in England, but
n Europe. and will shame the nations of tn
4 continent into an abandonment of til;
V suicidal policy by which they are wastin
: the resources created by the thrift and il
IL dustry of the people in what is either a
t. idle parade, or worse, a positive danger
l. because to be ready with the means of col
IS fict Is, perhaps, the very course which ma
e tend to render conflict itself possibl
2. (Cheers.) These are the feelings wit
o which | cannot help contemplating Il
: policy of America with regard to the n
IF tional debt, and | am sure that the sent
V ment of the House would be sure to conve
IN if we could, to the American people al
n their able Minister Of Finance, Mr. NJ
,e Culloch, our hearty congratulations
id what he has achieved, and our best wish
j. that he may long continue, with the sal
vigor and prudence. thus wisely to app
e. the resources of his country Cheer
IN Not that we can expect a continuance
tn the same extraordinary and unheard