Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-05-05
NATIONAL DEBTS AED TnEIR LES.


Which of the principal governments OF the
world is at this Time prospecting mosi? The
question refers 10 governments not to coun-
..aSs, Iuesa hAay Us iOrmea as 10 me |
relative ecoaomic excellence Of the various
forms of government existing. If we want
10 know the relative standing of a number
of business men as to prosperity, we judge
by comparison OF the manner in which
they meet their obligations, and The same
business standard will apply to governmen ts.
So judged, the United States stands out
prominently as the most prosperous of all.
The highest point reached by our interest
paying debt was in 1865, S2,3S1, $50, 295, of
which S1,O2S, 715,4l2 has been paid. The
highest annual interest charge was $780,
1887, now reduced to f53, $50, ITO; the av-
erage rate of interest was six per cent,
it is now three and three and one-half per
cent. Since the LIST OF last Juy the debt has
been reduced $4,000 600. Turning to Eu-
rope we find the greatest nations there iu-
volved deeply in debt, and by common con-
sent the most prosperous government among
them is that of England, and a comparison
OF the way the United States meets its obli-
cations as compared with that country will
answer the question-which, of the principal
governments of the world is at this time
prospering most? Since 1857, twenty-six
years, England has reduced its debt $685.
100000; the Chancellor OF the Exchequer has
announced project for further reducing it,
within the next twenty years, 50O00,000.
This would make a reduction of 81 1886, 000,-
600 in forty.six years, against the United
States reduction of 81 ,023, 715,4I2 in eight
cen years, that is 10 say since 1865, when
our debt was largest. This shows that in
forty-fve years the United States would pay
two and half times over what England
will pay in forty-six years. These figures
contain great lesson. Fifty years ago it
was commonly declared in Europe, by pub
lie speakers and writers, that to carry on the
government OF great country without
monarch at the head of it was an impossi-
bility. To expect that a republic, govern
ment depending upon the will of the people,
and chapgeable in its essence, it's form,
aad its personality at their pleasure, was the
existence OF the American republic was urged
as proof TO the contrary, it was alleged that
while the country remained in a simple,
peaceful condition, with a sparse population
aud plenty of ground for its increase TO
spread over, that form of government
might exist, bu! when the land filled up,
and various sections with varying interests
required the wisdom OF the intelligent and
we'll born, and the power Of a strong govern
ment with a settled chief at its head, and
especially when wss required the direction
OF the nations forces, and consequently the
expenditure of vast treasures, republic
would be found wholly inefficient, and The
force of circumstances would require the ap
pointment OF permanent head-a monarch.
The above comparison OF debts and payment
after period Of fierce war, in the case Of
the republic, is an unsnswerable reply to the
old allegations against the republican sys-
tenn Of government. 1t also shows how n.y.
pothetical arguments respecting anticipated
consequences are apt to be, yet how COM
monty legislation is carried on, not upon
Tue Oa5iS oi laCts pu4 uPoh SObIcStuieS 40
to what would or would not follow given
line of policy. This teaches lesson the young
politician would do we'll TO learn. To an
tieipate results 10 the neglect of experience
is fruitful source Of error. We also see 10
these figures that the good sense and moral
rectituds of the macs Of al intelligent peo'
pie may be trusted to ACT under the varying
circumstances of a nations life, with at least
as much wisdom and conscientiousness ai
has been exhibited by monarchs and arts
tocracies