Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-09-03
The Yankee Debt.

Tina broken merchant dreads oil al thugs an e1Ami-
nation of hs books. He knows he is ruined hopeless
w. Int hs nerves are weak to Withstand the shock
If seeing that ruin depicted in black and Whiie--n
sgpres that will not le Our enemy abors under pre-
,slv this cosardce he will not open his books and
lace the uu,ic Of its terrible column Of figures. de
urssrs to shu his eyes an spend four millions day
soDsolnV himself the while With the reflection "aPrsI
nOts ls Dslpge."
N.itbsr CHASE nor Fsssenden have had the courage
10 investigate fully the national accounts Indeed, 1t
NAV be doubted whether any investigation would re-
veal the whole truth. Toe Yankee Treasury, unlike
our wa vas thoroughly organic ID at the beginning oil
the war; is system OF checks and balances ought to
have been perfect. Bat by tscit agreement, the
,,c,matiou Of war hailed as the signal for uniVsr-
al rscuatiou in all Departments aud Amorg all grades
Of oicials. Moreover, the reputation OF Mr.. Chase
n,eyous to the war; was not the best in the world We
NAV be very sure therefore, that the actual eEpendl-
,prss Of the United ates have been largely In excess
Of is published budgets.
Republican papers estimate the national debt, in round
Numbers. At eighteen hundred millions. Democratic
Journals, more honest slate thai, on the Of March
psxs the debt will exceed tWentyH1 hundred millions
The World compares this debt with that of Great Bt-
tain which is known to be the srges! 10 the world. On
he sla. of March last, the British national debt
7se 500 1879 pounds sterling or, reckoning FIVE dollars
20 the pound s. s9s 0lo ss6-;he interest on which,
a. per cent, Is $lls S7O $40. Toe entire wealth Of
the Enslsh nation according 70 the tfciAl returns in
Apr 1851, va ssl 300 900 ,OOO The yearly interest,"
therefore, is at the rate OF dollar for $2625S of the
Valuation.
Iaoluding four million slaves at Southern valuation,
tbs entire wealth of all The United Sat aud Terrific
res in 1860 vas $I6 I6s 6l6 O6s. The public debt a
TIA North, exclusive of Safe, municipal and other lie
I,;es will be, in Match next 81 e5S 427 ,lOl all OF
v,icb "a 10 be funded and draw per cent. in gold
which i 1859 2O6 $40 Therefore the yearly interest
n,yable in gold Is the rate OF one dollar for $l0l 30
of the valuation, which is more than two aud half
times the debt Of Great Britain.
But, with gold at $50, payable in United States cur
-s.ov the rate of interest will make the Yankee debt
more than sig ard quarter times larger than that of
J,sot Britain and tna too, compared with the re
souross aud valuation Of the whole Ualted States in
1890 Deduct the wealth Of the Seeded States (sAveF,
land property Of ali sorts and add the outstanding and
uuacknoWledged liabilities OF the government and 4!
will bs seen tia. the actual debt Of the Uned States
a. this moment is relatively not less than twenty times
grester than that OF Great Britain. year mcrs Of
war will make it forty times greater; the constantly
aeoslsaug depreciation of money would, at tbs e1p
ration OF four years Of war; make it not less than
hundred ana, perhaps, thousand times greater than
Great Brtain's debs.
What eartt ly chance is there Of its being paid
even ia the event Of an immediate termination of the
WY Northern reputation ia inevitable. Tas South
can and will pay its debt; and this glory, in the eyes
of q sordid world will be greater even than the glory
of our srms Victorious in war; 10 credit unimpaired
aud unmpeachabe the spArsely populated and poverty
stricken ,usl will emerge from the contest as spoilers
IN reputation as splendid in schisvement-the enVitd
vopd.r of nkind,