Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1865-05-09
WING.
The National Debt

We have some interesting facts relative tc
the National Debt, and the probabilities of ts
extinguishment, derived from paper pre-
pared by DR.. William Elder, well known
author, under the auspices Of the Treasury
Department.
Tne precise aggregate Of the debt is not
definitely ascertained, nor can it be until
all the liabilities are audited, but it is esti-
mated that the debt will Approximate S3,OOO,-
900, 600, when all existing claims are.settled
aud provided for. This amount would be
fifteen per cent. Of the present wealth OF
. the loyal States, and S95.62 per head OF
their population. The wealth Of these
States increased between the years 1850 and
1860 just l26 per cent.-in amount no less a
sum than $4,000, OOO, 900, or quite double
the de0t We are now concerned to provide
for. The wealth Of the other States OF the
Union was dosb!sd in eight years Of the last
decale.
The burden Of pubic debt is not under
stood merely by the figures which express
ITS amount, nor BY the per capita average
70 population, nor yet by its proportion 10
the capital wealth upon which 1t is charged.
The annual interest sccruing is the form
which itS annual pressure takes, and until
the time Of reimbursement it has no other.
For all practical purposes, therefore, the
aspect which the problem presents is not the
propo-t ion Of debt 10 property, but the pro-
portion OF the current interest 70 the cur.
ren, annual produc. Of wealth.
Ds. Elder places the average rate Of in
terest upon our permanent debt At ID
per cent. per annum, payable half yearly
The actual accruing interest upon the total
deb, for the current year is about sIOS, OOO,-
600, Dat when the debt assumes the esti-
mated magnitude of $4,000, OOO, 900, the an
nuAl interest will be sl65, 900, 900.
From the data furnished by the census OF
1860, it is computed that the wealth of tie
loyal States at present is l6,ll2 millions,
and the annual product 4,3ls millions
Since 1850 several new Territories have
been contributing their rapidly developed
resources OF precious metals and agricul-
ture. The Government still holds ia the
IVES. and Northwest $50 millions Of acres
OF land undispOsed Of, which are now, at the
conclusion of the war, 10 come unto the
market, and must yield a large revenue
II the proceeds are expended in donations
20 internal improvements and educational
enterprises, IN the new States, the taxable
wealth and resulting revenue in those States
will DO thereby only increased in manifold
proportion to the investment.
An exhaussless source of national wealth
exists in the mineral regions, extending
over an area Of more than a million OF
square miles. Their treasures will be de-
veloped in the next decade with an energy
not heretofore exhibited. The new found
tributary Of Petroleum will also add its
enormous revenues, and render more GER
tain the extinglishment of the national
debt.
But it must also be taken into conside-
ration that the Southern States will in due
time contribute to the relief of the gene
raj burden, and that the duties on imports
aud exports will meet the ordinary expen-
ditures Of the government, and leave con-
siderable surplus.
DR.. Elder, who. has given the subject a
thorough examination, expresses the conf
dent belief that in twenty years the United
States will stand ready with a population
Of sixty millions, and wealth of n ot les,
than 60, 1000, 900, 600 to meet the current
burden and discharge the total debt of the
nation. The data which he sdduces in his
valuable statement sustains him in this
cheering conclusion.