Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-08-30
capacity OF our Country to Sustain
the War-Some Suggestive Campar-


.- From the Philadelphia Inqulrer.l
i Some persons, whether t;merous or uninforn
ed, have shrunk back aghast at the prospt ct c
$500 900. 600 loan, with the possibility of IT
being doubled or trebled by continuance q
/ the war. Such persons may be reassured b,
comparing our means aid probable exertion
with those of Great Britain in her tremendou
/ struggle with France and the half of Europ
for twenty-three years. or from 1893 to 1876
4 We eondense and set down in the nearest mil
lions a few of the most prominent statistics 0
! that continental war. 'e-. -.-
20 At the commencement of that war, entered
upon by England against the principles anC
wishes Of at least one-third of the nation, the
population of England, Wales and Scotland
was somewhat less than ten millions. ireland
may be counted out" as being disorderly anG
rebellious, and requiring q guard over itsel
rather than furnish men and money for the
strife. During those twenty-three years the
whole outlay Of the British government was
SS 800, 600 .000-or: stating it in more striking
form, eighty-fye hundred million dollars-more
than double the whole property valuation Of
Great Britain then, and nearly as much as that
of the United States at present. Nearly one
half OF this enormous sum, or S4, 1873 900 900.
was expended en- the war alone. namely 81 =
924, 900, 900 for the army 81 ,64l, 900 for the
navy 1855, 600, 900 for munitions of war and
S263 600, 900 for subsidies-in palmer pharse,
for hiring foreigners to do their fighting The
yearly outlay, in all, averaged $3.50 600, 900,
and for the war, which was almost continuous.
SlS2. 900 900. And this immense expenditure
was not, as in our case, made ut home, SO that
the money, merely passing from hand to hand
would still remain in the possession and active
use of the nation on the contrary, a large
part of it, probably more than one-half, was
lald out and permanently lost in continental
purchases. Yet under the pressure ofthis ire
mendous load, England struggled through the
contest, not only with steps scarce staggering
except in two or three years of bad crops and
in the fixed suspension of specie payments by
the National Bank, but with large increase
in the sum total of her wealth, and an advance
in almost every branch Of Industrial exertion
The specie was continuously and largely
drawn from the vaults, till, in 1897, when the
coin was reduced to five and half millions of
dollars, the frightened directors were relieved
ty temporary permission from the Privy
Council to suspend specie payments. This sus-
pension was al. f.erwards legalized by Parlia-
ment, and continued by fresh enactments to
the year 1923. During the first twenty years
OF this suspension the entire mintage of Eng
land was but ifty-iye millions of dollars, while
IN the seven years ensuing it was one hundred
and fifteen millions of dollars In one single
year the last-of that great war. the govern
mcIt expenditure was six hundred and forty
nine millions Of dollars while the specie in the
Bank Of England was but little over ten mil
lions Of dollars
If it be asked how England not only stood up
but mainly prospered, against this prodigious
drain Oh her resources for twenty three years
the answer lies in the fact of her vast improve
ments in machinery. which enabled her to man
ufactuFe for all nations, while her domination
Of the sea gave her the outward and inward
commerce Of the world
We are twice as able as England was to car
ry on war even of that great length and Of
these huge dimensions for our population
saying nothing of the neutral States-is the ex-
act double, and our wealth more than the doub-
lie Of England in 1893. Specie from all quar-
ters pours in upon US in a ceaseless food the
money of our banks and capitalists lies idle and
rusting an ou" imports are greatly reduced :;
our exports Of breadstuffs and meats are much
larger than ever. Under these circumstances
it is clear that we can. if necessary incur and
comfortably carry debt of one thousand or
even two thousand million dollars and pay it
off, interest and principal, by A. D. 1900. On
then, to the contest, without fear and without
reluctance. stinting nothing to redeem the life
and honor of the nation