Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1864-09-08
WILL THE GOVERNMENT RE-
PUDIATE I"

The ability Of the United States to re-
deem its circulating iiotcs end pay the in
tercst on the accumulati1g debt in the
future, is awakening much discussion. -.
Reputation, or the cry of reputation,
is but the miserable weapon of the en-
emies of the country, and when the pres
ent internal developments of the country
are considered it is manifestly absurd,
Samuel Hallett's American Circular hits
the point so exactly that VIC cannot for
bear quoting it. It saya:
"Therc is no more difficulty in asrer-
tanning the ability Of a nation to carry =
certain amout1t of debt than there is in q
merchant estimating whether he can safe
ly contract given amount Of obligations.
In both cases the resources for payment
of interest or principle are open to esti-
mate, and the question of ability to pay
is therefore determined. What then is
the probable limit of the debt to be con-
tractcd in the suppression Of tho rebel
lion7 The most extreme estimates have
not exceeded $1,000, 900, 900. The debt
on the 10th of May, according to oflicia
statement. was $1,726, 900, 900; and,
considering the present military condition
Of the rebellion, and the largo increase of
revenue that must accrue from the new
tax and tariff bills, it seems much more
probable that the war will close upon
debt sndcr $4,000, 100000 than over
that amount Let the extreme estimate
of 81, 900, 900. 900. however. be adopted.
This, supposing, the annual expenditures
of the Government to bc $500, 900, 900
and $4OO 700. 900 of that amount to be
raised under the new tax and tariff mca-
sures, would leave $400,O00,00O per
annum to be raiscd oh bonds or other
forms of indebtedness. which wotld allow
period of over two and a half years
more of hostilities before the maximum
figure of 81 1000, 600. 600 was reached.
I'm 1915, at the close of twelve year
of uninterrupted hostilities, the national
debt of Great Brittian stood at fS61 ,030,
946, or, say in the United States money.
81, $50. 100000 At that time the pop
ulation of the United Kingdom was 49,
200, 900, and its foreign commerce G90,-
600, 900. or in round numbers, $45O,-
000, 900. At the period when our debt
would reach $4,000, 900, 900, we should,
Judging from the past ratio of increase
have population Of not less than 40, 900,
900 or more than twice that Great
Brittian at the period under comparison.
What our foreign commerce might then
be, it is difficult to estimate but when
the cotton and tobacco exports Of the
South are renewed, and the population oI
the restored Union has been increased to
the extent supposed, it would not seem
extravagant to estimate that the aggrc-
gate of imports ard exports will reach
$500, 900. 900. gold valuation, especially
US in 1860 the total value was 705. 600,
900. At the period, therefore. when ac.
cording to shove estimate, the national
debt should feach $4,000, 900. 900, VIC
should have 2t 900, 900 more of rvpula-
ton and $3.50. 900. 900 more of foreign
commerce than had Great Britain when
her debt was $4,25O,OOOsOO0. So far,
therefore, as population and trade are
criteria of the ability Of a nation to sus-
tain debt. this analogy proves that VIC
shall be better able to bear the financial
burdens created by the war than was
England to sustain the debt with which
she closed her twelve years of continents
and American hostilitles.
"Should the same rate of progress b.
realized during the ten years beginning
with 1870-when, as above estimated
the national wealth would be $24.000,
900. .O00-then the yearly product Of th,
country would average 5000. 900. .oo'