Every evening, Wilmington daily commercial., 1918-01-30
our Nst,ona! Financial Strength.

Our National Financial Strength.
l. + fact that some very worthy
.tti1e,,- are somewhat appalled, at the
:g;irrs of oar national debt today, and in
contamination al what they may reach
before the cnnclu~.,7. IL the war in which
We arr now cneae The figures, it will
,r admitted. aiy somewhat stunning
.h i. compared with similar figures of the
,,a,.. so tar as totals 60. But other cle-
,-l.at- WI serve "a make the comparison
alu,l 'c,@ disturbing. With the credits
r,.d, authorized, large portion OF
hich vas converted into national obli-
4. sons hy Inc Liberty Loan campaigns, It
estisl4tcd hat our national debt will
,,a ,..,c!t seven billions There Is a
n-o3.b.l4iv il may rise to ton billions
-.se,lI lie cxigcncicS OF the war create ex-
rap-irarv financial demands. But this
Is 10. xpactcd Al this time.
tlczauder Hamilton. our first Secretary
81 ,hc Treasury, once said that "A national
,icb;. ii not excessive. will he to us
national blessing, in that II was . con-
,nl.al incentive to economy in cXpen-
elI,;l-es fo- national administration until 1t
was cstinglushed But this does not a.
wavs follow. Economy IN expenditures
Tor public administration may frequently
prove a public detriment, instead Of q
public benefit Still, il will be admitted
that L large national debt, requiring the
expenditure of oppressive sums each year
-or interest. Is not altogether good thing
i3ut when the elgencics Of administration
e4Il for larger expenditures than may rea-
-onably and justly be raised by general
'.,xation without severely depressing the
r,co2lc. loans must nc rcsorted TO.
)ur government started in debt. At
he outset, without considering the obh-
-at.ons incurred by the Colonies before
.ne formation OF the Federal mon, which
Ii. general government did not believe il
Ind right ia assume, il had q consider
II, indebtedness, butt up OF loans Sc
.-,d principally from france, Holland
al stain Alexander Hamilton, first
: SECRETARY II Treasury, be who believed
l.a,io..l deb, could De a national bless
,c ease careful and able attention -
E ~-Diort aud directed LIS energies II
5, f.noIng oI our scattered obligations,
nd tJ measures Tor making them good.
.,f II intece-t and principal.
ia n.n, il VS. afterwards sand. by Daniel
l,.-sor. ii eloquent auiogIum: Tie smote
raet i tjse national resources, and
..,. Gaa- streams of revenue guShed
l-h ne touched the dead corpse OF
stlr Credit and il sprang upon lis feet +
.naneIm labors were emiDently sue
---pL
Iua yorl interesting review oi the sub
F.. ii public credit and public indebted
nc-e d his country, the New York sun
i.us that IL the year 1890, at the fornla-
5n ot the Federal government. the
.ajiouaI debt was between So, ,000000
na 55@ 600 600 To this total were added
H. debts oi he new States OF the Union.
iia loan Of l2,O00,G00, 10 meet our
lcb,s abroad and pay interest on them
G1m ensGed q financial campaign to
mad tie debt and get rid Of floating
opigations. in which work the govern
Iacnt was compelled a times TO borrow at
; pr cent interest. By 1901, the debt,
nearly All funded, stood At $50, 1000
Then came the very successful regime Of
Nbert Gallatin Of Pennsylvania as
Secretary Of the Treasury, and in TIE next
welve years the debt Was reduced by
SIS, 100000, notwithstanding an addition
a funded obligation Of ll,250,000 for
the Louisiana Purchase, one of the most
profitable national real estate transactions
ever known IN all the world.
The War Of 1912 increased the national
debt by SIS. 100000, and by 1916 it had
mounted 10 Sl27, 100000 But by 1886
toe country was free Of bonded indebted
ness and had a surplus Of SIS, 100000 in
tiic national treasury for which Congress
had no use, so it voted to divide this
surplus proportionately among the States.
Dclaware's apportionment was employed
10 the establishment Of public school
.. TEN. This condition, however, did not
hst long. The Mexican War, lS45-S.
built up a debt Of S49,O00,000, and next
came the obligations Of the Civil War,
which left the country with bonded debt
% g, $50, 100000. And this huge indebteG
ness was successfully handled and never
proved financial burden to the country.
But while our national debt in 1890,
after the country had emerged from
successful revolution, was less thar. .$53,
000, 600 our population was . LITTLE less
t.lan 100000 In 1870, when our nation