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on　of　the　legislature　for　paying　the　national　creditors　by　bills　drawn　at　twelve　months'　date；　and　bearing　6　per　cent。　interest。　　It　is　the　old　story　of　the　tailor　who　calls　with　his　little　account；　and　draws　on　his　insolvent　debtor　at　ninety　days。　If　the　insolvent　debtor　be　not　utterly　gone　as　regards　solvency　he　will　take　up　the　bill　when　due；　even　though　he　may　not　be　able　to　pay　a　simple　debt。　　But；　then；　if　he　be　utterly　insolvent；　he　can　do　neither　the　one　nor　the　other！　　The　Secretary　of　the　Treasury；　when　he　asked　for　permission　to　accept　these　billsor　to　issue　these　certificates；　as　he　calls　themacknowledged　to　pressing　debts　of　over　five　millions　sterling　which　he　could　not　pay；　and　to　further　debts　of　eight　millions　which　he　could　not　pay；　but　which　he　termed　floating；　debts；　if　I　understand　him；　which　were　not　as　yet　quite　pressing。　　Now　I　imagine　that　to　be　a　lamentable　condition　for　any　Chancellor　of　an　Exchequerespecially　as　a　confession　is　at　the　same　time　made　that　no　advantageous　borrowing　is　to　be　done　under　the　existing　circumstances。　　When　a　Chancellor　of　the　Exchequer　confesses　that　he　cannot　borrow　on　advantageous　terms；　the　terms　within　his　reach　must　be　very　bad　indeed。　　This　position　is　indeed　a　sad　one；　and　at　any　rate　justifies　me　in　stating　that　the　immediate　want　of　funds　is　severely　felt。　But　the　very　arguments　which　have　been　used　to　prove　that　the　country　will　be　ultimately　crushed　by　the　debt；　are　those　which　I　should　use　to　prove　that　it　will　not　be　crushed。　　A　comparison　has　more　than　once　been　made　between　the　manner　in　which　our　debt　was　made　and　that　in　which　the　debt　of　the　United　States　is　now　being　created；　and　the　great　point　raised　in　our　favor　is；　that　while　we　were　borrowing　money　we　were　also　taxing　ourselves；　and　that　we　raised　as　much　by　taxes　as　we　did　by　loans。　　But　it　is　too　early　in　the　day　to　deny　to　the　Americans　the　credit　which　we　thus　take　to　ourselves。　　We　were　a　tax…paying　nation　when　we　commenced　those　wars　which　made　our　great　loans　necessary；　and　only　went　on　in　that　practice　which　was　habitual　to　us。　　I　do　not　think　that　the　Americans　could　have　taxed　themselves　with　greater　alacrity　than　they　have　shown。　　Let　us　wait；　at　any　rate；　till　they　shall　have　had　time　for　the　operation；　before　we　blame　them　for　not　making　it。　　It　is　then　argued　that　we　in　England　did　not　borrow　nearly　so　fast　as　they　have　borrowed　in　the　States。　　That　is　true。　　But　it　must　be　remembered　that　the　dimensions　and　proportions　of　wars　now　are　infinitely　greater　than　they　were　when　we　began　to　borrow。　　Does　any　one　imagine　that　we　would　not　have　borrowed　faster；　if　by　faster　borrowing　we　could　have　closed　the　war　more　speedily？　　Things　go　faster　now　than　they　did　then。　　Borrowing　for　the　sake　of　a　war　may　be　a　bad　thing　to　do；　as　also　it　may　be　a　good　thing；　but　if　it　be　done　at　all；　it　should　be　so　done　as　to　bring　the　war　to　the　end　with　what　greatest　dispatch　may　be　possible。　The　only　fair　comparison；　as　it　seems　to　me；　which　can　be　drawn　between　the　two　countries　with　reference　to　their　debts；　and　the　condition　of　each　under　its　debt；　should　be　made　to　depend　on　the　amount　of　the　debt　and　probable　ability　of　the　country　to　bear　that　burden。　　The　amount　of　the　debt　must　be　calculated　by　the　interest　payable　on　it　rather　than　by　the　figures　representing　the　actual　sum　due。　　If　we　debit　the　United　States　government　with　seven　per　cent。　on　all　the　money　borrowed　by　them；　and　presume　that　amount　to　have　reached　in　July；　1863；　the　sum　named　by　Mr。　Spaulding；　they　will　then　have　loaded　themselves　with　an　annual　charge　of　16；800；000　pounds　sterling。　　It　will　have　been　an　immense　achievement　to　have　accomplished　in　so　short　a　time；　but　it　will　by　no　means　equal　the　annual　sum　with　which　we　are　charged。　　And；　moreover；　the　comparison　will　have　been　made　in　a　manner　that　is　hardly　fair　to　the　Americans。　　We　pay　our　creditors　three　per　cent。　now　that　we　have　arranged　our　affairs；　and　have　settled　down　into　the　respectable　position　of　an　old　gentleman　whose　estates；　though　deeply　mortgaged；　are　not　over　mortgaged。　　But　we　did　not　get　our　money　at　three　per　cent。　while　our　wars　were　on　hand　and　there　yet　existed　some　doubt　as　to　the　manner　in　which　they　might　be　terminated。　This　attempt；　however；　at　guessing　what　may　be　the　probable　amount　of　the　debt　at　the　close　of　the　war　is　absolutely　futile。　　No　one　can　as　yet　conjecture　when　the　war　may　be　over；　or　what　collateral　expenses　may　attend　its　close。　　It　may　be　the　case　that　the　government；　in　fixing　some　boundary　between　the　future　United　States　and　the　future　Southern　Confederacy；　will　be　called　on　to　advance　a　very　large　sum　of　money　as　compensation　for　slaves　who　shall　have　been　liberated　in　the　border　States；　or　have　been　swept　down　South　into　the　cotton　regions　with　the　retreating　hordes　of　the　Southern　army。　　The　total　of　the　bill　cannot　be　reckoned　up　while　the　work　is　still　unfinished。　　But；　after　all；　that　question　as　to　the　amount　of　the　bill　is　not　to　us　the　question　of　the　greatest　interest。　Whether　the　debt　shall　amount　to　two；　or　three；　or　even　to　four　hundred　millions　sterling；　whether　it　remain　fixed　at　its　present　modest　dimensions；　or　swell　itself　out　to　the　magnificent　proportions　of　our　British　debt；　will　the　resources　of　the　country　enable　it　to　bear　such　a　burden？　　Will　it　be　found　that　the　Americans　share　with　us　that　elastic　power　of　endurance　which　has　enabled　us　to　bear　a　weight　that　would　have　ruined　any　other　people　of　the　same　number？　　Have　they　the　thews　and　muscles；　the　energy　and　endurance；　the　power　of　carrying　which　we　possess？　　They　have　got　our　blood　in　their　veins；　and　have　these　qualities　gone　with　the　blood？　　It　is　of　little　avail　either　to　us　or　to　the　truth　that　we　can　show　some　difference　between　our　position　and　their　position　which　may　seem　to　be　in　our　favor。　　They　doubtless　could　show　other　points　of　difference　on　the　other　side。　　With　us；　in　the　early　years　of　this　century；　it　was　a　contest　for　life　and　death；　in　which　we　could　not　stop　to　count　the　costin　which　we　believed　that　we　were　fighting　for　all　that　we　cared　to　call　our　own；　and　in　which　we　were　resolved　that　we　would　not　be　beaten　as　long　as　we　had　a　man　to　fight　and　a　guinea　to　spend。　　Fighting　in　this　mind　we　won。　　Had　we　fought　in　any　other　mind　I　think　I　may　say　that　we　should　not　have　won。　　To　the　Americans　of　the　Northern　States　this　also　is　a　contest　for　life　and　death。　　I　will　not　here　stay　to　argue　whether　this　need　have　been　so。　　I　think　they　are　right；　but　this　at　least　must　be　accorded　to　themthat；　having　gone　into　this　matter　of　civil　war；　it　behoves　them　to　finish　it　with　credit　to　themselves。　　There　are　many　Englishmen　who　think　that　we　were　wrong　to　undertake　the　French　war；　but　there　is；　I　take　it；　no　Englishman　who　thinks　that　we　ought　to　have　allowed　ourselves　to　be　beaten　when　we　had　undertaken　it。　To　the　Americans　it　is　now　a　contest　of　life　and　death。　　They　also　cannot　stop　to　count　the　cost；　They　also　will　go　on　as　long　as　they　have　a　dollar　to　spend　or　a　man　to　fight。　It　appears　that　we　were　paying　fourteen　millions　a　year　interest　on　our　national　debt　in　the　year　1796。　　I　take　this　statement　from　an　article　in　The　Times；　in　which　the　question　of　the　finances　of　the　United　States　is　handled。　　But　our　population　in　1796　was　only　sixteen　millions。　　I　estimate　the　population　of　the　Northern　section　of　the　United　States；　as　the　States　will　be　after　the　war；　at　twenty…two　millions。　　In　the　article　alluded　to；　these　Northern　Americans　are　now　stated　to　be　twenty　millions。　　If　then　we；　in　1796；　could　pay　fourteen　millions　a　year　with　a　population　of　sixteen　millions；　the　United　States；　with　a　population　of　twenty　or　twenty…two　millions；　will　be　able　to　pay　the　sixteen　or　seventeen　millions　sterling　of　interest　which　will　become　due　from　them；　if　their　circumstances　of　payment　are　as　good　as　were　ours。　　They　can　do　that；　and　more　than　that；　if　they　have　the　same　means　per　man　as　we　had。　　And　as　the　means　per　man　resolves　itself　at　last　into　the　labor　per　man；　it　may　be　said　that　they　can　pay　what　we　could　pay；　if　they　can　and　will　work　as　hard　as　we　could　and　did　work。　　That　which　did　not　crush　us　will　not　crush　them；　if　their　future　energy　be　equal　to　our　past　energy。　And　on　this　question　of　energy　I　think　that　there　is　no　need　for　doubt。　　Taking　man　for　man　and　million　for　million；　the　Americans　are　equal　to　the　English　in　intellect　and　industry。　　They　create　wealth；　at　any　rate；　as　fast　as　we　have　done。　　They　develop　their　resources；　and　open　out　the　currents　of　trade；　with　an　energy　equal　to　our　own。　　They　are　always　at　workimproving；　utilizing；　and　creating。　　Austria；　as　I　take　it；　is　succumbing　to　monetary　difficulties；　not　because　she　has　been　extravagant；　but　because　she　has　been　slow　at　progress；　because　it　has　been　the　work　of　her　rulers　to　repress　rather　than　encourage　the　energies　of　her　people；　because　she　does　not　improve；　utilize；　and　create。　　England　has　mastered　her　monetary　difficulties　because　the　genius　of　her　government　and　her　people　has　been　exactly　opposite　to　the　genius　of　Austria。　　And　the　States　of　America　will　master　their　money　difficulties；　because　they　are　born　of　England；　and　are　not　born　of　Austria。　　What！　　Sh