The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-11-25
The National Debts Of England
md the United states.

up her debt, by her wars with Napoleon, to
n gigantic figure. Il was n figure hitherto
unknown in the history of the world. II
amounted to eS0O,0Oe, eco, or $4,000. 900.
600. The war had lasted twenty years.
During llrge portion Of that time Great
Britain bad nearly the whole Continent in
her fsy. iier expenditures raised, in the
twentieth year Of the contest, to 5000 000,-
| 900 year-a SUN more than equal VIII, n
VIC consider the difference in the value Of
the eurrsncy-to $2,O00, 900, 900 now. Ye,
notwithstanding this pressure, and not>
withs'andrg the population of Great Bri>
tain WAS less than. 20,000 600 there was
only about Twenty per cent difference be-
tween the Bank OF England notes and the
price Of gold.
AT the end of the struggle, which was
successful on her part, Great Britain iouni
herself involved, as we have said, in the
immense debt of $400O,0OO, 900. The
problem then presented itself to her states
men how to liuuidate it in the easiest and
quickest manner Had the scheme of Mr.
Pitt leen adopted, which consisted in the
setting aside Of sinking fand, at interest
very similar to that proposed by Mr.. Pen
dleton in reference to our debt, Great Rri-
tain would now have been tntirely free from
interest liability, and world hav. been uu-
der taxation one-half less than that which
now grinds her people to poverty and dis
| trcss.
L"t lis look at it for one moment Tie
English have paid on their debt. stree 1878
Sl20, 600 900 year, which, for fifty years,
amounts to $4,000 600, ,GOo. This is the
frightiul sum which has been collected Of
the sinucs Of British industry No wonder
that Hood wrote the ''Song OF the Shirt, "
and nj wonder that the poor are r, duccd to
such awful deslitution, when such terrible
mortgage upon popular industry isannually
collected. But the debt still stands. 1t is
not one dollar less than it was befnre the
people had paid THU Sc, 900, O)O. 900 interest
upon it. 1t still stanls really TO receive
six, ten or sixty billions of dollars from the
hands Of the generations that are to spring
up in the future. No one supposes the
principal will ever be paid On the con
trary, it is universally believed, whcneye,
a popular revolution takes place in Englan ],
a sponge will he applied in liquidation Of
the whole debt The interest alone is to bc
paid-the principal never.
History is philosophy teaching by ex,
ampl..' Shall we IN the United States
reterat3 the same mistake which has been
made before our eyes in Great Britain, and
which for half century has afforded a
theme for our puHgcut ridicule and denun.
citation? Our debt, run up in fur years
whereas it took England eight hundred
years to amass hers is in round numbers
S3,000,0o0, 700, with contingent liability
probably equally as large! But the debt
bears interest at six per cent. in gold, while
the Engli1h debt has interest of only two
and halt to three per cant. Oar interest,
therefore, is larger than the interest on the
English debt. The English debt, with its
sma. interest, does not come in conflict with
the investments made on other property.
The Government of Great Britain does NJ,
invite and hold out inducements to the
moncyed classes to take their money from
business operations, where it gives employ
ment to hundreds and Thousands of indivil
uais, to lock it up as dad capital, where il
will afford employment to none. But we ir
the United States are guilty of precisely
that folly. Our six per cent. I'D interest,
with exemption from all State and loca
tax1tio1, presents the strongest induce
ments to capitalists to withdraw from the
living to invest in this dead capital, from
which no one but the owner derives an,
remuneration.
Our twenty hundred million debt
therefore, is far greater evil than the fou
thousand rilion debt is in England al
evil that can less easily be horn by posteri
ty Yet our debt, it is determined by the
Radicil party-and they will probably pu
their ideas in the shape of law at the next
session-shall be funded on the Englisl
principle, and made permanent for genera
tions to come, yea, forever.
Who ever knew debt converted into
that shape, and with such National backing
and support, ever to be paid? 1t is true
that our Radical friends intend to reduce
the interest from six to four per cent il
gold But what will that amount to? lr
forty years-the length of time which these
bonds have to draw ntcrest--we shall have
paid, at the rate Of four per cent. 81, ,000
600, 900 in gold. When we have paid al
that, the 81, 500, 600 900 principal will moi
be reduced. but it will still amount to thu
same grand figures that now appal us!
What enhances the iniquity of tIi pro
ceeding in this: that the so, 500, 600. 600,
which is our ascertained liability, was bough,
| by the holders at fifty cents on the dollar in
specie, and did not cost them more than
81 $50 600 000 Half of that again vas
stolen by the shoddy contractors so, in fact,
the Government mover received over $500.
000,0 for what the Radical now propose
to give 1000, 0O0, 600 in interest, 81. 000,-
600 900 in exemption from taxation, and
So, 500 600, 900 principal, making total of
| $500 600, 900, to be exchanged for what
the Government only received Sc 900, 000l
Is not this pretty handsome considera-
tion for that which bore no comparison to
it 10 valu ? Would not the whole country
be justified, when an attempt is made by
Congress to gire twelve collars for every
one the Government has received, and
when the contract has been changed by
| Congress, for corrupt purposes, against the
interests of the people, to openly raise the
banner Of Reputation, and bear it on to
a successful issue?