Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-12-18

ton has horne hitherto inits history, when We were
all united and they had the advantage of the South
cotton, tobacco &c. 1t is pretty generally con
coded now that it is imposslbility to raise such
an amount of money. The amount does not indeed
appear large when compared with that of other
countries, as follows:
United States, 81 6S, 40 $6100o0000
Great Britain, . 50, loI, 900 $3.50, 6492s4
France, 36,039, 1854 1,5u6, lS6,0S7
Holland, -...-r.r.- 3,4S76l7 5S0,227,6l5
Austria, 39,411,309 1,lO3, 39S 241
In the figures for the United States debt reem-
braced the old debt and obligation, noted by Mr.
Chase at the Bank meeting in New York. at SILL
100000, the new loan $780, 0GO, 600, and the exist
ing note debts, making together S6lO,OO0,00O, of
existing funded debt, or rather more than that of
Holland, with population about equal to the State
of New York. The English debt is about 800 per
head Of the population, and the French debt $40 per
head of the people. There is this difference between
the debts of the United States and of the govern
ments of Europe viz: that the former are payable
within period of twenty years, and those of the
latter not at all. Again, the United States debt
bears Z per cent. interest," while the English bears
3per cent and the French averages per cent Thus,
the United States debt pays annually $40, 100000
interest If the whole amount is paid at the end of
twenty years. the amount to be raised in that time
will be 81 AGA, 100000, or 1854, 100000 interest
money, and $6l0, 600, 900 principal. In the same
period the English will pay 81, Iii, 700 600; and the
French 81, 204, 500, 900, or thus:
U. States pays debt in 20 years, s1,464 100000
Great Britain pays l,lll,7OO,Ooo
France pays 1904, 900
We thus observe that the United States,
ming the new authorized debts as issued, at this
moment are under heavier burden of debt for the
next twenty years than either France or England.
Now, it must be borne in mind that this sum is the
war expenditure of the United States, as estimated
by the Secretary of the Treasury, for one year.
saw in the Raleigh papers that the estimated ex-
penditve of the United States was Sl,2O0,00O per
diem. Mr. Chase estimated the expenditures to be
100000 per day when he was in New York at
least such were the assurances of his friends who
declared that he so stated them to be. This would
make the annual expenditures Of the United States
seven hundred and thirty millions of dollars, and
the annual interest SOL 100 900. With the present
debt of the United States, the account of that gov
ernment for the years 1861 and 1862 would stand
as follows:
Present debt, $50, 900
Interest for two years. $1,000, 600
Debt for 1862, 730,90O,0OO
Interest for one year, 5l,l00,000
This will make the debt of the United States at
the end of two years. paying they d. rate of in
tercst at per cent the enormous sum of one bill
lion four hundred and seventysiX millions and five
hundred thousand dollars Isl ,476, 500 OO0) These
figures will be found to be under the mark" VIXEN
we consider the vast ornaments, the immense num-
Der of troops ships, and "a the paraphernalia OF
war" which that government is daily bringing into
active service. And this is the more readily
counted for, when we consider the nature and char
acter of the contest and the war which they are
waging with the South. For it is well remarkedin
an able article in the London Rerieo which was
pleased to find published in your paper the South
can act on the detensire without ruinouS cost of
money-thc North cannot act the otftansire with
out mourning liabilities that will break the back of
the Republic. A thousand men defending their
own soil, are equal to ten thousand men who carry
fire and sword to invade them All experience
proves lt-and when the country to be invaded is
large as five or six great European monarchies the
invader should remember the fate of Napoleon in
Russia and pause ere he commit his fortune to so
desperate enterprise" The largest portion of
the Dutch debt pays but q per cent hence the an
nual charge is seventeen millions. 1t will thus DC
seen that the mode of borrowing by high interest
and short loans makes the United States already by
far the heaviest taxed country the face of the
earth in respect to debt If add to these public
debts the enormous load of corporate and private
debt the interest which eats daily into the pro-
ducts of industry, we shall come to understand why
with the semblance of such immense wealth, the
United States have really less capital than any 9TH
or country. The people have been in the habit of
living up to their incomes. If they have produced
largely they have consumed largely, and have lived
under load of debt which leaves them impoversh-
ed Directly active production ceases from any
cause. At the close of the Revolutionary war, the
$500, coo people (about the same the present
population of IollandD owed SCI, 100000, and the
weight of it nearly crushed them. They managed
| to pay a part-and the amount in 1Sl2-'l5 was
raised to 1927 ,000 600 which paid off in 1885,
after twenty years Of the highest prosperity, in
which vast capital was produced and consumed
Since then the country has run riot in its prosper
ty The extravaganza of every class of people has
| been immense so much SO that cash capital has not
increased at all. The most eminent economists Of
France place the metallic wealth at $500, 0O0, 900,
mostly in the hands of people who have earned and
hold it. The metals have in ten years produced
$500 900, 900 as one item of wealth. and that added
to what was before in the country should have
given $500 O00 600, but it has all been exported in
exchange for tea, champagne, silks, &C., that have
! been consumed. The whole amount Ofspecie plate
&C., now in the country is not over $25O,O 900
They have magnificent houses and furniture, &c.
| but no money. The system of annual production
circulation and consumption of wealth in the Uni
ted States has come to an end, and pinching power
ty treads fast upon the heels of prouse expenditure
There is no basis for large government loan ant
this is known in Europe. The only resource the.
have is taxation The idea that England went thro
the French war by means of loans, is, although gen
orally entertained erroneous. The following table
shows the amount of money raised in England eacl
year of the war by taxes and loans and the price
the per cent consols in each year:
WAR REVENUES OF ENGLAND.
Tares. Loans. 8 per ct.
1893, elS30U,799 94,669,677 "A
1874 1S6S4445 13,F1, S41 IS
1895, 19657993 20,336,097 &C
1906, 2O,7s0,269 39,9O4,s7s 81
1877, 221O3,S62 32,O9S,7SO 80
1898, 27,996,27l 1S,25S,3S4 so
1893, 1852, 476 20,0S6, 1879 80
1900, 33,069,776 22,S50,7S5 63
1901, 1925, 497 36,553,S7S 81
1902, 36,l45,510 27,55O,449 70
$685., 36,l72,502 11,960,523 81