The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-10-17

THE British NATIONAL DEBT AT THE
CLosE OF TIE GREAT FRENCH WARS, JAM
AIRY, lolo.)-A friend reminds Us that we
might have made our case against the Yam
KEGS much stronger, in our article of Wednes-
day, by stating that the British debt. at the
period designated, bore an interest, some Of
three, some of four, and some of five per cent
We Were we'll aware ofthe fact: il does make
the case stronger as will be seen by the fol-
lowing statistics We deal here altogether
with round hunters
The British debt at the commencement of
the wars of the French revolution, 1893,
amounted to f23f, 100000 sterling. During
the first war, terminating by the treaty of
Amiens in 1902, it increased f327 ,000, 900 ster-
ling, 81 ,635,OO0 ,0G0) Therefore amountedat
the peace aforesaid to f56l ,000,00 sterling
or about s., 300, 900, 600 /, Increased f40, 00o,.
600, sterling. or $500 ,000, 900, during the peace
which lasted about fifteen months. When
England again went to war i'll 1888. therefore,
she was in debt E60i COG 600 sterling, or
ii little more than $4,000, 900, $50 From that
time to the end of the war, the debt increased
tjll ,0c0 600 sterling, or near 81, 600 900 900.
The total funded debt in February, 1916, slightly
exceeded fl 100000, 900 sterling-about S..
500, 900, 0C0 From this are to be deducted
100000, 600 sterling, t$200000 Geo. which had
been redeemed, and stood in the names of the
Commissioners for the reduction of the public
debts ,G00,0C0 sterling 1915, 600, O00,1 trans
ferred to the Commissioners for life annuties-
E25,000,O 600 1925, 000 900 cancelled by the re-
demption of the land tax-and f252 900 600
sterling ~ 200, 0o0, 00G) which were cancelled
and the funds charged with new loans by act
Of Parliament. These reductions amount to
about f320 900 COO sterling. or 81 600 600 600.
Taken from the national debt, they still left
unredeemed and due TO the public creditor
abont f792 600, 900 sterling, or $1,000, 0O0,000
Now, the interest on the debt at the com
mencement of the war 1894 900 600 sterling)
was only ES,0o0, 600; about $40, 600 900. At the
commencement of the second war in 1903, the
interest on the national debt, which was then
f600, G0O,0 900 sterling, or $4,000, 00O,OO0, was
only Cpl, 900 000, 900, or $lG5 0G0, 0GO 900, and
at the close Of the war, when the debt had
run up to Ct, 100, 900 900, 500 100000 the
interest was only f42,000,000 sterling, or
about $2lU,0o0,000. Thus the average rate at
which the money was borrowed was between
three and four per cent. In fact, of the whole
f792 600, 900 sterling which the Government
owed f592 000, 600 had been borrowed at
per cent, f74,000,000 at per cent, and the
residue at 5 per cent. Allthese sums were put
together and rendered into per cents, and
this operation caused "a reduction of the debt
to f54o ,ooo, 900 sterling, paying per cent, a
full equivalent for the larger sum, since it
brought tho same interest and would cell for
as much money If the British debt had all
been rendered in 6 per cents, it would have
reduced the bulk down to ff5O, COG, 900 ster-
ling, or aboa. $2,aa50,00o, 000--a little more
than three times tho debt that will he saddled
upon the Yankee nation by one years opera
ton. asainst u.
IL win be observed that the bulk Of the
British debt Il reduced by consolidating the
funds, and paying Ave per p1ht On the whole.