The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-11-23


shall kill their present Institutions, and in
scribe on the tomb of defunct Emperor, King
or Prince:- o.,
"'Twas too much debt that killed him."
Wars bring debts, and debts bring taxation,
and taxation brings poverty and checks
progress, and poverty brings discomfort and
discomfort brings bloodshed, and bloodshed
brings the downfall of dynasties and the
change of institutions. Europe is still march
ing on, and, in even Prussia and England,
there are evident signs of latent dissatisfac-
ton.
Italy is head over ears in debt, and is strong
in nothing but her taxation. Her standard is
"Liberty and Taxes" and the unfortunate
Florentines, Parmesans, Milanese, and Neapoh-
tans are already whispering that they could put
up with little less liberty in consideration of
little less taxation. France has accumulated
debt that she can never pay, unless she
enters upon such an era of prosperity as she
has never known. Government aid to the
poor Government encouragement to builders
and architects, Government restrictions on the
price of meat and bread, cannot last forever,
and when trade is left to its own resources and
to rely on its own strength, then will come
the monetary deluge. Austria is, in financial
matters, rotten to the core. Hungarian re-
forms and popular Ministers cannot restore this
bankrupt State to a sound condition. sponge
must be passed over the slate, and when 1t has
passed the Empire of Austria may be known
no more Spain is selling the Royal and Ma
tional property to pay ordinary expenses.
Queen ISABELLA is at the end of her financial
string, and only hopes to put off the smash
until the incoming of her successor. Pope
pIUs has mortgaged nearly the whole of his
property to the RoTHscHILDs; and every paltry
Principally is initiating the follies of its ex-
trayapant neighbors England and Prussia
do pay the interest on their debt out of their
revenue, but this is only accomplished by inor-
dinate. taxation.
This is the condition in Europe; and the
United States, which emulates and admires
everything European, has dipped itself with
reckless courage into that financial pond,
whose banks are paper, and whose bottom is
nothing but credit Three thousand millions
of debt have been run up with extraordinary
rapidity, and the day of its discharge now
seems to be remote as the Kalends of Greece.
An enormous debt may be subject for pride,
but il is also the cause of ruinous taxation.
The United States may initiate as much as it
pleases French millinery and English tailoring,
but let it be Independent in its financial policy,
prove that it will faithfully fulfil its engage
ments, and determine to follow such q course
of action as will keep il from debt in the
future Taxation must be reduced, or trade
will fall. continuance of high taxation will
bring repudiation and the coming session Of
Congress will decide between low taxes and
deferred debt on the one side, and high taxa
ton and speedy reputation on the other. 1t
is q question of life and death, and, if Congress
cannot make itself equal to the occasion, other
men will be fonnd who will and can.
All the Empires and Kingdoms of Europe
may pass away as rapidly as they please but
this, the richest country on the face of tho
globe, must not be allowed to die with debt, or
to retain, as the only remnant of its greatness,
a monumental pile of illegal tenders and
Federal and Confederate fractional currency.