Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-12-04


tract in relation to our national debt
and resources from the great speech
lately delivered at the Boston Music
Hall, by Hon. J. L. Motley, the histori-
an, and late United States Minister to
Austria. 1t will be found highly worthy
of attention.
Mr.. Motley said:
| Why, there exists no nation in the
world so capable of paying its debts as
| this nation. The American Union is
| the richest commonwealth in the world
Ia proposition easy of proof, into the
| details of which it is not necessary on
| this occasion to enter. It is the richest
| community that ever existed, and it is
as absurd for US to pretend inability to
/ pay as it would be for the richest man
| in town to repudiate his monthly milk
| bill or grocery book because of inabili-
How much do we owe? s., 500, ,0OO, 600.
! How many of us are there I SUPPOSE
| something less than 100000. We owe
on an average, perhaps $63 a head, at
| this moment. When the debt is due,
| say twelve or fifteen years hence, there
will be at least 60,000,000 of us-say
! about $40 apiece to pay, supposing the
| debt not to have disappeared altogether
/ by that time, which it may easily be
made to do. Nine dollars a year head
]
| tlnguiSh the whole debt, interest and
principal, before fifteen years are gone.
IF the foul word repudiatiOn had never
/ been breathed, our difficulties would be
over already, and the capitalists of the
world would be glad to take our securi-
/ ties at as low q rate as the most favored
nations enjoy.
/ This is the richest country in the
world. The accumulated capital of the
/ British empire may be one-third larger,
although it is probable that the results
of the United States census for 1870 will
make surprising revelations; but the
| annual product of the United States is
now far greater that that of the British
| Empire, though the untouched Fesour-
ces of this nation are OF almost fabulous
extent.
It will be much within limits to as
sumo a yearly product, at this moment,
/ of $4,000, ,0OO,O 900, gold But that which
makes our financial strength not only
i encouraging, but astounding, is tine
| tremendous ratio at which our wealth
| and population increase. Arithmetic,
/ statistics become poeEical when they
| deal with the American future. The
head swims when the possibilities of
! this fortunate land are contemplated.
/ III dwell for moment upon the enor-
nous power and wealth of this country.
/ it is not for the ignoble purpose OF pam
| dering to individual or national glorifi-
4
may take shame if we admit for an in
stant our inability TO pay our honest
debts.
On the most moderate calculation our
population doubles every rWenty-three
! wears. In the decade Immediately pre-
ceding the civil war, the ascerta.ned
value of private property in the country
/ increased more than 128 per cent. /;
| doubling, therefore, in less than eight
years. At a moderate estimate, the
| population, fourteen years hence, will
| be go OOO, 600, and the valuation of prop
erty, after making allowance for the
| cost and consequences of the war
| throughout the whole country, will be
| $50, ,0OO, ,OO0, 900. The debt, even if not re-
/ duced dollar before that time, will
then amount to about four per cent of
the accumulated capital of the nation.
What individual in this country wishes
to-day to repudiate his personal debts,
maturing twelve and fifteen years
hence, because they are likely to
amount to a tWenty-hfth part of his as
sets?
Why, the State of Massachusetts crea-
ted in the year 1866, the first year after
the war, five hundred and seventeen
millions of dollars, according to the in
teresti1g and admirable address of His
Excellency, Governor Bullock. During
the preceding ten years the increase Of
production was seVenty-tWO per cent,
although the yearly increase of popula-
tion was but three per cent, much be-
low the national average. Were the
| whole country as industrious, the an
| nual product would at this moment be
SIG, ,O00, 100000 instead of $4,000, 900
. according to the moderate basis which
we have taken.
And there is no good reason why the
: whole country should not be as prOduc
tive as our State. Heaven knows thai
we are not burdened with natural ad
/ ryar 70 SAF oil nd oil
8 surplus of our population i:
and our capital is annually poured
into the West and Northwest. Can
you even family imagine at some fu
ture day, when it shall be safe fo
I'll Northern men and Northern capital Il
emigrate to the South and South
: west, how vast viii be the wealth crea
ted TO those semi-tropical regions b.
that magic caduceus, that golden three
leayed wand of free labor, equal rights
and peace, which has caused the grea
d Northwest to prosper as no communi
= ty of men ever prOspered before.
When the blight, and the traditions
and the superstItiOns of slavery hay
- passed away, is it to be supposed tha
the fairest and most prolific regions Q
the world, the great Southwest, exten
sive as European Empires, will lie fal
low as at present, with less than on
per cent of their surface under cultiva
tion? Ifthere is a cotton crop at thi
moment of three million ba1es-three
), tifths of the old maximum-Win yo
. venture to predict it's amount 6ftee
u years hence, if it should be fairly ope
to free labor, and the circulation {
3, capital and of ideas.
TO talk of the inability of the Unite
States to pay their debts in coin is a
insult to human reason. Industry
honesty, and above all, peace-peaC
which the great soldier, to whom NOR
: than to any one man we owe our victC
ry, so earnestly lnvokes, will make th
debt disappear, almost before we haV
time to fund it; and in these circuu
stances, the capitalists of the world wi
have to get up early, if they wish Ou
Ill bonds at four and one-half per cent.
8, We borrow now at about seven an
IS one-half per cent. In the dark days
. the war we paid about seventeen p'
cent. Those were the times when Coz
federate Stock sold for par in EurOp
I'D and United States securities for thirJ,
ry five. There has been at least some pr
gress since then.
When the war was over, and OF
whole outstanding liabilities had bet
a figured up, the total of the debt, on Il
first of August, was found to be (S3, ,2S'
733, ,329) little less than three thousaI
mt three hundred million dollars.
On the 1st of August, 1868, 1t was 3.
485, 100000. During three years, theE
fore, we have reduced the debt Just ol
QuhAG04s SAy ROOoIuSusVOos
It is almost superhuous to say that
at this moment following the master
. and luminous address of Mr.. Alk1nso
of Brookline, for trust that the invi
liable document is in the hands of eve
man of either party who wishes
know the state of the national financ
It is impossible to array statistics
" more convincing shape, and /, for ol
believe his facts and his inferences to
- quite beyond dispute. Those who ha
/ ~; y; studied his statements, as well as 9
nd speeches of Sumner, Boutwell,, Fesse
! ID den, and other eminent Republican q
pt- thorities on this vital question, may 8
fend the Republican party IN fin9nc
matters against all assaiiants.
In round numbers 81 $3.50, 600, 600 ct
rency haYe been contributed by the pI