Evening star. [volume] (Washington, D.C.) 1854-1972, 1861-09-10
Capacity Of tn. Country 9. Sustain War.

bome persons, whether timorous or uniform
ed, have shrunk back somewhat sghast at the
prospect Of $500 000, 900 loan, with the DOS
sisility of it's being doubled or trebled by q
continuance Of the war. such persons may be
reassured by comparing eur means and prob
able sxertions with those of Great Britain in
her tremendous struggle with France and the
half Of Europe, for twenty-three years, or
from 1898 to 1918. We condense and set down
In the nearest millions few of the most prom
inent statistics Of that continental war.
At the commencement Of the war, entered
upon by England against the principles and
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
and rebellious, and requiring guard over it.
self rather than furnishing men and money for
the strife. During these twenty three years
the whole outlay Of the British Government
was s., SOC, 900 000-or, stating it in more strIk
ing form, eighty FIVE hundred million dollars
more than double the whole property valua-
tion Of Great Britain then, and nearly as much
as that Of the United States at present. Nearly
one half this enormous sum, or 81 lS3. 900 900
was expended on the war alone: 81, ,9A OOO, 900
for the army; $l.641 ,000, 900 for the navy !;
SS55, 900 900 for munitions Of war; $263 OOO, coo
Tor subsidies-in palmer phrase, for hiring
foreigners to do their fighting. The yearly
outlay, in all, averaged $3.50, ,00O, 900, and for
the war, which was almost continuous, $751;
100000 And this immense expenditure was
not, as in our case, made at 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, large part
OF 1t, probably more than one-half was laid out
and permanently lost In continental purchases.
Yet, under the pressure of this tremendous
load, Eogland struggled through the contest,
not only with steps scarce staggering, except
IN two or three years of bad crops, and in the
liked suspension Of specie payment by the Ma
tlOnal Bank, but with large increase in tho
sum total OF her wealth, and an advance in al
most every branch ofindustral exertion.
The specie was continuously and largely
drawn from the vaults, till, in 1897, when the
coin was reduced TO five and a half millions of
dollars, the frightened directors were relieved
oy temporary permission of the Privy Coun-
ell to suspend specie payments. The suspen-
sion was afterwards legalized by Parliament,
and continued by fresh ensctments to the year
1888. During the first twenty years of this
suspension the entire gold mintage was but
hfty-fve 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 government expen-
dlture was six hundred and forty mine millions
OF dollars, while the specie in the Bank of Eng
land was but little more than SIC, ,000, 900.
Ii it be asked how England not only stood
up, but mainly prospered, against this pro-
digious drain on her resources for twenty three
years, the answer lies in the fact of her vast
improvements in machinery, which enabled
her to manufacture 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 carry
on war, even Of that great length and of those
huge dimensions; for our population-saying
nothing Of the neutral States-is the exast
double, and our wealth more than the double
of England in 1898. Specie from all quarters
pours IN upon as IN ceaseloss food; the money
of our banks and capitalists lies idle and rust
ing, and our imports are greatly reduced our
exports Of breadstu6s are much larger than
ever. Under these circumstances 1t is clear
that we can, if necessary, incur and comfort
ably carry debt Of one thousand or even two
thousand million dollars and pay it of, interest
and principal, A. d. 1900.