The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-09-17


The current year ending LIST Of July 1863.
The debt of Isl Of July, 1862. we know
to be five hundred and four and a half
millions after deducting the money sub
iectto draft then in the Treasury The
National debt on Che LIST Of July. 1865.
we fixed al six hundred and twentv.six
after applying the ordinary rev
enue Of The yeaE and the expected pro-
ceeds Of he direct tax This estimate
is not o conjecture or a prophecy, but q
having the facts and figures
of our last sixteen monlhseXpericnoc loi
its elements
The debt of las July divided by the
loyal population, makes the burden OF
the principal S2l %, aud thc annual TO-
teresl % cents pei capita. The estimated
debt of LIST of July, 1865, would De
S27 % for lhc principal, and - % in-
terest pfr capita,
The payment OF the interest, and thc
ultimate redemption of the debit are now
to be discussed, Let as first get some
idea Of thc weight or pressure of this
burden.
The National debt in 1916, was J21 4
millions, the population 81 millions
She burden of The principal was, there
fore, Sl4 81, and Of the annua, interest
80 cents per capita and the resources or
wealth OF the country, estimate by The
best data that we can command, stood al
amounts ranging from 1896 to $500 per
copiid during the period Of twenty years
in which its interest was paid and the
principal was reimbursed The pe, can.
ia valuation of the property Of the
country being as we estimated it. about
$3.50 in 1916, S195in 1920 and $500 in
1880 at the market prices of the rcspcc-
tive dates. This debt was reduced 10
less than 8 millions in 1882, and entire
ly distinguished in 1885. This estimate
of the National resources, therefore, suf-
liciently covers the period with which
we are concerned. And il will be recol-
lected that this debt and IFS interest was
entirely extinguished without resort to
direct taxation The country bore the
burden certainly, but never felt IFS
weight. The customs and public lands
paid it, The charge of the former be-
ing compensated by the protection il af-
rOrded 10 the industry of the people and
the cost Of the latter fully repaid TO the
purchasers in value received for their
outlay. The country grew rich in these
twenty years The accumulated wealth
being 80 per cent per head Of the total
population.
Now let us compare our debt Of the lst
July last It's principal, as already stat
ed, is S2l03, its annual interest 81 cents,
and the value of the property Of the
loyal States, per capita, according TO the
census Of 1860, SLY, after dcducting the
value of the slaves of the loyal Slave
States, whom we must treat as producers
and consumers of wealth for the pur-
poses of this inquiry. Here then we
have an increased debt of IS per cent,
an increased annual interest Of 1-5 per
cent, and an increased wealth to meet
this debt and interest of 90 per cent. per
capita, if we compare the wealth OF 1860
with the average wealth or resources Of
the period from 1916 to 1880. In other
words the debt is less than one half
greater, the interest e-iOftieih greater,
and the resources within traction Of
double, per head. Thus we have the
means, Tor discharaing our present debt
ia 10 years, al the same rate Of pressure,
on the same ratio to resources, as existed
in the 20 years taken for the extinguish-
mcnt of the debt Of 1876
But in addition to ihis burden Of the
debt, we must add the ordinary expenses
of the Government; aud if we appropri-
ATE the ordinary revenue to this object.
the expenditure rises by that much above
the burden Of taxation in the former pc
Uod. It we put this at so millions a
year it adds $50 millions in fifteen years,
which requires thirty years to dis
charge our present debt, thus enhanced.
with the same case that the debit OF lSlG
was borne and discharged. We mean that
$4,000, 600 of debt, and GOujllious of or
binary annual expenditure can Zoe met and
paid as easily now in thirty four years
as the national burden Of l27 millions
and current expenditure were borne be-
tween the years 1916 and 1885.
by the same rule Of calculation, the
debt Of July, 1861 with the added 60
millions year FOR ordinary expenses, it
would require fifty five years for ils cN-
tinguishmcnt, without greater pressure
upon the resources of the country (sup-
posing them TO be greater than they are
today than in the period with which
we are here comparing IT,
We cannot without great labor, ascor-
tain the ordinary expenditure Of the
Government for the last fiscal year, be-
cause we cannot readily separate the or
binary from the extraordinary expenses
Of the Army and Navy. Mr.. Buchanan's
last fiscal year is charged with sixty
millions of expenditure. The income
from customs alone from LIST of January
TO lst Of July laSt-siN m0nths-amounts
TO S33,3Ol, as. We assume that those
receipts indicate a sufficient provision
for all our Government expenses except
thoscOt the rebellion. Our next assump-
ton is, that one way ~ other. this civil
war will be ended by the LIST of July,
1868 Our last assumption is that the
debt will then be six hundred and twen-
ty-siX millions.
Now dedicating the revenues of the
Nation, arising from customs, public
lands and miscellaneous sources. TO the
ordinary expenditures of the Govern
ment we propose TO pay of the debt Of
six hundred aud wenty-six millions Ia
sixteen years, by direct taxes. Let us
see what the burden will be-
The interest of the year 1868 win be
S26,00O,00O if the debt shall consist of
like proportions of funded aud unlund-
ed debt, the latter without interest, that
is, SlSG, 1000 Of demand notes and a
like increase of the loans al their re-
spectiye rates of interest Let s appro-
pirate but S39, 100000 year 10 the
The tax 20 meet IL and the
interest will be SG5,( 10000 the first
year of the term in the fifth year, $685.
100000; in the tenth year, S50JJO,OOO
=. a. grt....l I'D. ,..s,. so ore UDD 81 g..