The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-29
NATIONAL DEBTS.

The Money and War Burdens OF ENGLAND
and the Unitcd Statss--IaGnonce and Conss-
quesces or Paper Currency.
In the House Of Commons the 10th. Of May tho
chief business OF the evening the National Debt
bill on The second reading Of which Mr. sheridan moved
reduction Of the duty IRE insurance. 70 which this
House 10 already pledged would be better mode Of
disposng Of portion Of the surplus Of ways and means
for the present year than the creation Of termnabs
annuties proposed by the present and repeated his
arguments against the hre insurance duties.
Hr HUBBARD seconded the amendment and while
agreeing in the policy OF paying of debt mDeached the
bill the double ground that terminabls annuses
unwse mode Of dscharging debt, and that to obtain
the for paving these annnities by such tax
tho fire insurance duties unjust and injurious. In
very unfavorably with other terminable annuities
ssting that soas sinking fund ia dsgsise and that the
same end coad te .sors casspy aitasnsd oy ne iss
duties and suggested that they should be
duced Cd after June and 70 Id. after April noxt
for the public inasmuch IS by paying Ell TAO 900 for
seventeen eighteen years should get rid Of per-
manent charge OF f720 600 per annum
Mr. L.No preferred tae policy Of reducing taxation
and leaving the money TO fructfy in the pockets OF the
people 10 paying on debt, and denied that thcre was
analogy between private and public obligations In
this matter, inasmuch the national debt merely
engagement % pay 90 much interest," year, nor opoy
q the trade S1 returns that unasr sys s'n Of
applying SURPRISES 70 the reduction OF taxes
aebt since the great war had considerably diminished,
while the Engish means Of paying It had augmented
hrccfold and at the same time the comforts OF the
people had boon inesmaby increased England certainly
had not arrived At that millennium of taxation when there
Objectionable taxes left and he insisted ther
were many the FIRE insurance Duties dutie
on lccomoon and the license duties. For instance. if
3d. six seven years the revenue would have re-
covered itself, while by applying it TO tho.
be relieved OF no more than fI5o.000. He con-
demned the scheme new-fanged-a sinking fund in
tioaa after the Of ne United States whose
financial policy no gave some reasons for believing
would not be altogether so successful as was anticipated
Mr. Iaing continuedTo him II seemed that the reason
must found the desire 20 do something sensational
in the way Of finance. Hear hear and a isnsh-
Last year was afforded by the apprdnsnded
exhaustion OF COAL apprehension that seemed have
gone OF in smoke "a laugh.I This year us exauple Of
De Un,sed .Sases u America Was psa frVayd COM
energy with which the enormous war establishments
Of that country had been reduced In few
months peace footing, and still more hhe spirit
which made reduction possible. Nothing esud be
more honorable than the ,oay caich AnsiicA officers
iips shood by peaceful purifs instead Of trying Keep
up large armies and fcrment revolutions with view Of
asa a. sn,Sssn Amorea Ss IN ioorsnv - ~
example Of America, the House must be It's guard
against false comparisons In the first place. Amer 60
had adopted an inconvsrtible currency, Which ,sas
heavily dspressed, and no nation could be tsad
70 be really paying us debts rs long the cur
discount Thon, again. nobody coula doubt that
the Customs revenue was levied much whh a
the amount yielded a. for the purposes pro
by the whole manufacturing interests Of the No nh and
East In financial questions they must never amp too
hastily conclusions The saying Of the Gree an sage
nobody could he accounted happy before death
applicable 70 all financial experiments, an zoe hacs
ne lat u ncA apartments ia ne Unisd, STATES Mt
The last accounts showed that under this slim oius OF
convertible paper currency the cost Of Svng had
cA ccnf that the worng ciassI stinsnq % ge
higher rate ~ wages And what the craseq uencc
that important branches OF industry deserving the
United States Hear, hear) OF course, by means
followed that with It's fertile SOIL is niroFa wealth and
the energetic character OF It's people ArAeca abou,
10 relapse into poverty but vital b had certainly
been struck a. many branches OF national industry
Take such branch shipbuildine. Before the va
America one u the foremost aries IN the rid {,
the art Of htpbuiidg, tmportof NJ 20 her in mercdn
f< and in national scse But fhipbtiding had BEEN
great ertew dr,ren a,oay by rose high rata Did tn
extinction OF portion OF thor natonsf debt repa,
them for the loss Of trad forming 20 material al
element IN their mercantile and maritime greatness
| He thought not tHear, hearl II was by n,
means clear that the policy adopted by tn
/ United States OF keeping up these excessive tare
since the Conclusion OF the would conducs 10 tn
ultimate prosperity OF The nation much the
sober snd moderate course taken by this country On
| close OF the great war OF 1915 Hear. hesr.) n
,ha2ked the House for tho patience with which they hs
isvsnad 70 HIS rsuasks saadns the brosd LING