North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-10-21
McGREG0R IOWA, WEDNESDAY, 0CT 2l 1863 VIII
WHOLE No. 627.


Not1On0l OeDt.
Sir William Blackstone, in his "Com-
mentaries," w:icli are the standard of le-
gal authority both in this country and in
England, Vol. ,, Chap. 8, p, 327, &C.,
does not seem to look upon ga national
debt" as "a national blessing" lie says
The only advantage tnat can result to a
nation from public debt, is the increase uf
circulation by multiply ng the cash Of the
kingdom, and creating new species of
money, always ready to be employed in
any beneficial undertaking, by means Of
it's transferable quality and yet producing
some profit, even when it lies idle and un-
employed. A certain portion of debt
seems therefore to be highly useful to
trading people but what that portion is, it
is not for me to determine. This much is
indisputably certain, that the present mag
nitude of our national membranes very
far exceed all calculation of commercial
benefits and is productive of the greatest
inconveniences, For,
First; the enormous taxes that are raised
on the necessaries Of life, for the payment
of the interest on this debt, arc u hurt
both to trade and to manufacturers by
raising the price as well of the artifcicrs
substance as of the raw material, and Of
course, in much greater portion the price
of the commodity ITSELF
Secondly, If part of this debt be owing
tc foreigners. either they draw out of the
kingdom annually, a considerable quantity
,, of specie for the interest; or else it is made
an argument to grant them unreasonable
privileges in order to induce them TO re.
main here.
Thirdly, If the whole be ow ing to sub
jccts, only, it is then charging the otive
and industrious subject, who pays his
share of the taxes to maintain the irdo.ent
and idle creditor, who receives them.
Lastly and principally, it weakens the in
ternal strength of a State, by Anticipating
| those resources which should be reserved to
defend it in case of necessity"
| And on page 334, when speaking of the
effect Of large National debt, he says:
! In short, our national debt and taxes
! (beside the iHconvenienees before mention
ed,) have also in their consequences,
thrown such weight Of power into the
executive scale of Government as we can
not think was intended by our patriot an.
cestors, who gloriously struggled for the
abolition of the then formidable parts of
the prerogative, and by an unaccountable
"uhe VA AOASotSht, CSt~DiiShSu tuIS ~ StCp-
in their stead. The entire collection and
management Of so large revenue being
placed in the hands Of the crown, have
given rise to such multitude of new Off
ces, created by, and removable at the roy
al pleasure, that they have extended the
influence of the government to every cor
ner of the natioR.''
And the same may be said with regard
| to the officers of our numerous army, and
the places which the army has created.
All which gives the executive power so
persuasive an energy with respect to the
persons themselves, and so prevailing an
interest with their friends and families as
will amply make amends for the loss of
external prerogative.
The above was written about the year
l77O at which time the public debt of
Great Britain, which Blackstone thought
so dangerous to the liberty Of the people
of that monarchy was l42 2,OO0,O 900 pounds
sterling. or about $3.50, 100000. The debt
of the United States is very near S3, ,OOO,-
OOO, ,OCO! Comment is unnecessary.