The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1865-11-22

AOtAi dnouuI OUTSTANDING 4,S&t I'D ~
Aotal l31,alS2i6 ~
These figures represent stupendous sum,
and it has been fashionable among . GER
tain class of men to predict that the United
States would never pay their debts, but that
national bankruptcy would be the inevitable
result Of the war. Now let us see how fal
the predictions Of these croake-s are likely
to be borne out by facts.
The statement Of the public debt on Sept.
30 shows reduction on that of Aug. 80 Of
no less than Sl2, 900, and Of interest Of
over S5OU,OOU Thus in an interval Of thir-
y days the American government has re-
duced its debt over two and half millions
Of pounds sterling. This fact is most graft
flying and assuring. The rebellion is finish
ed the armies OF the south are disbanded /;
the states lately arrayed in opposition to the
national authority have returned to social
order and commercial and industrial vigor,
and the tax-paying powers of the states
already SO grandly and conspicuously dem
onstrated, will in future be augmented in
stead of diminished. The revenue returns
for the quarter ending Sept 80 show q
result entirely unprecedented in the history
Of any country. They are as follows:
Customs paid in gold 452
Internal revenue in currency.......... 49, 900 900
Thus the revenue Of the country for the last
three months is nearly $40, coo, 600, or at
the rate Of $500, 100000 per annum. Eng
land owes debt in round numbers Of $500
100000 sterling, while her annual revenue
is only about f7O.OOO,OOO. The United
States debt is a third less than that of Eng
land, while her revenue 10 more than two
thirds greater, amounting to more than
Gll2,OOO,OOO sterling per annum And this,
too, at period when she 10 just emerging
from her troubles, and when her trade is
only just beginning to recover from the
prostration Of the war. Indeed, judging
from the results already attained, it is not
too much to expect that the annual rev.
enue of the United States, without adli-
tional taxation will reach $3.50, coo, 900 with
in the next two years. And even allowing
nothing for increase Of wealth and popula.
ton, and consequent increase Of revenue
the entire national debt, if reduced only a,
the average rate Of the last 80 days, will
be extinguished within 20 years.
These are plain unvarnished facts, ant
they cannot fail to have their due effect up
on the capitalists Of England. The Ameri
can secretary Of the treasury has plainl,
declared that he does not desire a dollar o
the national debt should be taken in Eu
rope Nevertheless, capital is not bound b,
bonds Of nationality. Its natural tendenc,
is to seek the best market. and it j, nat
| nral for English capitalists to invest in til,
national securities Of the United States
which guarantee such returns for money q,
no other investment in public securities in
the world offers, as il is for water to seek
the level
We have thus given some idea of the
80 go
but we should be accused Of extravaganza
If We were to write as they deserve Of the
astounding mineral and agricultural re-
sources Of the country. Take the coal and
iron trade alone. The coal area of Great
Brit lin is ), 400 square miles; that Of the
single state of Pennsylvania upwards Of
l2,OOO square miles or more than double
that of Great Britain. Coal and iron are
the foundations Of Englands greatness. and
in both these resources England is surpassed
by the state Of Pennsylvania 1t is true
that these great interests are not fully de-
veloped, but the ratio Of their progressive
development for the las, ten years has been
astonishing beyond computation The Uni
ted States are also increasing in population
beyond the widest conjeciures Of dreamers
few years ago. No one who knows any,
thing of the great agricultural and mineral
resources Of tho Mississippi and Missouri
valleys, and Of the vast tide Of immigration
constantly pouring into those regions. can
doubt that the country will continue to
increase in population even in excess Of its
present ratio, which within three decades
will give il . total population Of loo. OoO, 600
and upwards.
And yet there are some who say America
cannot pay her debts.