The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-31

The debt of England began in 1897 with the expense oil
'ie war oil that period. whichwss f2l 100000. From
a ume blood and oppression gradually increased the
amount until in 1915 it reached fs6 go In 1897 the
aeot was f7ss.Sss $40, bearing annual charge of
225,9s7 or about si462l AIS. The population of
england is 100000 in round numbers who paid this
large sum as the interest the debt. The number who
received this sum follows according to the last
official returns:-
Receiving dividends under fiOo 255770
" flOO and under fl 900 % 800
from 81 900 to f4,OoO, bsl
$4,000 and over, 90
Total number receiving dividends $50 ISL
paying 260O0Ooo
Now will be remembered that none Of this
sum paid goes out OF the country. II is all paid by
class Of citizens to another class the country The
result OF this has been to make small class wealthy and
to mpoversh the of the people, The operation of
this is seen in the following table, showing the money
value OF the stock in 1916 and now
Nominal debt in 1915, fsls,slls.S isisSsss
1912, T5,0Oo,oOo o. prot 2657ss,i6i
Increase in value, fq657s9 ,,si
This represents the amount of money taken out of
the pockets of the and put into those of the above
27s,76l individuals Suppose those individual stock
holders had lived in another country land that
amount Of wealth had been carried England what
would she now have beenl Utterly ruined and bank
rup and yet expected Of the United States that they
shall continue to pay proportionae out of their
own country The thing clearly and physically i'm
possible; nation do it, truth which is disco cred
in the fact that Spain, Mexico Brazil, and all nations
which have contracted large debts out of their
country, are bankrupt.
The sl5oO0oOoo supposed to be paid annually by
the English Government for the debt, and its
nagement is not actually paid at all. 1t is paid in
yyh ha adj pnned tuallv
They are converted into specie only temporarily which
conversion may be stopped at ANY moment, and would
have stopped in the fall of 1885, but the
Bank of France of f4o0OOO0 If it becomes necessary to
send but small amount of specie out of the country for
the purchase of corn, the stability of the bank is in.
santy endangered. IT, therefore, tenth part of the
national debt held abroad, by which equivalent of
900 was actually to be paid annually could not
land yetEngland exports average 100000
OF her produce per annum. This think is sufficiently
clear; now the United states s2OOOOOOOO OF afund
ed debt bearing interest of 900; equal is
also paid annually dividends company stocks max
ing 24O00N0 paid per annum, Of whichSl6 900 900 is
due abroad annually. Now then ii appears that the
port of the produce of the United States averages short
900 per annum according to the tables pub
hshed yesterday OF that l6 per must be paid in
cash out of the country without receiving any returns
This the nancers and the English foolish enough to
imagine possible, when they aware of the fact that
England although she exported in 1889 s265 100000
worth of her produce, brought to bankruptcy by
being obliged to pay cash for 1900 900 quarters wheat
worth S26OoOOoo, 10 per cent only Of her exports
We say bankruptcy because nothing but the French loan
savedthe national faith and had she been obliged
nue her imports of corn, insolvency would inevitably
have resulted. If the bank again stops payment the
tona interest must either be paid in its deprecated and
worthless promises not be paid at ALL because without
paper there not money enough in the country to pay
the taxes second bank suspension in the present
tive state Of the of the world cannot be MAN,
tanned The next deficient harvest of England will in
volve the nation in bankruptcy.