The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-25
THE AMERICAN DEBT.
How tho Burden is Effected by Tariff Pro-
tections.

tectiOns.
From tho London Times, Nov. 1871
The public debt OF tho United States officially re-
turned at 1880 illion doilas-that t. about $40 mil
lions sterling OF our money. That IL should stand at
termination of tho war may be disappointment to the
sanguno nnsnciers OF the Union, but Is than
was fore cen By locker. on The accumulation Of such
terrible novelties TO the American mind, which has
faced many impossbities but not till now tho task Of
tions. Nor is the task madc agreeable by
the reflection that . high tariff, which
principal Of the war. has Become its pnn-
cipal consequence. The European mind has been
thoroughly educated and INJURED 70 debt We find our
simplest notion Of civilized and Respectable State We
all owe moro or less, generally more rather than less,
and any State here enjoys character ter, for solyency
borrow for the purpose. II 1t can do this, the sum
total Of Its obligations can DO left to the attention OF
posterity For even more de1nte reasons able
to offer substantial comfort TO the United States. Our
debt, instead OF being little i've hundred
sinking funds, At eight hundred millions This
debt has 10 be paid out Of a territory that
area instead Of out Of the continent which the United
States rapidly overrunning and absorbing 1t mus
De L vii :, .sps
In few years without the aid Of national debt
nnsv millions IN ON, hs amsr
debt bears only currency interest," and Is, therefore,
lighter and more trac;able More than four hundred
million dollars about eighty millions in our money
bears interest," and s IN fact tho paper currency OF
the Union, which, 1t appears, keeps a1oat much
OF the circulating medium than We do. Further.
against the total debt must DO put than
hundred million dollars OF coin, and more
than thirty millions OF currency in the Treasury,
which in effect bring the DEBT less cash. under ave
hundred million British pounds sterling The annual in
lcest payable on such debt IN this country would DO
about sixteen millions sterling The annual interest
the American debt is considerably than t,cice that
rum, Is not only interest," 10 Is repayment
OF capital and while paid the debt is paid too Con-
siderng what paid, and still paying. and shall
leave children pay for the pleasure OF taking
vanished and left . wrnck behind, may consider
thai tho Americans have bought the last keystone OF
Their Union arcn casspy Even a. the prssen. rate and
unlikely TO pay on their debt in twenty years.
But the shoe pinchea The Americans are not used
TO debt They never liked rent; they know nothing OF
uhes nncs, and they have always associated high
taxation with despotsm, ogarcnes and established
nexbly, determined TO pay s debt 70 the last dollar
but this can only be done by distributing the burden
idea OF tho tar and sure that il has not
carried further than could be prescribed by the
Soc1eer pe mt IN DE- United ss IN snc. =.
everything else; and IS sr9h BY enrelopino ervy-
body. every oonsumsr, erry producer. evey mamutae.
every material ,uia wAiA L . mad, waA. a unyorm
atrSspAers Of fnaacsoi pressure The pleas for ex-
sacred character In favor Of the materials OF industry
not listened TO Tiara The only insqualty-and an
found IL the immense duties upon ali Imported goods,
Of all proportion 70 those Of home MANUFACTURE
We beg The Americans 70 do US small trne Of justice
In this matter. There 10 not murmur Of complaint In
this country At the excessive weights With whica In
dusry ciossed Al the American Custom House. We
thai our manufacturers quarrel not with the
means thought necessary for the purpose. The
low low our example OF patience nor rsmsmSsr
the loud complaints made BY their own fellow citizens,
now quarter q century since against the British
s telling acsthe euays OF New Orleans covered
with mountains Of and pork and the harvssts Of
~tsf-.w <r~~ -
Oresn esssoms There must Ss Jealousy Is we'll a.
ssnshnsss said 10 the laws which stood between
~ss~hcs sD psyssd Il oscs sSs hands Of me Man.
chester artisan and the American sctlsf brothes In
sS spparsnS has been rorsossn in America ana ne
and absolute pro,scton without nincins me naiasr
So all the old smiar talk CT protect nisss Is nov
heard in the States II Il had been heard before
origin How they manufacture they ask to profit
sell at ali, against the produce OF Eoropesn pAuper
tipsnis Of insxhsustbss fertility cultivated by peasants
slaves iivpg themselves In werse habtskions and
upoa worse feed than Ger own horses and cas % The
American manufacturers are told Of European fac
torres In which crushed and famishsd muliudss strug
gs and persh N the attempt 70 eloshe ibe human race
and supply 10 with all its wapta fos nothing are
no. nov impsgniss the rigors Of the United stasss
tariff " shsiI ccsfssi ourselves With observing shas
manufsossrsr cssn all bss prosibltivs, ssd W
only wosder how oar Own people can force
Sus sss American sasfsesursm Scss
understand WY fsrsgn produce 70 b admitted all
N thsy are themselves taxed, or why they should b.
taxed II they are 70 b also exposed 70 competition
They are quite sure thsy ~, that they would Be
on without any ~ all and they cannot The good
70 the State OF armies u men collecting taxes cot
ton, and other thinge necessary 70 their work. Labor
ITSELF Al all events they shink ought 70 be uutaxed
Nothing can be more natural than such remonstrsnces
unless be admitted that everybody must bear his share
OF the public burden. Bat, however the controversy
may fare In the United States necess leads ony to
one concuson-thst % long A. the UDson persists ~ ~
present honorable design svery body ns boar HE share
Of the burden, and the farin. thenfofe. mnet be