The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-12-16
Our: National Debt-A Comparative
,-...sgE Exhibit. nss an..'.Et,

1
Republican press of this country to sus.
tain and Justify the Administration III it:
manifold violation Of constitutional rights,
has displayed itself also, in their, persis.
tent efforts to understate our national liza
bilities, and overstate our national re-
sources. No possible advantage can arise
from this form of public deception. We
cannot obliterate the truth by conceallng
it. We cannot pay the national DEBT oy
initiating the ostrich, and hiding our heads
in the sand at the approach OF danger.
The debt is fixed fact. 1t is an equally
fixed fact that we have got to iquidate
it. Let us look these facts in the face,
and examine our resources. The ability
of the United States to pay is limited one.
That is to say, there is point Of indebt-
edness possible to be reached, the salts
faction of which, both principal and in
terest, is not within the pale Of our re-
sources. A comparison OF the public
liabilities and means of the United States
and England, will perhaps serve as a cri-
terion to determine how far we have
advanced toward that point of indebted.
ness which is synonymous with national
bankruptcy. The debt of this country,
as ascertained and declared on the 30th
of last September, somewhat ex-
ceeded two thousand millions of
dollars. During the thirty days immediate
ly preceding that period, it had increased
seventy-seven millions of dollars. We
will suppose the war to continue, as it
most assuredly will, to the end of the fis-
cal year, June LIST, 1865, at which date,
the public debt will not be less than three
thousand FIVE hundred millions of dollars.
This is a moderate estimate, and is intended
of course, to be exclusive of the individual
debts, and of the various counties, cities,
and towns, amounting to an aggregate of
several hundreds of millions. We will
now suppose that the wishes and prophe-
cies of the Republican party are attained
and fulfilled, and that on the 1st day of
June, 1866, the armies of the enemy are
conquered and scattered, and that the ter
tory of the rebellious States is occupied by
our forces and held by military authorities.
The expenses of the Government at that
data mould foot mn 90 fo11ouo.
Interest on the debt $500, 000,-
900: at per cent. .......... $21O, 600, 900
Army and NaVy.............. 13,OOO, O0O
Pensions. ............... $4,000, 0OO
Civil Service. ............. 35,000,00O
Total annual expense. ...... $3.50, 00O, 900
Now what are our resources? In 1860,
the total valuation of the United States,
including the Southern slaves, was sixteen
thousand millions of dollars, and that of
the loyal States is about ten thousand mill
lions of dollars. AS the slaves no longer
furnish an element of valuation in comput-
ing our property, the latter figures truly
represent our resources on the basis of
1860. The debt of the United States,
therefore, on June LIST, 1866, will be to its
property as 81 to 10. ..
Let us now glance at the debt and re-.
sources eff Great Britain. The national
debt of England as it stands at present is
four Thousand millions of dollars. Interest
on the debt of
81 00O, 900 900 at 81 per cent. 1872, 00O 900
Other annual expenses. .......... 2OS, OOO,O 900
Total annual expense. ....... $40, 600, 900
The resources of Great Britain, accord
ing to the LAST valuation, amounted to the
enormous total of Mirty-seuen thousand
millions Of dollars. While therefore the
debt of the United States is to its prop
erty as 1-2 to 10, that of England is as
4 to 81. In other words, Great Britain
has three times the ability to ray, that We
have. 1t appears to us that the most en-
thusiastic and hopeful of our Republican
/ friends can find food for reflection in
these alarming figures. 1t appears to us
that these facts indicate with unerring pre-
oision, point where we can't pay. To
reach that point, is to reach reputation,
bankruptcy, national dishonor. 1t must
be remembered that our whole compari.
son and argument is founded on the sup
position that the war will be closed on the
LIST of June, 1866. Who believes that
such will be the fact What is there in
our experience to warrant such an infer
encep And if the war extends beyono
that period, is it not clear that our debt
will be enormously increased9
As the debt will stand at the end o.
the fiscal yesr, it is within the power o.
the Administration by adopting an equita-
bic and vigorous system of taxation, te
pay the annual interest upon it, and meet
the general expenses of the Government
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