Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1864-09-23
STAUNTON, VA, FRIDAY, SEPTEMBER 49, 1864
The Yankee Debt.

The broken merchant breads ofall thiDgl
IN examination of his books. He knows
he IL ruined hopslessly. but his nerves are
too weak to withstand the shock Of seeing
that ruin depicted in black and white-in
6gures that will not lie Our enemy labors
under precisely this couardce. He will
not open his books and face the music Of
its terrible column of figures He prefer,
to shut his eyes and spend four millions ,
day; consoling himself the while with the
reflection .'apres nous le Deluge'.
Neither Chase nor Fessenden have had
the courage 70 investigate fully the national
accounts sInde.d. it may be- doubted
whether ann Investigation would reveal
the whole truth. The Yankee Tresury,
unlike our own, was thoroughly organized
1t the beginning Of the war; its system Of
checks and balances ought to have been
perfect But, as if by tacit agreement. the
proclamation q war was hailed 40 the sig
nal for universal peculation in al Depart
nents and among all grades Of officials.
Moreover, the reputation Of Mr.. Chase,
previous to the war. was not the best in
the world. We may be very sure, there
fore, that the actual expenditures OF tho
United States have been largely in excess
of its Published bud gets
Republican papers estimate the national
debt, in round numbers, at eighteen hun
dred millions. Democratic journals, more
honest, state that, on the 4th of March
next, the debt will exceed twenty six hum
dred millions The World compares this
debt with that of Great Britain, which is
known to be the largest in the world On
tho 31st of March last, tho British national
debt was 799, SO2. 139 pounds sterling; or,
reckoning S. to the pound, So, a99, 010 sos
the interest on which at 8 per cent. is
t119, go. 800 The entire wealth OF the
English nation, according to the official
returns in April, 1861. was $31, 500. OOO,-
600. The yearly interest. therefore, is at
the rate Of one dollar for 2262,59 Of the
valuation.
Including four million slaves at South
ern valuation, the entire wealth Of all thu
United States and Territories in 1860 was
SIG. 15e, 616 O68. The public debt Of tho
North, exclusive Of State, municipal and
other liabilities. will be, in March next, g.
653, 427, 101 all Of which is to be funded
and draw per cent, in gold. which is S15s
20s, 6l6. Therefore the yearly interes.
payable in gold, is at the rate Of one dollar
for 9101, so Of the valuation, which is more
than Two and half timos the debt of Great
Britain.
But, with gold at 25o, payable in United
States currency, tae rate OF interest will
make the Yankee debt more than sic and q
quarter times l.rger than that Of Great Bril-
tain j: and that, too, Is compared with the
resources asd valuation Of the whole Uni
ted States in 1860 Deduct the wealth Of
the Seceded States (slayes. land, property
Of al eorts) aud add the outstanding and un-
acknowledged liabilities of the government,
and it will be seen that the actual debt Of
the United States at this moment is, rcla-
lively, not less than tweuty times greater
than that of Great Britain. A year more
Of war will make it forty times greater; tho
constantly accelerating depreciation Of mon
ey would, at the expiration Of four years
more Of war, make it not less than hun
dred and, perhaps, thousand times great
cr than Great Britain's debt
What earthly chance is there Of its ever
being paid even i'll the event Of an immedi-
ste termination OF she war? Northern re-
pudiation is inevitable. The South can and
will pay its debt; aud this glory, in the
eyes OF sordid world, will be greater even
than the glory of our arms. Victorious in
war in credit unimpaired and unimpeach-
able. the sparse!y populated and poverty
stricken South will emerge from the contest
as spotless in reputation as splendid in
schievement-en wonder of mankind
Richmond Wing.