The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1898-03-24
NATIONAL DEBTS.

National debt may be said to be a
modern institution and has become
quite universal. 1t has been described
as the first stage of nation towards
civilization, and hence called blessing.
Others, how ever, take different view
regarding it as enslavement, The bonds,
as the written instruments are called
which acknowledge the debt, put the
toiling people in bondage. A nation, so
far as its monetary dealings are con.
cerned may be considered corporate
body, and can borrow as an individual
A state or nation, however, is very
different in many respects from an in.
dividual. 1t is supposed to be perma-
nent, not liable to death and administra-
ton or foreclosure. A public or national
debt may be limited as to time, but the
bonds are marketable commodity and
m W have new set OF creditors every
now and then.
A state too is the sole Judge Of its own
solvency, and may repudiate or COM
pound with its creditors, and even when
solvent may alter the conditions as has
been repeatedly done. OF course nation
| by reckless management and bad faith
may destroy its credit. One of the
early English Edwards borrowed from
the money men of Florence in Italy to
take his army over to invade France
and the Florence magnates never got a
penny back either as principal or in.
terest.
Every state ought to meet its ordinary
expenses without borrowing. Some
countries these days are unable to meet
their current expenses, certainly very
bad condition to be in. Emergencies oC
cur where a government resorts to 6
forced loan. Our treasury notes, green
backs, are of this nature. Frederick the
Great of Prussia, in his seven years wal
with Austria, Russia and France, go
provisions, clothing, horses, ETC., by re
qurement and force, giving scrip il
each case, all which were redeemed
within two years after the close of thC
war, so that Prussia had no debt hang
ing over her. But Frederick was mas
ter, and honest.
1t is not always necessary that a ra
ton should incur debt. Indeed it is
dangerous expedient piling load upol
+ the people which they may never ge
l rid of. Ordinary resources should NEE
ordinary expenses, and also accumulat
fund for contingencies, as in ancien
times. The Athenians had in thei
treasury 10000 talents at the opening c
the Peloponnesian wars. At Susa an
Ecbatana Alexander found a grea
treasure which had been accumulated b.
Cyrus. In the early days of Rome reve
nue. was thus laid up in the temple c
Saturn. Pompey made the great mis-
t take on leaving Italy OF not takin
a along the public treasure which Cess
n got. Some of the prudent Roman en-
s perors and early French kings down t
Henry w. had their reserves. An
C these days, governments are hoardin
gold as reserve in case of need.
: The contrast just now between tn
United States and Spain Is notable e.
:, ample, and affords valuable lessor
a which should not be forgotten. TIL
;, continental paper money of the revolt
ton was a sort of forced loan and nor
Z of it was ever redeemed. 1t depreciate
II gradually until it became worthless an
|, so was really pretty even tax on II
n people. Our first national debt undo
% the constitution was scheme of Alexal
II der Hamilton by which debts of some
- ! the states were assumed by the gener
government. 1t was really great ou
rage for the knowing ones in the schen
. bought the claims for tri1e. The b
IL was passed by gambling arrangemel
ia by which the capital was located
A. Washington.
n. The American people are likely to re
as lize whether public debt is publ
n blessing. Some think it is curse,
In milestone round the neck of labor,
ID mortgage upon poor humanity, full
dead mems bones and all iniquit
When used too as our public debt is,
favor some and enable them to rea
ar the people otherwise and more direct
I'd it becomes double burden upon t
as public, paying interest on the bonds al
Ss interest on the circulation based thel
8, on. But, when will justice unclose b
ar ewes?