Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-10-09


| legation, and as aifording a basis at once
secure for the creditor and advantageous for
the debtor
Never borrow dollar without laying a tax at
the same instant for paying the interest an
nually, and the principal within a given term;
and consider that tax as pledged to the creditors
on the public faith. On such pledge as this,
sacredly observed, government may always
command, on n reasonable interest, oil the lend
able money OF it's citizens; whilst the necessity
of an equivalent tax Is a salutary warning TO
them and their constituents against oppresslon'
bankruptcy and ts inevitable consequence, reyo.
luton.
But gentlemen, looking at the serious side
Of this question with the gravity which is be
coming, let us not be led into gloom, or de-
spondency, or encouragement OF any KIND
whatever. Though our burden be great, we
are abundantly able to bear 1t, and to prosper
and grow strong under it. Our progress in
population and In wealth is so rapid that the
debt which weighs upon us to-day Is light as
n feather tomorrow, and If we can but eX-
ercise the ordinary prudence of self-preser-
vation our future as people VIII lar surpass
in power and riches the most extravagant
calculations based on our progress In the
past-wonderful as that progress has been.
II is but eighty-hve years since our Govern.
mcnt was organized, with q population OF
less than 4,000,000 and valuation OF prop
erty for the entire thirteen States not exceed
| ing 5000, O,000, ,000-scarcely one-half OF the
| Facilities for inter- communication were then
| greatly restricted; manufactures and the arts
were In feeblest infancy; agriculture was
rude and not highly remunerative, because
| its handmade, commerce, had not been quick
| ened into life and vigor. Property at that
| time was ill-adapted TO bear taxation, profits
were small, wages were low, and, 10 the
| political economist measuring the condition
and capacity Of the country, 1t seemed utter
| ly unable to carry debt OF any considerable
magnitude. And yet our ancestors did not
| hesitate TO assume tie Revolutionary debt OF
| 800 600 OOO-more than one-seventh OF all the
property they owned. Mr.. Jefferson, who was
| the most distrustful of all the leading states
| men Of that day In regard to the ability OF the
nation TO sustain the load, was yet willing TO
admit that it could be easily borne II the
rates of increase in population and wealth
| then calculated upon should be realized. 1t
| may teach us lesson OF trust ana hopeiui-
ness to remember that the highest estimate
Of that day would have produced a popula-
ton of less than II 100000 IN $50, and an ag-
gregate wealth at the same period oi less than n
| "a 900 000,000 Our population, vastly as IL
| has outrun the prophecies referred to, eX-
hibits ratio far below the increase OF wealth,
| which in 1870 had reached tile enormous ag-
gregate Of 0,000,0 900, ,0OO-nearly eight-iold
| greater than the anticipated increase
| which Mr.. Jefferson had regarded
as too sanguine. Taking our total
| National, State, county and municipal debt,
and it amounts to something over S3,%OO
100000, or a little more than one-tenth OF the
entire property of the country as estimated
| in the census OF 1870 and probably not over
one-tifteeuth OF the actual wealth of the coun-
| try to-day. This, you will observe, is far
less ratio Of debt TO property than the Gov:
ernment assumed in 1890, while our rate OF
| increase aud our power OF creating wealth.
| transcend the same capacities OF that DAY IN
| so large a degree that | do not know OF any
| ataft of M
| give any adequate conception of its vastness.
| 1t may however, serve to give us some IDEA
| of our enormous productive power 10 renect
that, in point of annual income and earnings,
| we stand to-day at the head Of all the nations
| far exceeding Great Britain, France, Russia
or the German Empire. Next to us indeed
| comes Great Britain, but all the earnings anu
| income of that Kingdom will not exceed S0,-
| 600 600 0O0, whereas we are in excess OF ~,
| 10000 OO0-both reckoned on gold OASIS
| and beth tables and statistics quoted from a
| British authority Moreover our present an
| nuaI rate of increase in income resulting
from increase of population and OF laborers
and from improvements in machinery Is
about $l20000,000; and this, regardless OF
occasional reverses and financial pancs, Is
absolutely progressing in sort OF ge;10,mI.et, gee, net.
ric ratio Many who now hear me viii live
to see the population of this country reach
lOOOO0,OO0, and, by calculations which will
err in being too small if they err at all, our
annual income will then exceed $l5,OOO,OOO,,
600 or five times as much earned and realized
every year as our entire public debt OF al
forms is to-day.
The inquiry is pressed home to us, why, in
view of our enormous income and earnings
are we such a borrowing nationy II we earn
and receive more each year than Great Britain
or France, or the German Empire, why are we
borrowers from themg Why do they, and moi
we, hold the bulk of our national securities
tnfa 1NafN nd
railway Indebtedness? The question is {
serious one, but the answer is easy: 1t i:
simply because we spend more lavishly than
any other nation in the world Our people
live better and live faster, have more abun
dant food and better clothing, more expensive
houses, and furniture, and outfit, and equi
page, than those of any other nation in the
world So that, with all our enormous in
come we save far less than some European
nations whose gross annual receipts are fa
below ours. But If, for a single decade, W.
should by any concert OF action live on a.
| economical scale in this country as they d'
in the most favored European Kingdoms, o
as we did ourselves only twenty-five year
ago, we should save enough To recall ever,
American stock and bond from the Golfers o
foreign bankers and should pay OIL with eas
our entire national debt or at least have |
held among our own people, which, in itself
would constitute no small decrease OF its bur
den. II such a return to our old habits o
economy were practicable and practiced, an'
the drain of gold coin to Europe to pay inter
est on our bonded Indebtedness were thereb.
stopped, venture to affirm that many prob
lems Of finance now disturbing the people AM
perplexing the legislator would find an cas-
solution-nay, would not even remain TO b
solved at all.
There is one feature in our progress +
which have already made incidental refer
ence, which, despite all drawbacks Oh per
a | in,- no
solid assurance for the future. 1t Is, thai
rapid as NAV be our increase in population
our increase in property is in vastly create
ratio.
From 1870 TO 1870 our population increase
about 1000 per cent, but our property II
creased about 5000 per cent In other words
our population in 1870 was ten times as larg
4 as in 1870, while our property in 1870 was fift
: times as great us il was in 1870. We can hare
) ly assume for the future that our wealth wi
Z grow five times as rapidly as our population
T but | think, with all the labor-saying appl
: ances that modern invention is producing, an
: with the high vantage ground we alread
: possess in that regard, we may safely couI
s on such q rapid increase Of material wealth
j | will in a very brief period render our indeb
| edness--f it be not unwisely increased-a
h inconsiderable burden. By the census
! 1890 it was apparent that the aggregate pro-
erty of the nation only allowed $3.50 to eaC
individual. By the census OF 1870 this hG
It increased to $500 per head. And now it mi
: be confidently asserted that, before we ha'
e 5000, 600 Of people, we shall have SlOO,OOC
d 900 of property.
d But do not dare to trust myself In that /
d viting field Of speculation as TO what VIC shS
e be in the future. Neither should l venture
It detain you with any lengthy review Of Of
E. marvellous progress in the past. Our story /
IS deed is 50 wonderful that he who attemp
&c the most sober narrative seems as OF
D. given TO idle boasting. In that bri
Is liant third chapter Of Lord Macaulay
r History he gives gorgeous and glo
Ie ing pictures % the rise and progress of &C
y tain manufacturing and commercial cities
10 England. The growth and greatness of Ma
n chester, and Leeds, and Sheffield, and Birl
r. ingham and Liverpool are depicted in t
n, matchless eolors of the first essayist of |
ID generation. But remember that he was te
he ing what these cities had become in
le blessed reign Of Queen Victoria, and he
great their progress had been since the da
| - \ ~ ~.