Page:The Economic Journal Volume 1.djvu/694

4?72 THE ECONOMIC JOURN,aL of our railway, gas, water, and dock capital, and foreign and colonial securities, income of trades and professions, and other classes, &c., at some/;5,485,000,000. Of the large capital invested in the various industrial operations, it may be assumed that, with the exception of such outlay as will with a permanent depression in trade, become a permanent tax upon the nation, such capital may be left to take care of itself. Its owners ought, and probably will, have provided against its depreciation by proper reserves and allowances from time to time, and the loss of this, although very severe and disastrous for the time being, may be regarded by future generations with equanimity. But outlay for the redemption of the capital of which no pro- vision has been made, and the interest upon which will have to be provided for in some form or another, when the means and capacity for meeting that interest has ceased to exist, either wholly .or in part, stand.s on a very different footing. To neglect to provide against this, ?s simply to gradually accumulate a weight round the neck of the nation, which must drown it, when the commerce of the country begins to permanently flag and go down, due to the exhaustion of the most valuable part of our coal resources. This will apply especially to our National Debt of about ............ 'i y l'}h Our I{a? was w nc ? ?ve cost . . Camds, Docks and River Improvements esti- mated at ............ Gas and Water Works . Loa?ns to alllOUlltS works above) . Bodies with (after deducting Gas- and 689,944,000 173,000,000 If the interest upon these enormous amounts is to be paid and our army and navy maintained, the conclusion can be avoided, .and if no steps are taken in time to prevent it, that with afimg trade, we shall fast drift into complete bankruptc). It may be argued that the shareholders in the railways, docks, 'ght' 'tl 'ply ' ' if water, h mg works, &c., w? sm? lose their money, even that were the only contingency, it would be disa?strous enough, for it would lessen the cs4'fital resources of the m[tion, but that is by no means the end of it. It would be nnposs?b!e to induce tim shareholders thus to gl e up their property, until it could be that it would ?, ed by