But This Argument, Even If It Were True In
Its Gist, Goes No Way Toward Proving That The Americans Will Be
Unable To Pay.
The population of the present free-soil States is
above eighteen millions; that of the States which will probably
belong to the Union if secession be accomplished is about twenty-two
millions.
At a time when our debt had amounted to six hundred
millions sterling we had no population such as that to bear the
burden. It may be said that we had more amassed wealth than they
have. But I take it that the amassed wealth of any country can go
but a very little way in defraying the wants or in paying the debts
of a people. We again come back to the old maxim, that the labor of
a country is its wealth; and that a country will be rich or poor in
accordance with the intellectual industry of its people.
But the argument drawn from that comparison between our own conduct
when we were creating our debt, and the conduct of the Americans
while they have been creating their debt - during the twelve months
from April 1, 1861, to March 31, 1862, let us say - is hardly a fair
argument. We, at any rate, knew how to tax ourselves - if only the
taxes might be forthcoming. We were already well used to the work;
and a minister with a willing House of Commons had all his material
ready to his hand. It has not been so in the United States.
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