THE AMERICAN WAR DEBT.

Thames Star, Volume xii, Issue 3852, 4 May 1881, Page 1

THE AMERICAN WAR DEBT.

! Says the London - Spectator:—-" The American people, half ruined by their civil war, insisted on paying off instead of bearing their debt, and amid the most terrible temptations adhered to that respire with an unswerving persistence which'throw's "a new light upon the future of democracy. They were utterly unused alike to debt and to sharp taxation. They were, for a time, doubtful if they bad succeeded in their war. They were compelled ,4.0 pass through a cycle ofdepresajon uaparaleHed in their, annals, depression amid which every one felt poor., and it was 'gravely stated on competent authority that every? western farm was more or less mortgaged, and workmen in the great centres not only talked Soeaialism, but fought for it and the great feeder of the resources of the nation, the marvellous immigration from Europe, came practically to an end. The people, however, had made lip their minds, and they taxed themselves wholesale, as, if self-flaggellatiou titillated them,, and with one uoteable exception that of the income tax, they bore their heavy imposts without flinching. No doubt they were helped by the national feeling entertained even by those who indulge, that alcohol is in se an evil thing, by the rooted prejudice in favor of high tariffs and by the* national carelessness about the cost of certain luxuries no other people in the world would bear the Western price for good boots, and gloves — but their , resolution .to pay: rather than .that their deacendattts sl.oild pay had in it & superb pride. They held on, devoted a surplus 80 yer cent higher than their whole taxation before the war to the redemption of debt vote down all repudiators by " crushing majorities—for the.c.ra^g aboutthe 'dollar ofour fathers ' Wj^hpnesL enough—and,.finally reached their present financial position. More than a third of their debt is paid, the interest'next next year will be under £18,C(K),000 a year (£17,800,000; or say two-thirds ofthe debt of Great Briton, and the Secretary of the {f^nd while proposing, to '««**%£ and dujie,*. ..^cepjj; m^™ Jffrolundiog tobacco; expects to P a«^ ut haU , loan at from 6 to ■ thejr congo j a ruined P.^P^^deeaiable paper currency at 48 and an irreaj . q &q h^ have ? acXa° t L credit of Great Britain, and 10 „!« £3u0,000,000 for a war. Tfa Uere ne ver was such a financial triumph in the history of a nation, or one which reflected greater credit on its authors.

Oa board vessels you will notice that the foremast men of thu ship are not the officers.