Middlebury register. (Middlebury, Vt.) 1886-1937, 1901-05-17

from the ocean" We shall not monopollze
the carrying trade of the world; we shall
do none of the things which our spread
eagle orators tell us we are going to do; ;
but in this expansion we may find
reason to believe that henceforth we
shall do our own ocean business and
save to our own poole the hundreds of
millions that we have every year paid
Englishmen for taking our surplus pro-
duets to the consumers abroad. Mirror
and Farmer.
VAST INCREASE IN NATIONAL DEBTS.
An idea of the tremendous cost of the
progress made by the world during the
century recently closed may be gained
from the FACE that in 1900 the indebted
ness of all nations aggregated the
enormous sum of over SO 900 900 600, an
amount utterly inconceivable to the
average human mind, as compared with
$1,000 ,0O00 at the beginning Of the
century. The national debts of the
world aggregated about s. 900 600 600 in
1920; $500, 900 003 in 1850. Sl3.GG0,-
000.0 600 in 1862, S22, 400, 0O0,0O0 in 1872,
S2G, 249, 100000 in 1882 and $3l ,493, 49,
600 in 1901.
As Americans have abundant reason to
know the great cause of Increase in ma
tional Indebtedness has been war. The
interest bearing debt of this country in
creased from SGj7 coo, 900 In 1850 to
81 ,3Sl 900, 600 in 1865 and then followed
a long period of debt payments so that
Mt the close of the year 1897 our national
obligations of this character aggregated
only about $S50O00 600. Then followed
the Spansh-American war and our
national debt had advanced In 1899 to
81 ,OlG, 900, 600.
That America Is not alone In furnish
ing illustrations of the relation Of war to
the growth of national indebtedness, has
recently been demonstrated on an elabor-
ate scale by the experience of Great
Britain. Before the beginning of the
war in South Africa The national debt of
England was oyer $4,000. DOC, 000, or as
large AS the national Indebtedness of the
world at the beginning of the last
century. The $500, 100000 loan Just
tioated by England represents only II
fraction of the Increase in the liability of
:
rs it was long ago stated that the
English never expected to be able to pay
their national debt, il can be seen that
the conflict with the Beers has not in
creased their ability to discharge the
obligation.
France, whose national Indebtedness
was greatly increased by the heavy in
demnity imposed by Germany at The
close of the Franco-P russian war, has
reduced its obligations to material
degree, but il still owes nearly SG,O0G,-
100000. Russa's indebtedness aggre-
gates almost $1,000, 600 900, Italy owes
about S2,500,O00 1000, Germany about
$4,000, 900, 900, Austria SO 200, 900, 900 and
Spain $4,000, 100000. If the United
States had eXacted war indemnity from
Spain instead of paying that country for
the Philippines, it is evident that the
Spanish national debt would have been
very largely increased.
There are number of European pow
ers which manifestly will never be able
to pay their debts, and in this respect
afford marked contrast to the United
States, which has already demonstrated
Its ability to pay its obligations in COM
paratvely short period. The national
debts will be perpetuated by refunding
operations and inasmuch as government
bonds furnish an increasingly popular
means of investment for those capitalists
who desire the greatest security and are
satisfied with moderate rate of interest,
there is likely to be growing disinclina-
ton on the part of the people as whole
to see national debts paid. This APP
plies of course only to those govern
ments whose credit is above suspicion.
Two considerations present themselves
in this connection, the growth of wealth
as compared with the increase of indebt.
edness, and the increase in population
compared with national debts. 1t is a
difficult matter to say to what degree the