Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1864-08-04
From Hallet's American Circular.
Shall we Repudiate 4?

ing the ability of nation to carry certain
amount of debt than there is in a merchant
estimating whether he can safely contract
a given amount Of obligations In both
cases thelresources for payment of interest
or principal are open to estimate, and the
Question ofablity to pay is therefore easily
Idetermined., What then is the probable,
limit. of the debt to be contracted in the
suppression of, the rebellion? The most
extreme estimates have not exceeded $4,-
'o0o, 900, 600 1,Fhe debt on the 10th Of May,
according to official statement, was $l,,726,- :
900, 900; and considering the presentlmili
Itary3 condition of the rebellion, and the
large increase of revenue that must accrue
from the new tax and tariff bills, ittseems
much more probable that the. wal, will close
upon debt under $4,000, 100000 than
over that amount Let the extreme esti-
mate Of 81, 100000, 600, however, be adop-
ted This, supposing the annual 'expendi-
lures of the government to be $780, 100000
and b$400 900 900 of that amount to- be
raised under the new tax and otarif meas
ures, would leave $40O, 100000 per annum
to be raised on bonds or other forms Of in
debtedness, which would allow period OF
over five and a half years more of hostilities
before the maximum figure of 81, ,000,0
000)was reached. 3o3A eG 2. 9.sfS
5 In 1915, at the close Of twelve years OF
| uninterrupted hostilities, the national. debt
of Great Britain stood at 9S6l, ,030, ,049, or,
say in United States money, $4, 100000, 900.
At that time the population of the United
Kingdom was 10000, 900, and its foreign
commerce 100000, 900, or in round num-
|hers, $3.50, 100000. At the period when
our debt would reach $4,o00,0 100000, we
should, judging from the past ratio of in
crease, have population of not less than
40 ,OOO, 900, or more than twice that of
Great Britain at the period under compari-
son. What our foreign commerce might
then be, it is difficult to estimate; but
"
South are renewed, and the population Of
| the restored Union has been increased to-
the extent supposed, it would not seem ex-
| Itravagant to estimate that the aggregate Of
imports and exports will reach $S00,oo0,-
! 00O, gold valuation, especially as in $50
Che total value was esTe9,oooo oooo.9 At the
period, therefore, when, according to the
l,aboye estimate, the national debt, would
reach $4,000, 100000, we should have 81 !,
100000 more Of population and $3.50, ,000,-
600 more Of foreign commerce, than had
Great Britain when her debt was $4,25o,-
ooo, ,o0O so fary therefore, as population
and trade are criteria of the ability of a ma
ton to sustain debt, this analogy proves
| that we shall be better able to bear the finan-
cial burdens created by the war than was
England to sustain the debt with which she
closed her twelve years Of continental and
American hostilities.e -. s@as a4g1
Should the same rate of progress be rea-
lized during the. ten years beginning with
187Qa-when, as above. estimated, the ma
tional wealth would be $24, ,00o,0 ,000, 900 :
then the yearly product Of the capital of
| the country would average $3,oO0,ooo,o0o,
or three-fourths Of the supposed ulti-
mate debt. 5aThe figures seem increditable !;
but they are strictly based on what has
been already realized incur history. AT
this rate the payment of $20O,ooo;o0o a
year. as, interest would be butian import Of
6.2-35 per cent. on the yearly increase of
our wealth, In view Of these estimates,
which, we think, are, exaggerated in no re-
| spect- unless it be in taking the ultimate
debt so high as s4, ,ooo, 900, ,o00-our abili-
ty to sustain the debt we are accumulating
can admit ofno reasonable question.
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