Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-02
a Great Lawyer ON sNational
iisuimoa Ion 7 Debt" TeEci 7of = Tcd

a Great Lawyer ON s<NatiOnal
o, Sir William Blackstone, in his !" Com
mentaries," which are the standard of
legal authority both in this country and
in England, Vol. L, Chap, s, p. 327, &c,
does not seem to, look upon "a national
debt" as ga national, blessing" He
;b'fFhe only advantage that can result
to nation from public debts is the in
crease of circulation by multiplying the
cash of the kingdom, and creating
new species of money, always ready to
be employed in any beneficial underta-
king, by means Of its transferable quail
ity; and yet producing some profit, even
when it lies idle and unemployed. A
certain proportion Of debt seems there
fore to be highly useful to a trading peo-
pie, but what that portion is, it is not
for me to determine. This much is in
disputably certain, that. the present
magnitude of our national incum-
brances very far exceed all calculation of
commercial benefits and is productive of
the greatest inconyeniences. For. r.,
"First, The enormous taxes that are
raised on the necessaries of life, for the
payment of the interest on this debt,
are hurt both to trade and manufac-
turers, by raising the price as well of the
artifcers substance as of the raw mate-
rial, and, Of course, in a much greater
proportion the price of the commodity
itself. S. 5,eea far fi[.t4ZT.ft,
"Secondly, IF part of this debt be
owing to foreigners, either they draw ont
of the kingdom, annually, considerable
Quantity Of specie for the interest, or
else tits made an argument togrant them
unreasonable privileges in order to in
duce them to remain here. a. .1 = i-i I.
Thirdly, If the whole be owing to sub
jects, only,it is then charging the active
and Industrious subject, who pays his
share of the taxes to maintain the indo-
lent and idle creditor, who receives them.
Lastly and principally, it weakens the
internal strength of a State, by antici-
pating those resources which should be
reserved to defend it in case Of neces-
sity.". a1sbluoas sdt 008c. ,o3 aialg 81 eos
And on page 334, speaking OF the ef-
feet of large National debt, he says:
"In short, our national debt and taxes
(besides the inconveniences before men.
tioned) have also, in their consequences
thrown such a weight ofpowea into the
executive scale of government, as we
cannot think was intended by our pat
riot ancestors, who gloriously struggled
for the abolition of the then formidable
parts of the prerogative and by an un-
accountable want Of foresight, establish
ed this system 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 null
titude of new Offices, created by, and
removable at the royal pleasure, that
they have extended the Influence Of
the government to every corner of the
nation.".i 3ae* i0ziT&M oh@ieT
e'i@And the same may be said with re.
gard to, the officers of our numerous
army, and the places which the army
has created. Ali of which gives thu ex-
ecutive 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 peroga-
tive - = Ia 80. - =
The above was-written about the
year ITO, iatDwhich time the public debt
of Great Britain, which Blackstone
thought SO dangerous to the liberty of
the people of that monarchy, was 142,-
100000 pounds sterling, or about $780,
100000. The debt of the United
States is very near $3,000,O00,0Oo!-
Comment is unnecessary. - - !.