It is true that England is now enjoying, to a large extent, the benefit of these important agencies; but she had to supply the capital to create them, after she had assumed the maximum of her enormous debt,—whereas those agencies were all in active operation among us before any part of our national debt was incurred. I hardly need suggest that it makes a vast difference whether a nation has or has not these material advantages at the time when it is contracting a heavy debt, and that our position in this respect, so far as the question of ability is concerned, is a position of immeasurable superiority.
In regard to the paying of our debt after the return of peace, we possess some decided advantages, to which I will very briefly allude. Of these the most obvious are, a greater ratio in the increase of population, and more extensive natural resources. During the decade which ended in 1861, the population of the United Kingdom of Great Britain increased from 27,495,297 to 29,049,540, or less than six per cent. In the ten years which ended in 1860, our increase of population was from 23,191,876 to 31,445,089, or thirty-five and a half per cent. Thus it appears that during the last ten years for which we have official returns, the population of the United States increased in a ratio sixfold greater than that of the United Kingdom. This disparity in our favor will undoubtedly increase from year to year.
The home territory of Great Britain is quite inadequate to support even her present population. This circumstance places that country in a position of comparative dependence. While she must draw from other countries a very considerable proportion of her breadstuffs and other provisions, we supply not only ourselves, but others largely also. The money which England pays to other nations for bread alone would equal in thirty years the entire amount of her national debt.
We need but a resolute and united purpose to sustain with comparative ease our national burdens, whatever may be their extent. Those who doubt this under-estimate not only the magnitude of our national resources, but the powerful aid which modern improvements lend to their development.
FOOTNOTES:
[H] Some estimate of the influence of railways alone may be formed by reference to the following statement, which occurs in an address of Robert Stephenson before the Institution of Civil Engineers, in 1856:—
"The result, then, is, that, upon the existing traffic of the United Kingdom of Great Britain, railways are affecting a direct saving to the people of not less than forty million pounds per annum; and that sum exceeds by about fifty per cent the entire interest of our national debt. It may be said, therefore, that the railway system neutralizes to the people the bad effects of the debt with which the state is incumbered. It places us in as good position as if the debt did not exist."