The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1883-03-15
TIE WORLD BANKRUPT,
The Enree Ap.ount Owed by Gorernments.


On ingenious statistician, who had
boon losing sleep in tho pursuits of
science, has added up the nations of the
world, and is distressed to find out that
tins poor old world is really bankrupt;
that it owes moro than it can ply, and
that, as the process of dcbt-making is
continually going on, the inevitable end
Will be universal smash The gloomy
view of the situation is supported by the
magnitude Of the figurCs-total amount
webelicveis some $40, 900, ,O0O. .OOOor $50
O0O, 900, 0O0-and ii is plainly true that,
with the exception of the United States,
the civilized governments Of the world arc
rapidly increasing their indebtedness.
But VIC believe that this immense agerc-
gate of debt is an evidence rather of SOL
yency than of bankruptcy; Il proof, not
that the world Is 30 poor as to be insol-
vent, but that it Is 50 rich that no eXtrava-
gancc can ruin it All tho great public
debts of the world are tho creation of the
present century, aMd many Of them Of
the past twenty or thirty years. At the
beginning of tho century Franco had no
debt at all and England only trining
one. Italy, which is quito active as a
debtor, did not exist aS n nation thin ry
years ago and the United Stutcs had no
public or local debt of any amount twenty
years ago.
If, Ill the course of eighty years. the
nations of the world have succeeded in
loading themselves mp with u burden of
debt to the whole of the estimated wealth
OF this country Mt the last census, it is n
proof that their material prosperity and
accumulated resources have rcnched Dro-
portions which would nave been consid-
cred impossible and mythical in any
previous era of history France, which
now thrivcS and prosprrs under an cnor-
nous debt of 81, 700, 600, 600, on which it
pays an annual interest Of $203, 600, 900.
would have found it impossible 100 years
ago to borrow the amount which is an
nually paid for interest England owes
debt of some $1,000, 900, 900, the foun-
datioDs of which were laid in the attempt
to prevent the French from being ruined
by sovereign of their own choosing.
But If England had had any idea sc the
outbreak of the Napolconic wars of the
outlay which would be incurred, we NAV
be sure the ablest tiancicrs would have
said that there was no credit of Cover =
ment or power of authority which woul d
suffice to carry SO largo G debt. Now.
triumphant Germany asks France for a
trltle of 81 900, 900, 900 as coolly rs if it
were bottle of wine, and totally mort
cages the resources of nation before q
nation is established Was the world
any richer 100 years ago, when its lack
of credit prevented its borrowing money?
is 1T any poorer now, when it has Dor
rowed so much that demand for pay
ment would bankrupt it?
Ayery simple answer to the question
may be had by merely considering whore
all the money came from which is now
invested in the Grand Livre or ledger of
France, the consols of England, and the
bonds Of other countries. Before The
country could borrow there must have
been capitalists who had the money to
lend-andto spare. The nations could not
have borrowed unless the people were
abletO lend, andif the world isablc to lend
$40, 900, 900, 900 or $40, 600, 600, 900 it can
hardly be i'll dangrrOG immediate bank
ruptcy. In fact, the debts Of the nations
are merely the surplus of the people, q
small part of the accommodations which
have been made III II century of industry
and OF progress. Steam, electricity, and
patent inventions have accumulated in
the world such mass of wealth as the old
world never dreamed of; and, as the pro-
cess of accumulation is going on faster
than the process Of borrowing, the world
is growing richer every day, richer in
spite of wars and armies and kings and
tariffs and taX-catcrs, and other obstacles,
and there is no call for any learned statis-
tlclan to sit up of nights III despair over
the tuture OF an lnsOlvent world.