Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-10-26
CIRCULAR.
DEPARTxEHT OF SfAfl,


ksts These sales reported to have reached total
varying from thirty hundred millions of pounds
sterling. There s method within reach for approx.
mating the true sum, although 1t 10 doubtless very
large. We deem Il advisable to present an analysis Of
the financial condition OF the UIted States dra v from
their official reports, for the information Of Earopesn
capitalists With some remarks the probable L. Ausnes
Of continued investments BY them, not only In retard-
ing The restoration OF peace On this continent but IL
destroying the resources which alone they can rely
for the security Of investments already made.
Appended hereto arc tie tables exhibiting the state
Of the Federal fpances based on the reports Of the
Secretary Of The Treasury at Washington on the sob
uL and at four previous dates in the present Year.
sith statements Of the amount Of annual interest on
the debt at the three different dates and ablS chow.
ing the rate Of increase Of the dtbL
From these tables we'll from other facts 70 be
mentioned, some remarkable facts may be dsduoed.
The animal crest OF the public debt was ct the end
Of last mon b. $751; as CAS- This sum already exceeds
he total OF the Unted States as it existed prior
10 the secession OF the Southern States That revenue
a. derived from all sources and from ell the States thus
united amounted, for the year ending the S0h June
1860, to SO 7b2 083. But the amount of the debt
large as il H. increases with fghtful rapidly The rae
of increase Of the debt 81 300 per day in the
first period Of los days included In the statement this
increase augmented ten Fer cent in the next pc
Rod OF so days. and reached 81 l6 o40 per da; and
this augmented sum was Sgain increased by Ave per
cent In the next period Of So days. leaving The present
daily increase g. AIS 200 l. further TO be observed
that the entire is in the
debt The first oil the tables shows that the amount OF
the noninterest bearing debt was the 80!h Septem
Der, about the the lat Of harca the whole
increase being composed Of debt that bears interest,"
The rate Of interest which paid for the money now
we'd varies from six per cent in gold to seven and
three tenths per cent in paper. No money IL borrow
ed At lees than per ctnE, the attempt to borrow ct
Ave having failed and the small amount issued bainR
ntoA 0f fnnRna
Taking 1t for granted tina. the lifted S!aks will per-
slst In their insane attempt 10 subugate ths SJuh 1t IL
not difficult 10 form an estimate of their lancal cen.
iton on the lat Msy next the probable date for the
commst cement OF IA active campaign. The intervsl
f. ON the SOsh September to LIT Nav ia 2ls days II
the increase of their public debt during that be
estimated at two millions and qusrter per day, which
Ia but tr he more than the present rate IL will amount
to 000 which the interest at an average Of
sx and half per cent, will be $Sl 005 600 per anLum
The United States then will be compelled, il q new
clmIa gn Is commenced next year. b,Rn Il under the
pressure of total debt Of about 48O 900 O0O bea
ug an annual interest Of about $ll2.7S0C00 II to
this amount bs added the pension list the army and
navy TO which the faith OF the United ates Il pledged
o. sacredly to tbs payment Of the money borrowed
Il Is modera estimate 70 place the annual cha "a On
their 6uan'eS as It will tIst on the lst May, 1865 at
$l20 000 600 leaving out Of view uni dated claims
VII OF are reported by the Solicitor Of their Treasury
to reach hundreds of millions Of dollars"
Tee appropriation made for the payment of the in
erest the debt OF Great Britain for the year euding
on the Slst March, 1854, was k26 400 OO0 equal to
abou. $l2s 900 000 that the United States will In
the four years of war; expiring the lst of May next
have incurred debt Of which the annual charge will be
nearly q1a to that nulaed In Great Britain In two
centuries. To the pubic debt of the United States
there Bbould however, be added the pablo debt of the
several States, the amount of which cannot be exactly
sscertsined, but as given in the "NAEion, Almanac
for 1854 the debt Of what are thereil called 'oys
Sates amounts to abou. 5000 900 0O0 at an average
interest OF CT per cent, thus making addition of
$lS 900 600 per annum to the cum above stated and
rendering certain that the annual charge of the debt
of the United States, the lst Of May next will ex-
Deed that Of Great Britain.
It should not be overlooked that, In addition to the
vast sums thus raised on credit the Ulted States are
spending every dollar that be collie ed by the most
onerous taxation ever imposed on q people II was re
Gently stated in letter Of Mr. Fetssnden that taxation
was expected to produce million of dollars day.
II this estimate at all approximate accuracy this annual
tax on Of 1886 900 900 excee;s by upwards OF thirty
millions Of collars the entire Of Great tain
as estimated by Nv. Gladstone for the year ending on
the Slt of March last The revenue Of Great Britain
il gathered from q population of about 20 900 600,
Or acefuy employed in productive labor while the tax.
aioa of tho United ates 10 exaced from population
Of about $23 600 600, Of whom q very large plumber
have been from producers into consumers and
destroyers Of public wealth. When the taxation BY the
several States is added to this charge may be con-
cluded with entire confidence that the utmost
css that can be derived from taxation have already
been reached, AID that the be cont nued for
other csmpaign, there IA no possibility of conducting it
without. addition to the public debt at the rate of two
and quarter millions Of dollars day. at the lowest
calculation while the probability il that the increase In
the event supposed will be very much larger.
The facts thus presented demonstrates that il the
United States persist s is now threatened in carrying
on the war for another year. the butthen OF their public
debt will be such to render It absolutely impossible
for them to pay, even II acuaed, with entire unan-
unity by q sincere desire to meet their obligations Il
may be left TO others to speculate the probability Of
such unamiy but il Is certain that three of the largest
States have already repudated, in part their public
debt by refusing 70 pay in coin tbs interest due In Eu
rope thus conf oaiog one half Of tho amount due to
the European bond holdePA The possibility Of paying the
debt already incurred dependent solely upon prompt
cessation Of hostiltes Without therefore, en-
teripg into any discussion of the morality Of fur
nishirg 10 the Uni!ed States the means OF
WagDg war so savage so monstrous as that no rs-
gng this continent It would that the simplest
dictates Of self interest should unite oil those who have
already ventured investments in tie Federal funds in
concerted effort to cut CT all further supplies, AID thus
to for that cessation Of hostiliies which alone can
save the investments already made from entire loes-
If the capitalists of Europe Withhold further supplies
the of the United States 30 far exhausted
10 render the restoration Of pace certain at no dir
tant day. II Is In The power of the same capitalists by
FURNISHING ue ior INC BtauncAuon OF the nPane
passions OF the Norh to plunge the borrowers into r
fersvabe bankruptcy and TO renderc stau the loss Of
al their own investments, past 40 well as future
In presenting the oiegoiDg statement reference has
b6en Intentionally omitted TO tho local debt contracted
BY the counties, parishes aAd municipalities 10 the
Northern States, for the purpose OF raising monoy to
buy meIcensres In order 10 relieve themselves from the
burtheH oithe inscription. We have no means of es-
tmstng the amount We orl, know that the prios q.
which these human beings arc bought for eLuehter
varies from $500 to 81 900 per man. and that the calls
FIR men have amounted to vary msny In dreds of
Thousands Some OF the Northern jouruals spsak of
this local debt enormous" but this term q toe vaauo
to justify % in hhSIrdng an estimate Of the amount
Ian authorised b the President v request that yes