The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-10-28


10 the Capitalists OF Europe.
DEPARTMENT UPSTATE, RICuWoNB, oct. 10, 1856.
SGH-FOr some months past the United l'5s
have been able TO uphold their sinking tulncc7
by the sale of large amounts Of public stocks In
the GtTman markets. These sales are rcpJrcl
TO have reached total varying from thirty 10
one hundred millions of pounds sterling.
There is no method within reach for approx.
mating the true sum, although it is dOlDt ess
very large. We deem It advisable u present an
analysis Of the financial clndtiou Of the Unitel
States, drawn from their official reports, for the
information of European capitalists, wi.h some
remarks on the probable influence OF continued
Investments by them, not only In retarding the
restoration of peace on this continent, bu, in
destroying the resources on which alone they can
rely for the security of investments already made.
Appended thereto are tables exhibiting the
state of the Federal finances based on the reports
ofthe Secretary OF the Treasury Mt Washington,
on the 3Oth ut, and nj four previous dates in the
present year, with statements of the amount Of
annual interest on the debt at the three different
dates, and table showing the rate Of increase Of
the debt
From these tables, as well as from other facts
to he mentioned, some remarkable facts may be
deduced.
The annual interest Of the public debt wls, at
the end Of last month, TSl77S6i3. This sum
already exceeds the total revenue Of the United
States as IL existed prior to the secession of the
Southern States. That revenue rs derived from
all sources and from all the States thus united,
amounted, for the year ending the 3O.h June,
1860, to So ,033.
But the amount of this debt, large as it is in
cTeases with frghuul rnpidity. The rate of in
crease of the debt was 81 100000 per day in the
first period OF one hundred and five days included
In the statement; this increase was augmented
ten per cent. in the next period Of fifty days, and
reached S2, l6l $40 per day and this augmented
sum was again increased by five per cent. in the
next period of fitty-e days, leaving the pre-
sent daily increase $2,2l5,2jO IL is further TO be
observed that the entire increase is now in the
interest bearing debi.
The fret of the tables shows that the amount of
the On-interest bearing debt was on the 3Oth of
September about the same as on the lst of
March, the whole increase being composed OF
debt that bears interest The rate of interest
which is paid for the money now borrowed varies
from six per cent. in gold TO seven and three
tCnths per cent. in paper. No money Is borrowed
at less than six per cent, the attempt to borrow
at five having failed, and the small amount
issued being now quoted at discount of four
per cent.
Taking il for granted that the United States
will persist in their insane attempt to subjugate
the SOuth, it is not difficult to form an estimate
Of their financial condition on the first of May
next, the probable date for the commencement
Of an active campaign. Tho interval from the
30th OF September to the lst of May is two hun
dred and twelve days. If the increase of their
public debt during that interval be estimuted at
two millions and quarter per day, which is a
tTHe more than the present rate, it will amount
to 9477, 100000, on which the interest at an ave-
rage of six and half per cent,will be $3l,OOOOOO
per annum.
The United States then will be compelled if q
new campaign is commenced next year, TO begin
IL under the pressure Of q total debt OF ABOUT
$2,430, 100000, bearing an annual interest of
about Sll2, 10000. II TO this amount be added
the pension list to the army and navy, TO which
the faith of the United States is pledged as
sacredly as to the payment of the money bDr-
rOwed, il is q moderate estimate 10 place the
annual charge on the finances as it will exist on
the LIST of May, 1860, at Si20 100000, leaving on
OF view the unquidated claims, which are re
ported by the Solicitor of their Treasury to reach
'bundreds Of millions OF dollars
The appropriation made for the payment Ofthe
interest the debt of Great Britain, for the year
ending on the 3lst of March, 1864 was E2j, 100000
equal TO about Sl2S, 200, 900; SO that the United
States will, in the four years of war expiring on
the LIST of May next, have incurred a deOt of
which the annual charge will be nearly equal 10
that accumulated In Great Britain in two
centuries. To the public debt of the United
States there should, however, be added the
public debt Of the several States, the amount of
which cannot be exactly asccrtained, but as given
IN the "NatiOnal Almanac" for 1864, the debt OF
Tbat are therein called "lOyal STATES" amounts
to about $20O,000,O00, at an average interest of
six and half per cent, thus making an addition
of SlSOOOOOO per annum TO the sum above
stated, and rendering it certain that the annual
charge OF the debt Of the Uned States, on the lst
of July next, will exceed that of Great Britain.
Ii should Ot be overlooked that, in addition 70
the vast sums thus raised on credit, the Uutcl
States are spending every dollar that can be col.
on people. twas recently stated in a letter t0
Mr.. FCssenden that taxation was expected to pro-
duce one nj lion OF dollars day. II this esti-
mate at all approximate accuracy, the annual
trXatiOn of S33j,000,O00 exceeds ny upwards OF
thirty millions Aof dollars the entire revenue Of
Great Britain, as estimated by Mr.. Gladstone
for the year ending on the Slst of March last
The revenue OF Great Britain Is gathered from
population of about 2J,O0O,ODO, peacefully en-
ployed In productive labor, while the taxation OF
the United States is eXaeted ron a population ol
about $4,000 600, Of whom very large number
have been converted from producers to consumers
and destroyeTs of public wealth. Wner
the taxation by the several States is
ADDED 70 this charge, IL may be CON
oluded, with entire confidence, that thC
utmost resources that can DC derived from taxa
tion have already been reached, and that If the
war be continued for anO-her camp paign, there Il
no possibility OF conducting IL without IN add
t0n to the public debt az the rate of two and
quarter millions Of dollars 4 dly, q. the lowes
calculation, while the PROBABILITY is that the in
crease in the event supposed Will be very mu,t
larger.
Tho facts thus presented demonstrate shat 4
the United States persist rs is now threatened, II
carrying on the war for another year, the burdeI
of their public debt will be such as 70 render q
absolutely impossible for them 10 pay, even /
actuated, with entire uuanimity, by q sincOr
desire to meet their obligations. IL may be l.f
to others to speculate on the probability Of suCl
unanimiy; but it is certain that three Of tht
largest States have already repudiated, in part
their public debt, by refusing 10 pay in coin th
interest due in Europe, thus confscatng one
half Of the amount due 10 the European bond
holders.
The possibity'of paying the debt already in
CURED is dependent solely upon prompt cessl
tion of hostlities. Without, therefore, entering
into and discussion of the morality of furnishing
70 the United States the means Of Waglng a wa
so savage so monstrous as that now raging O
this continent, Il would seem that the smpes
dictates of self-inerest should unite all those Sh
have already ventUr5d investments in the fedora
funds in q concerted effort TO cut OIL all fuyhe
supplies, and thus 10 force that cessation OF hos
tlities which alone can save tue investment
already made from entire loss.
II the capitalists Of Europe withhold tur.he
supplies, the resources of the United States al
so far exhausted IS to render the restoration
peace certain at no distant day. 1t Is in tn
power of the same capitalists, by furnishing th
means for the qualification of the insane passion
of the North, 10 plunge the borrowers into ire
tTieyRble bankruptcy, and to render certain tn
loss of all their own Investments, past as well 9
future.
In presenting the foregoing statement refe
enee has been Intentionally omitted TO the loc.
debt contracted by the counties, parishes an
Municipalities in the Northern States, for Ii
purpose Of raising money to buy mercenaries
order 10 relieve themselves from the bHrthen
the conscTiptlon. We have no means OF est
mating the amount. We ouly know that q