Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1900-04-10
GREAT BR1rArN's PUBLIC DEBT
1t II Of Comparatively Modern Origin
The Old Custom Had been
=, Not to Pay, ~

1870 va a. WA 'Ahh
France. Each subscriber to an amor.lt
of s1OO was entitled to name a life
which was to receive an annuity during
the continuance-that is, to name some
individual, who should as long as he
lived receive a certain percentage on
the loan every year.
As the number of lives diminished
the annuities of dividends were to be
divided between the survivors until the
number decreased to seven. The loan
was speedily taken; and thus, only 200
years ago, by a system'akin to %tontine
life insurance, which the Italian, Tonti,
had brought to Cardinal Mazarin 40
years before, e1,00O,0 900 was raised for
the government and the present ma
tional debt of Great Britain was inau-
gurated. That debt was afterwards in
creased to about $4, 000,0 O0, 900 and yet,
when William and Mary raised their
s%1,0O0,00 0 Louis looked across the
channel with amazement and ex-
claimed: "My little cousin, the prince
of Orange, is fixed in the saddle"
I may be criticised for arguing with
Nh. Knight that this loan of 1893 was
the foundation of the national debt of
England. l am aware that an eminent
English judge has bestowed the honor
of an act Of 1897, but l do not see how
he can ignore that of '93. And l am
aware, too, that MI. Macaulay says:
"There can.be no greater error than
to imagine the device of meeting the
exigencies of the state by loan was i'm
ported into our island by William III.
From a period of immemorial antiquity
it has been the practice of every Eng
lish government to contract debts.
What the revolution introduced was the
practice of honestly paying them"
But it seems to me that Mr.. Macaulay
must have been swayed by a feeling of
insular pride when he made this state
ment. He admits that the previous
practice of the government had not
been to pay and it seems to me that
the previous so-called debts were moth
ing but extortions and robberies.
For instance, the wife of Hugh de
Neville paid 200 hens for a visit to her
husband in prison. Richard I. forced
his subjects to give up money in pro-
portion to their wealth for the deliv-
rance of the Holy Sepulchre, and said
he would sell London itself rather than
give up the crusade.
He sold the property of the kingdom,
and, on his return, took it all back on
the ground that he had no right to
ALLEVIATE it. John imprisoned the mis-
tresses of the priests to extort money
from them. Henry III. seized property
and borrowed largely, promising high
rates of interest, promises which par
Lament refused to ratify. Edward /.
took the money and plate of the monas-
teries and churches, feigning a voyage
to the holy land, and when he had col
lected the funds refused to go.
Richard II. pawned the crown jewels.
Edward w., who was called the hand
soonest tax gatherer, kissed a widow
who gave more than was expected,
whereupon she doubled the gift in ex-
pectation of a second kiss. Henry VIII.
was q noted robber. Elizabeth exacted
large sums for New Years gifts and
loans, and, when she had more than
she needed, reloaned it to the lenders
at seven per cent, although she paid
them no interest. Itis true that Charles,
in 1872, having raised 1880, 900 for the
Dutch war, was practically compelled
to.leave one-half of this sum at in
terest.
And this has been called the origin
IF the English debt. But the king ap-
propriated one-half of the amount he
owed and promised to pay the other halt
only under compulsion. "Thus it would
seem,"M MI. Francis says, "the %excheque1
If the early monarchs was in the hands
# the people; that of Henry VIII. in
the suppressed mo%nasteries; Elizabeth
in the corporations, and Charles H.
wherever he could find it,"
In 1717, about IS years after the e1,-
100000 loan of William and Mary, the
'ather of Alexander Pope, the poet, died
eaving the remnant of his diminished
savings. hoarded in a chest, because in
his day there was no convenient secu-
-ity in which a prudent man could in
vest' his money. The old man had re-
tired many years before with 100000
N a strong box, and he had been spend
ing his hoard, while deriving no profit
from it, because he could not get an
income from his money and at the same
time have it available. Money had
been scarce, and no large amount of
1t had been seeking investment.
A.little while before the death Of Mr..
Pope, the income Of an eminent mer-
chant was quoted at 400 per annum,
and that Of another, not quite so dis
tinguished, was estimated at G20O.
True, a good deal was locked up in
the strong boxes Of the goldsmiths, on
| which a sort Of check could be drawn,
but living on the income of personal
property was then practically unknown
| The necessity, however, had not arisen.
A great deal of money had accumulated
in the money chests, and the little gov
eminent loan, which was soon in
creased, was q small channel through
which to empty the strong boxes OF
England into the current of remunera-
tive Observation-Disclosures Magazine.
zinc wall Paper.
Zinc wall paper is the latest oddly
| The zinc is attached to the wall by q
cement invented for the purpose, and
is made.to initiate marble. The surface
$ enameled 30 as to render it perma.
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