The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-11-21

tion. raised the debt to eight hundred
millions. 1t is not wonderful that d.
despsifing cry arose from the nation,
and yet, 1t is now, asserted that The
English OF this generation find it as
easy to pay the interest on the debt
of eight hundred millions as I'll their au- IN
cestors did hundred years ago the
interest of the debt of eighty millions,
which followed the war Of the Aus
trian succession. The element which,
the despondent aud despairing al
ways lost sight of in their calcula.
tions was the obvious fact that the
country was all the time increasing
In tho development of it's resources
and industry, SO that England, after
the railway system was started, ac-
tually expended in few years more
on these improvements than the
whole am ount Of her national debt at
the end of the American war. Her
wealth. Is now believed to be nearly
ten times as great as it was fifty years
ago, and her system of collecting the
revenues has been much improved.
Hor taxes are levied on n few objects.
mostly luxuries, and tho annual
charge of her debt now is said to be
less than it was during the Crimean
war.
The debt of France is only two
thirds as 'rge as that of Great Bri-
tain, and e contains more land by
seventy per cent, and more people
by twenty five per cent. The share
of the debt which falls to each of the
people is 500; the share of the British
debt to each subject, $128. Yet there
is anxiety felt in Franco for the
safety of the funds, while there is
none in England, the reason being
that France has, for many years, in
creased her debt more rapidly than
her wealth, her resources not being
as fully developed, and her wealth in
commerce, manufactures, agriculture,
&c, bearing no comparison with that
of Great Britain, whilst her revenue
service is less perfect. It is said thab
the empire has had deficit to meet
in some way almost every year of it's
life, and that the increase for the last
year, year of peace, was somewhat
larger than the average. The shadow
OF war is always over the French ho-
rizon, whilst the thoughts of Eng
land are known to be turned. to peace.
Our own national debt is about
50, 500, 900, 900; but. enormous as this
sum is, there need he no apprehen-
sion of our ability to bear the bur
then for the time anI discharge the
whole obligation ultimately, if, by n
proper administration, within the
legitimate orbit of the General Co.
vernment, that economy is insured
which SO we'll becomes a republican
people. Though the debt is more
than that of France, it is not larger
In proportion to our resources, and,
with tho reinstatement of that con.
fidence between different sections
which is essential to the restoration
of our former business prosperity,
accompanied by cessation of those
heavy military and other expendi-
lures which are based on the assump-
tion that the war has not come to an
end, we shall be soon able to reduce
the debt, without testing too severely
the capacity and temper of the peo-
pie. If monarchies choose to con-
slider national debts blessings, let
them do SO. A sensible Republic will
not desire so expensive an indulgence
any longer than necessity may re-
quire. .-Balimoye ,Sun.
A ToTAu ECLIPSE OF Our Sun IN