The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-14

National Debts-Tho Question Of Reputation.
William Goblet, commenting on the fund
ing of the British national debt, said, funding
with view to extinguish the debt was like q
race of lame man after hare, for the longer
they ran the farther apart they were. This
| apt smile has been verified by history, for
with all the efforts of the British government
to reduce its debt by the funding system the
debt remains as large and burdensome as ever.
Indeed, every new war and financial crisis
increases it. There is no hope or expecta-
ton of it ever being extinguished, and it
will remain an incubus upon the industry of
the nation till England loses her commercial
supremacy or political revolution sweeps over
the land, and then it will be repudiated. The
people cannot and will not bear the burden
forever. Mr.. Gladstone in speech some
time ago seemed to foresee this result when
the mines of England would begin to give out
and her manufactures and commerce would
decline, and urged measures for the liquida-
ton of the debt before the evil day arrived.
But all the arguments of the statesmen of Eng
land cannot effect any material reduction of
the debt or avert reputation in the future.
The same remark applies to the debts of
other great Powers of Europe Nearly all are
increasing their debts enormously through
wars, vast military and naval establishments
and frightful extravaganza generally. Look
how France is piIing up her stupendous debt;
how Austria, Italy, Prussia, Russia and all
are sinking deeper and deeper in financial en-
barrassments. The national debts of Europe
amount, probably, to twenty thousand millions
Of dollars and are increasing yearly. Can
any one suppose that this state of things
can go on or exist long? There must be
a limit to forbearance The people every
where are becoming enlightened through the
influence of the press telegraph and rapid
communication by railroads and steam power,
and will certainly throw off the insufferable
burdens imposed upon them by ambitious
princes or selfish oligarchies. Europe rests
upon political and social volcano which ere
long will burst forth and sweep away both the
debts and the governments that create them.
The human mind is unshackled; the dark
ages of ignorance and the subjugation of the
masses to the will OF few are passed, and
freedom from oppression throbs In every heart.
The people will surely inquire shortly how
these stupendous debts have been created and
perpetuated, and will shake off the burden.
There will be revolt Of the bees. This is the
great revolution coming. All the taxes to pay
| the interest on these debts and extravagant
| governments come from the labor Of the poor.
| They toll day and night and live upon scanty
food, while the proceeds of their industry are
engulfed in that Unsuitable abyss win they
not, under the progress and enlightenment of
the age, ponder deeply over these facts and
throw Off the burden? We think nothing is
more certain.
IL is important for us to con-
slider whether we shall escape the universal
shock when it comes, should we follow the
example Of European nations in perpetuating
a stupendous debt. II would be folly to think
we should, for here the taxpayers, the mass
of the people, govern. Reputation would
become popular and financial revolution
would be effected at the ballot box ma
tional debt may be regarded as a national
blessing by the Jay Cookies, the banks and the
bondholders, for they draw enormous incomes
from it; but the people will never think so.
Nor will the fine talk about national honor and
the wonderful resources of the country recon
Gle the public to vast standing debt Our
public men do not consider this. They follow
on recklessly in the steps OF the old monar-
chical and oligarchical governments of Europe.
We have been at peace nearly four years, yet
during the last year the debt has been increased
about forty millions. Though the revenue has
been enormous--six times over what it was only
| eight years ago-the debt has been steadily
augmenting from month to month within the
last twelve months. In all probability IL will
20 on so, or at least will not be reduced ;
| for, as we minated before, no nation has
| ever paid such an enormous debt. True,
there is great deal of buncombe talk In Con-
gress about paying il, but at the same time
there is no effort made to that end. Expendi-
lures are kept up to the highest figure, num-
berless schemes for appropriations are brought
forward and passed, while almost every Con-
gresham is devisng means to please his con-
stituents by reducing taxation. Can the debt
be paid or even the expenditures met under
such circumstances? We have seen that the
debt has been increased about forty millions
In the fourth year Of peace. Is IL likely TO be
reduced In the fifth, sixth or any future year
l rnn graoa ional hunooo,ha IN, lii - A. "a