Now, for the purposes of this statement, let us assume that it will take four years more to finish the war and to adjust and settle all its contingent claims, and that at the close of that period, say in 1869, we shall be at peace, with a restored Union, and with a national debt as large as that of England when peace returned to her in 1815,--how will the ability of this country to sustain and pay its debt compare with the ability of England to do the same at the time above referred to?
The simple fact that England was able to assume so vast a debt, and to sustain the burden through half a century, during which her prosperity has scarcely known abatement, and her wealth has been constantly and largely increasing, ought to satisfy every American citizen that his own country can at least do as well. But we can do more and better; for a comparison of the two countries in the matter of ability shows that the preponderance is greatly in our favor.
At the respective periods of comparison just named, to wit, 1815 and 1869, the population of the United Kingdom of Great Britain was less than _one half_ of what the population of the United States will be, and its amount of foreign trade was less than _one third_. In 1815 the "factory system" was in its infancy and imperfectly organized, the steam-engine was unperfected and in comparatively limited use. The railway, the steamboat, the telegraph, the reaper, the thresher, and many other important improvements and discoveries which tend to augment the productive power of nations, have all come since that day. So far as relates to the question of ability to sustain heavy financial burdens, England, in 1815, can hardly be compared for a moment with a country like our own, possessing as it does, in abundance and perfection, the potent agencies of productive and distributing power just referred to.
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.