Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1874-10-08

power to incur a dollars debt except in
cases of extreme public danger. and where
an amendment to the constitution propos-
cd by two-thirds OF the legislature and
then submitted to the people. is a prere-
quiste to the pledgng of the public cred
it-as an example which perhaps other
states might follow with advantage Ii
might also be wise for state constitutions
to define precisely for what ends munich
pal credit could be used Finally. he
said, 1t wonld be well 70 apply TO the state,
the country and the city the famous rule
laid down by Mr.. Jefferson: Never bor-
row a dollar without levying tax nj the
same instant for paying the interest an.
nually, and the principal within a given
time. and consider that tax pledge to the
creditors on the public faith"
After referring to the evils of munich
pal recklessness in mourning debts, and
suggesting remedies, the speaker went on
10 consider our ability to bear our bur
dens. and said there was reason for dis
enlargement and dependency.
IL Is but eighty-ive years since our gov
eminent was organized-with "A popula-
ton of less than four millions. and a val
uation OF property for the entire thirteen
states not exceeding $500 900, 900. Aud
yet our ancestors, when to the political
economist 1t seemed impos >ible to carry a
not hesitate to incur debt OF 500. 900 600
more than one seventh OF all the property
they owned. Taking our total national,
state, county and municipal debt aud it
amounts To something over ihirty-two
hundred millions IS. 200, O0O. 0OO.) or a lit
tie more than one-teuth of the entire prop-
erty, as estimated in tho census of 1870.
and probably not over one-fitcenth OF the
actual wealth of the country TODAY. This.
You will observe. Is a tar less ratio of debt
to property than the government assumed
in 1893, while our rate OF increase and our
power OF creating wealth transcend the
same capacities of that day In So large A
degree that do not know OF any compar-
ison or unit OF measure that could give
any adequate conception OF its va,iuess
IL may, however. serve to give a., some
idea of our enormous productive power 10
reflect that in point OF annual income and
earnings we stand to-day AZ the head OF all
naiions-iar exceeding Great Britain.
France, Russia or the German Empirr.
Next TO Us indeed comes Great Britain.
but all the earnings aud income of that
Kingdom will not exceed five thousand
millions OF dollars s. 900 600 ODpl. where
a We are in excess of six Thousand mill
Ions $1,000 600 ,oODl, both rcckoned on a
gold basis. and both cables oi statistic,
quoted from a British authority. More
over our present annual rate ut increase
In income resulting from increase OF popu-
la,ion and OF laborcrs. and from improve
mcntS IN machinery, Is about one hundred
and twenty millions OF dollars 1920. 900
UcO)-and this. regardless of occasional
revcrScs and financial panics. is absolutely
progressing in a sort OF gcomctrtc ratio.
Many who now hear me will live To see
the population of this country reach one
hundred millions (loO. 600 OOOl. and by
calculations which will err tn being too
small. II they err At all, our income will
then exceed fifteen thousand millions
lSl5,WO,Opn, Oo0l-or five times "A. much
earned and realized every wear, ~ our en-
tire public debt ct all form, /, to-day.
Mr.. Blaine answered the inquiry. why,
with such vast income. are we a borrow
| Ing nation: Il wa> simply because our
| people lived better and faster than tn" III
/ ropcan-, - that With all our cnor.nou, IN
come We save much less than they But
/ IT, said thu Speaker, Tor single decade
We should by ANY concert OF action live on
"A, economical = scale ia this country ~
they do Ira the most favored European
{ Kingdoms. or A. We did our-c.v", only
twenty-five years ago. We should say.
enough to recall, every American stock
and bond from the offers OF foreign bank
cr-, and should pay of with cls, our en-
tsrc national debt, or at l-A>; have 1t held
among oar own people, which IA Itself
would constitute no small decrease ut IT.
burden.
There j. one feature In orr pro,rr..
which. despite all drawbacks 81 personal
extravaganza or national crises. iyc, 4
solid Assurance for the future T. is that
rapid a. may be our increase Ia popula.
ton, our Increase in property j. 10 a vastly
greater ratio. From l79l To $50 our pop.
u.ation inclcascl about one thousand per
crnt.-but our property increased about
five thousand per cent. In other words
our population Ia 1870 was ten times a.
large a. In 1870. while our property in
$50 was my times ~ great ~ K was In
1890. We can hardly assume for the 10.
'ure that our wealth will grow iiyr ,imr-
a, rapidly A. our populatian, but | think
with all the lahor-saViug appliances tina,
modern invention i producing. and with
the high vantage ground We already pos
sess In that regard. wc may safely coun,
on such a rapid increase OF material wealth
a. Will IN very brief period render our
4 indeb,eduess-if IL be not uuwiscly in
l creased-an iuconsiderable burden. Bv
the census of 1890 1t was apparent that the
/ aggregate property ofthe nation only al
lowed one hundred and inv dollars TO
each indn iIat.. 4. au. rcu-H, Of 1870
| this had Increased u eight hundred dol
/ lars per head. And now il may be con-
hdeutly asserted that before we have sew
enty-tvc millions of people We shall have
J one hundred thousand million, Of proper
/ ty.
In closing the Speaker made brief al
| fusion To the great questions OF the day
tarifi and currency, internal improvement
and cheap transportation-which he
thought were susceptible OF OF a fair set
Element after full discussion. In the IL
nal arbltrament of wise siate,man-hip il
will be found in regard u these questions
and all Others OF like magnitude. That the
interest of one section j. the Interest of
all. aud that the more perfect Union
! which our fathers sought 10 establish will
be fully and FINALLY realized when each
section IS unwilling 10 enjoy an undue adj
vantage over any other, and when all
sections are alike ready to be governed In
what they ask and in what they give, In
what they demand and in what they con
eede, by that spirit of patriotism which
obeyes the authority Of principle and al
1 ways Yields To NJ" 'de~pOii-m Of duty"
An Associated Press despatch says that
5000 people were present To hear the adj
dress of Speaker Blaine.
AbOut Goults horo