The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1864-12-28
The War,Debt.

WEALTH iyy OF THE LOYAL sTATEs-RE-
GsouRcEs TO MEET EXPENSES OF THE
EwAR-uI0uLY INTERESTING FIGURES:
+ ;Wo. extract tho following interesting
fact, from a speechtby George. May Pow,
|sll,:of .Wisconsin,s entitled" Facts and
Figures for the Hour'::|" 2t,'.1s' q" ss,,t I
In 1860 increase upon 1850, ny ~ .I2t!h' :.
b S.i2544 p. c.) wns..:... !3.$lOi1l6iOo0,0Oo
1855 (nt increasc upon 1sGoosi i'ir N:.a,o7
1 sG3 ,. will i,467, 900, ,000
1870 lot increase upon $50 Of -y.-.. !:
1875 p. c.) will bc.......: :. N,lll,00o,0o0
1858 (ut increase upon 1S7Oof ...
100 P. c.) will be. e.......... 48,222,o 100000
Bureen &f Redemption ef Debt Of 5000 millions.
Total debt to property in 1866, 49,
lGl p. -; " " .tu 1880, 6.22 p. c..
No1E.-Debt Of g<.fi .'srr. 9'>ns"-'.n''
1871. S75, 5,OOOooo, thOn 10p.c., in, 1880, 2.Sp.c,
1876. .Sl27, 100000, II " in 1880, 4.l5 "
Debt of England
1916. 81 ,2O5, 100000, then 40.4 -,
p. c.. IN 1858 would have been S'12.G p. c..
1868. .S%,9l4, 100000 upon prop 80
cry in 1863, was............ III p c..
Burdsn Of Interest Of debt Of 5000 millions
upon The dnnuat production Of The Loydl States. =,
Interest Of 1000 millions at S
p. c. per nnnunl l............. 6U,UOO,0OU
Annual production Of ANN. INT. TO
lStiG, nt rs p. c. Of capital will ANN. rRoD.
be / ,554 millions. .......... 3.3 p. c.
1870, nt % p. c. of capital will ., .,...s.
be 5,625 millions. 2.CG L"
1880, at 20 p. c. Of capital will ...., .
be 9,G.ll millions. ........... l.55 1"
Interest Of debt
1871. SO, 20l,G9S prod. of l79l
was 1877 millions ............ II &c ID
1916. 81, ,s22. .923, prod. of'l8l6 -.
wns SOL millions ..........:. l.5o' ".
Oct. 'Ga. .S4s,25G,30s prod. of .. .~'
lSG3 was 3,7l9 millions. ..... l.30
Sep. ca. .SSl, ,TS,G4S, prod. Of .. =.
lSGi was I,CO0 millions. ...... 2.04
Wealth Of the United States in
creased from 1910 to lS50:... 81
From 1850 to 1860. ........ 1897 a.
Wealth Of United Kingdom in.
crease. from 9il to '5U(9yrs) lG
From 1851 10 1862 % years.. SS2 "'."
Annual production to capital in
United Stn,es, 1850. ......... 2G.S H..
In England ................ 10 "".''
1t is assumed that the debt in 1866
will be 81 900. 900, 900. On the Both Of
September, 1861, it was Sl.95G, 900, 900.
TO raise it to the assumed amount the
war must continue for 20 months longer,
or till the lst Of June, 1866, at the same
daily rate Of increase upon the debt RS in
the last five months. Or if such average
expenditure shall not last so long. the
remaiuiug sl,O4l, 100000 must be made
up by unknown or unascertaiped debt
incidental to the war. .....
This is surely margin enough to cover
all probabilities and all possibilities.
Again, the average interest. is here
assumed to be five per cent. per annum,
but with the present proportion Of debt
without interest, the average is. but four
and one.cighth per cent; here, also, the
margin is liberal enough.
A gain; the burden Of redemption is
calculated on the assumption that the
whole debt shall he paid in sixteen years,
or in the year $780, but as it 'Sould not
be good policy to pay it under forty
years, the increased wealth Of twenty
years more ought to be added to the
prospective resources; which would great
ly reduce the per centage Of debt charged
upon the wealth oftthe nation. '"r.',> ..
i Again: the whole burden is treated,
both as to debt and interest, as if the
loyal States alone are to be- relied. upon
for payment. :.-. -" uni Fo>.,a..aa,
Aguin the assumed, rate Of increase
in wealth for the period embraced in the
calculations, is below that sof !. tho ten
years. from, 1850 to 1860. i The sproba
bility is that as the Fl; last census decade
doubled the accumulations Of the imm nc.
,diately preceding one, the first ten years
Of peace will largely exceed the rate
assumed. Even Great Britains wealth
in the last ten years doubled the increase
Of the preceding ten years, as did ours.