Year: 1864

Many careful and prudent men look


upon the increase of cur national debt with


some foreboding Let examine the


whole SUBJECT fairly, and see if we are not
only able to pay our present, but any


reasonable further debt that the exigencies
| of war may compel US to incur, and that
| the payment will neither be difficult or
excessively onerous, Let US see what are
the facts. Unlike an individual who is
unable to count with certainty upon In
creased ability to pay in the future the
debt he contracts in the present-this
country is sure to increase in wealth and
population. 1t appears from the census
| returns, that the increase in the value of
real and personal property in the Z. S.
from lS40to 1850 was from three thousand


seven hundred and sixty-four millions


(S3, 764, 900 000) in 1910, to six thousand
one hundred and seventy four millions,
(6, ia, ,O00,O ,O0O) in 1850, or GA per cent


The next decade shows still greater ad-
vance in general prosperity and riches
For in that period, the yield of our gold
mines, the extension of our railroad sys-
tenn and our consequent opening of new
fields FOR agriculture, our large immigra-
tion, and the stimulous given to every
branch of manufactures and the mechanic



thousand one hundred and seventy four
millions ($6,174, ,000,0O0) in 1850, to the
enormous aggregate of fourteen thousand
one hundred and eighty three millions
(Sl4, l93, ,000) in 1860, or l27 per cent. of
which ten thousand seven hundred and
sixteen Millions (Sl07l6,0 900 ,OOO) acas
oacned ite tke toyol States Is there anv
good reason to believe that we shall not
continue to prosper as we have done-(ex-
cept from the chances of war, which can
only modify and not change the character
OF the answer to the question, THAT the
nation Will not continue to nearly, if not
quite, double its wealth every ten years
tor several decades to come We have
but Just begun to work our gold mines, |
and the vast body of our other mineral
wealth is still undeveloped We have fer
tile lands enough for an empire that the
plow has never touched, and it is only in
this generation that science and art have
fairly begun to open the doors. and show
the way towards our future material, great
ness


But experience of what others have
done will best tell us what we NAV richt-
fully expect to do Let US compare our
position to that Of Great Britain during
one of the gloomiest periods of her finan- |
cal history. At the end of her great wars
IN 1916, her wealth was estimated "a, ten
thousand four hundred millions {SIo 400 |
oo0,oOo) and her national debt at that |
tlme was four thousand three hundred
millions (SkG00, 000, ,Gee) or more than Al
per cent OF her entire property In 1861
her property was stated at thirty-one
thousand five hundred millions (S3l 800 |
600, 0,000) while her debt was three thou
cnn nd rtrht I'D
(S3, $50 000, 000) or was a charge on the
property of the country of ONLY about l21
per cent. 1t needs no argument to show
that the freight of the hurd n of this debt
is now bat one third what it was when
contra cted


We do not wish to deceive ourselves on
either side of this question. Debt is al
ways bad enough but we should look the
facts squarelv in the face and accent
whatever deductions we have a right to
draw from them ruth In spite of the
war we believe tho Northern States are
as rich to-day II tn " were three wears
ago. Such demand for labor was never
before known, and never before was it so
well paid War destroys, but o,o hand
of industry has never for moment ceased
to create, and the creation will more than
balance the destruction Large as our
losses of brave and gallant men have been,
che population of the country has steadily
increased and unless some scourge such
as never visited a nation should come
upon us,-unless we should be utterly
destroyed, or dismembered and broken to
pieces by yielding to this demon of seces-
sion,-there is no human power that can
arrest our continued progress and devel-
opment All wars haze ended as will
ours. Let US hope that it may be soon,
but when it is ended, and triumphantly
as it must be, this country is bound TO
take a position in population, wealth, and
rigor that will make its debt so small in
proportion to its wealth that the most TIM
id man will laugh at the fear that may
have once over-clouded his vision.