The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-09-04

ala mot ahasa N the eenosa1 delneton Was Nd.
mrnd 3, - naviA u9hs, undoubtedly one Of
~ oat Drnfornl poifical seonomists Of his time,
A-ua..ea1 - - 1865 AndAGaee19A tho naA-
- 81 ~ CrvseAess. Richard Ceur ~ Lion
~ 49, fr1ec1ol rct fpns ipan - se1gish
mefiSSl A161o9stf1tion. II ~ fnpdesl6ss to
nrove ky figures that the road TO Pafadiss did not
liz through III Holy Laad; but 1t was possible 70
prove by figures that the road 70 national ruin
Vas through the national debt. II was idle, how
ever, now to talk about tho road; We had done
With the road: - had reached the goal oil Wa
over: a9me rsvlhues Of the island north Of IEM9
anl1 nestk n5n1uR ~ aoq1Daol heoeer pr
- ~ beeA ~ n&oi u Hud11h ~ 1nsegia
Ehak 10 s. ssddl1d Win Ne fbeMeeto Off aandfsd
ana forty millions. And vet this crest philos
opher--for shoh hs wss-hsd only to open his
sves and See improvement ill around him. cities
Increasing, cultivation extending marts too small
for the crowd Of buyers and sellers, harbors in
sufficient to contain the shipping, artificial rivers
Joining the chief inland sssta Of industry TO the
chief sesports 1asUpou lt4h4p1 houses better
furnished. richer vArse exposed TO sale in state
iisr sbope. ssifter carrages rolling along smooth
ar rosds, He had, indeed, only to compare the
edinburgh Of his bcyhood with tho Edinburgh Of
his old are. His prediction remaina to poaterity.
! memorable N stance of the weakness from which
- stro.waat minds An po& sxsmp&. Adam
smith saW : Iittls and but littls Surthcf He
admit{4ld that. {msnsAos Q the buYdens Wae, the
nation aid aotuslly suetaip It and thrive under II
4 4 vay which nobody could hAve foresesn. But
h. varnsd his sountrymen not to repeat so has
ardous An experiment. Tho limit had been reach
a. Even = small increase might b fatal. Not
less gloomy va the view which George Grenyille,
= minister emipantly dilisent and practical, took
81 our financial situation. Tho nation must, be
eopeeiyed. sink under Z debt OF hundred and
forty millions, unless portion of the load vsrs
borne by the American colonies The attempt TO
lav portion Of the load on the American colo
MES produced smother war That war left NJ with
an additional hun dred re ljnpe Of debt and with
OF the colonies who's, help had besa represented
q hdispensable. Aeais EnfiAsd ~ fivsn
SVEN seA sxass Is ss.Anse Fssssat persistsd In
becoming stronger and more blooming in spite Of
all the diagnoetics and prognostics Of State
ph ysicians. As she lad been vissbly more pros
porous With debt Of hundred and forty mil
lions than with debt Of fifty millions, she was
vsibly moro prosperous with debt Of two hun.
dred and forty millions than with debt Of 4
hundred and forty millinry Soon however the
wars which .prans from the French Revolution,
and which far exceeded in cost any that the world
had ever seen, tasked the powers Of public credit
n the utmost. When the world was again at rest
the funded debt Of England amounted TO 500
millions n the most enlightened man had been
told. in 1872. that in 1915 the interest on eight
HUNDRED millions would be duly paid 10 the day
At the Naak. be would have been ~ hard Of belief
/ RH
Be- ia possession Of the lamp Aladdin OF Of the
purse Of Fortunatus. j. was in truth gigantic,
fabulous debt; and We can hardly wonder that
the cry of despair should have been louder than
ever. But again that CRY was found to have been
~ unr,.sopsble :. ,vsr. After few wears Of ex
haustion, England recovered herself Yet, like
Addison's yaletudinariap who continued 10 whim,
per that be Was diving Of CONSUMPTION till he he.
came 30 fat that he Was .hamed into silence. she
went on complaining ,ha, she wss sunk in poverty
iii her wealth showed itself by tokens whch made
her complaints ridiculous. The hergared, the
bankrupt eocfety not only prov ed able TO meet al
ita ALLEGATIONS. but. while meeting those obliva-
tious. rrew riehe8 and richer 40 fast that thu
provth conld almost be tiis,erued by the eve. In
every county. we saw wastes recently turned into
.. rieus. If every civ We saw new streets and
snuares and markets. more brilliant lamps. more
abundant sunplies of water in the suburbs OF
everv great seat Of industry We saw villas multi
nlvine fast. each embosomed in its ray little IA
r.di.e Of lilacs and rose. While shallow poiti-
Gin ma we've renes tin that the energies If the peo
nile we're borne dowI bv the weigh. Of the puulic
bn,den, the frst ;ourney was y, formed BIZ steam
on a railway A sum excseuins the whole amount
Of the national debt AT RI. and of the American
war vns in ! few years. voluntarily expended by
this ruined people in yiaducts tunnels. embark.
mept.. bridges stations. engines nwhile
taxation vas almo,, constantly becoming lighter
and lighter; vet ,tjll the Exchsuuer was full. Il
NAV DO now affirmed without fear Of contFsdietion
that ~ and il A. essy to nav the interest
81 e;oht hund,ea million, ~ our sncAators fonnd
il. : century AFRO. to nav the interest Of eighty
milliona.
ait can hardly be- doubted that there rsust have
b..n some vr..t fehac, N The notions Of those
who inferred and Of those Who believed that long
succeesion Of conf dent predictions 90 sirnally
falshsd by . Ion sueosssipu Of fndisputable facts
point out that fallacy in the Office rsther Of the
political economist tan of the historian Here i,
il sufficient TO say that the prophets Of evil were
under : double deln.inn TLey erreu,on.lr i'm
avned that thsye yvas ~ nr.rt aualopy befveen
the case Of an indiy iJa, who |, n 3ehs 20 another
individual and the c,es Of soc NV which is In
debt to nsrt of itself: And this oev led then,
into endl.ss mistake. abou. The effect Of The ,ys
tenn Of funding They we're uude. An error no,
,e.. sar;on. tourbng tle resources III the conntry
They made no alhvapee fur the eaec, produced
hv II. ;noe.san, .fort, of exerv man to p., on
in l;fe. Thav sav tbat the deli grew and they
forgot that other things grew As we'll as the debt
"A long exuerience ;nsti6es ia in believing
that En- gland may. in The twentieth century. be
better mile 10 hear o-bt of sixteen hundred m H.
lions thar she i At the present time 60 bear his,
pre.ent la.d But he this a. il NAV. those who
a. conf dentt, o,.iicted that III. Ynus, .,,k 6rs,
under : debt II ff,y millions. then nnder !. labt
of eighty millions. then under debt. Of ! HIM
dred and foytv mii,ions then nnder = deb, of tvo
hundred and forty, milions. and ;a.tlv nnder
debt % eirbt hundred mi IIions. were beyond "A
doubt unier a ,wofold mistake They greatly
overr.ted the nrc .sure az tbe BURDEN thev greatly
moderated the strength by which the burden va.
IN he horne
affected the great commonwealth Of ps,ion.. # i,
% true .na. wos, . ewes 70 ,n.e,senes an "a
49,
mote tho happiness and virtue Of our race, it can