Speech #460069063

Thus the funding system or mortgaging of taxes was favorably considered and the debt has gone on increasing in the aggregate until in l879the debt of Great Britain and Ireland amounted to �730.000.000 and the debt of the whole empire was about �966.250.000. The interest on the permanent debt of Great Britain and Ireland has during the present century amounted to more than two thosmand railleon8 ofyeomius. This coupled with the other annualexpenditureshas pushed taxation to its limits in that kingdom. has and is driving hundreds of thousands of its producing classes as emigrants to other countries. has for all time saddled upon the industries of England a moneyed aristocrac controlling its legislation. owning its real estate. its stocks. and consol. The hope of paying this debt has long departed from the mind of every English laborer. and every English aristocrat is prepared with a plausible argument to show that a great national debt is a great national blessing. These facts and inferences apply to all the European governments.