New-York daily tribune., 1861-09-11
EXPENDITURES AND RESOURCES.


lures from The London Times is not such nov
city as to excite attention, but the assurance
which could select the conduct Of England as the
text for such lecture is nothing less than sub
lime. Since The Times has grayey made the
expenditures and financial resources and ability
Of England and of the United States subject
of comparison, we may recur to some not very
remote passages in the history of the former
Power, which may serve both for our warning
and encouragement
The Times, in its amazement at the amount OF
money and the number of men voted by Con.
gress, can find no parallel for our extrav-
aesnce and gascOnsdDg" nearer than Xerxes
and Solomon, both of whom it declares to
be eclipsed by "the hosts Of men and the
mountains of money placed at the command
{" of President Lincoln" 1t finds, in the sudden
increase of our expenditure from $50, 100000
per annum to 1915, 900, only occasion for
alarm at our rashness and incredullty as to our
ability in assuming such burden. 1t might
have moderated its surprise, and its selt-compa-
cency at the same time, by recalling the fact
that the expenditure of England previous to the
war with France in 1893 was $7i, 10000. In
1871 the addition to the debt was about 35O,.
900, 600, and the amount raised by loans aud
taxes went on steadily increasing till 1915. In
| that one year the amount raised by taxation was
nearly $3.50, ,OO0, 900. During the five years from
! 1911 TO 1915 the average declared exports from
| Great Britain and ireland of British produce and
manufactures were S2I0675,O0 per annum,
while the average of loans aud taxes for the
same time was $549, ,s55 200, or nearly three
times the amount of annual exports The aver
age annual amount of taxes and loans from loll
to 1915 was $50 80 for each man, woman, aud
child in the kingdom.
The distress produced BY the imposition of
such frightful burdens will be readily imagined.
Her population, at the conclusion of this period
was only 1900 600, less by 1900, 900 than that
Of the Froe States at the present time. What
made these burdens the more grieVous TO be
borne was the manner in which they were laid.
OF the whole amount raised, uinety.two per
cent was levied upon the industry aud consump-
ton Of the country while only eight per cent
was levied upon lands and property. Articles of
| universal and necessary consumption and raw
products imported for manufacture we're made
| 10 bear 92.lOO of this enormous expenditure.
The result may be judged from the fact that the
poor.rates were nearly doubled, amounting to
almost $40, 600, 900 per annum, fact more elo-
| quent than any description OF the misery and
destitution which prevailed. How unequal this
| taxation was Will be further manifest from the
amount yielded By the taxes on some of the
| commonest articles Of consumption. A tax OF
Id. a pound on candles yielded in a single year
| g., ASS, 900; the tax of 2td. on each pound Of
.oap yielded, in 1915, $3.50, coo; the duty on
paper in the same year produced 50 600.
Such burden. and restraints upon the industry
Of the nation could but make themselves mani
fest in the most serious disturbances in its fnan.
! cial affairs and tbs chapter which records them
| is probably the most wonderful illustration ever
| gwen Of the powerful forces which machinery
aud invention have introduced into modern civ
ilzation; of the blindness, and peryersity aud
stupid laundering of governors and of the en-.
durance and pitiable suffering of people. The
successive gradations in misery aud disaster
which make the history Of tho people of En-
gland for more than half q century we want
| tho space 10 recount, but we may alude TO two
| or three Of the graud examinations which oc-
Cured a! irregular intervals down 70 very re-
| cent date.
| La order to make any show of meeting ths
burdens successyely imposed, there was an
enormous expansion of the paper circulation of
| the realm. In 1871 the circulation Of the Bank
of England vas about 81. 100000. In 1915 it
had reached the sum Of $500, ,O00-O09. At the
same time there were nine hundred and forty
county banks, the circulation of whose notes,
under the denomination Of G5, alone, was est.
mated by Alexander Barring and Dir. Lloyd, the
highest authorities of the times, at from 5000
900, 900 to $3.50, 10000.
The stufIling expediento, the wretched decep.
| tions of those having the management Of the
finances, eliminated every now and then in
crises more violent and devastating than any
| over witnessed in any other country. In Febru-
ary, I797, q run" was commenced on the
Bank which was only stopped by an order in
Council, is,ued BY Pitt the Prime Minister, for
bidding the bank to pay specie. This was done
at the solicitation Of the panc-stricken directors.
How utter the ruin was from which England was
saved under q system che still cherishss, 10 eVi-
dent from the testimony of directors of the bank
before committee Of the Commons, showing
that the specie in its vaults was reduced on tho
Saturday preceding the Monday on which the
order was issued, to E1,O0Q,0OO The success.
siye juggles and fctions by which the bubble of
public credit waa kept infated Che continued
! nResfrictious" the Sinking Funds" the abo-