Wilmington journal., 1864-11-03
CIR G U l. A r.

| DEPARTMENT OF STATE, !
| Richmond, 10th October, 1864.
Sir-For come III ntbs past the United States have
been enabled to uphold their sinking finances by the
sale OF large of pub ic stocks in the German
markets. These sales reported to have reached q
total Varying from thirty to hundnd millions of
pounds sterling. There is no method within reach for
apprOXmatng the true sum- although it is dou btless
very large. We deem it advisable to present anay-
| sis of the financial condition of the United States,
drawn from their of ia reports for the norma ion Of
European capitalist, with some remarks on the prooa
BILE Influence of continued investments by them, not
only 10 retardGg the restoration of peace this
tneu but in destrcYrg the resources which alone
they rely for the security Of investments already
made
Appended thereto are tables exhibiting the state of
the Federal aanc sed the reports of the Secre-
tary OF the Treasury at Washing ston the 80 ult.
and four previous dates in the present year. with
statements of the of annual interest the debt
at the three f14rent dates, asd table showing the
rate of increase OF the public debt.
From these tables we'll as from other facts TO be
mentioned, some re mark bic fac's may be deduced.
he annual interest of the pubic debt was at the
end of last month $8l, ,718,643. This sum already ex
ceeds the total revenue OF the United States it
listed prior to the secession of the Southern States
That revenue, derived from all and from all
the States thus united amounted, for the year ending
on the 30th June, 1860, to $76,752 O33. But the
amount of this deo large it is increases with fright
fol rapidty. The rate Of i1crease of The debt was
81 1852 900 per day in the first period of los days in
per cent in the period of SO days. and reached
So l6l $40 per djy; and this augmented sum was again
increased by i've per cent IN the next PERIOD CT %
days. leaving the present daily increase So 2l520 1t
is urther to be Observed that the entire increase
in the interest bearing debt. The frst of the tables
shows that the amount of the nonnteest bearing debt
was, the Both September, about the same on the
ls of March, the whole increase being conposel of
debt that bears interest," The rate of interest which is
paid for the money borrowed varies from six per
cent in gold to and three.tenhs per cent in pa
per- No money is borrowed at less than six per cent
The attempt to borrow at five having failed aud the
small amount Issued being now quoted at discount Of
four per cent.
Taking it for granted that the United States will
persist their insane attempt to subugate the South,
it is not difficult to form estimate of their financial
condition on the ls May next, the probable date for
the commencement Ct sn active campaign The inter
val from the Both September to lst May is 2l2 days
IF the increase of their public debt during that utter
val be estimated at two millions and quarter per day.
which is but trho than the present rate it will
amount to SAT-, 100000, which the interest at an
average OF six and half per cent, Will be $3l 005 900
per annum.
The United States then will be compelled if new |
campaign ia commenced next year, to begin it under
the pressure Of total debt OF about 430 600 OOO
bearing annual interest Of about SIP 100000 II
to this amount be added the pension list TO the army
and navy, to which the faith of the United States is
pledged sacredy to Inc payment Of the money bor
rowed it is moderate estimate to place the annual
charge teir fuances, it will exist on the lst May
1865 at $4,000 O0O having out OF view the unIiqu
dated claims which are reported by the Solicitor of
their Treasury to reach hundreds of millions of dol
lars"
The appropriation made for the payment of the in
terest the debt OF Great Britain for the year end
Dg on the 3lst March, 1864, was 926 400 O0O equal
10 about $128 100000; so that the United States WILL
in the four years of war, expiring on the lss of May
next have incurred debt of which the annual charge
will be nearly equal to that accumulated in Great Brit
hin in two ceuturiea TO the public debt Of the Uni