Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1865-11-23


These figures represent a stupendous sum,
and it has been fashionable among a 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 far
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 So, 742, 900, and of interest of
over $500000. Thus in an interval of thir-
ty 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 a
result entirely unprecedented in the history
of any country. They are as follows:
Customs paid in gold. 1856 1852
Internal revenue in currency $4,000 900
Thus the revenue of the country for the last
three months is nearly $4,000 900, or at
the rate Of $500, 100000 per annum. Eng
land owes debt in round numbers of $500
900, 900 sterling, while her annual revenue
is only about G70,000,00O. The United
States debt is third less than that of Eng
land, while her revenue is more than two
thirds greater, amounting to more than
1900, 900 sterling per annum And this,
too, at period when she is 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 addi-
tional taxation will reach $4,000, 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 at
the average rate of the last 80 days, will
be extinguished within 20 years.
These are plain unvarnished facts, and
they cannot fail to have their due effect up
on the capitalists of England. The Ameri-
can secretary of the treasury has plainly
declared that he does not desire dollar of
the national debt should be taken in Eu-
rope. Nevertheless, capital is not bound by
bonds of nationality. It's natural tendency
is to seek the best market, and it is as nat
ural for English capitalists to invest in the
national securities of the United States,
which guarantee such returns for money as
no other investment in public securities in
the world offers, as it is for water to seek
the level.
We have thus given some idea of the
present prosperity of the United States
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
Britain is $500 square miles that of the
single state of Pennsylvania upwards of
$4,000 square miles or more than double
that of Great Britain. Coal and iron are
the foundations of England's 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 last ten years has been
astonishing beyond computation. The Uni
ted States are also increasing in population
beyond the widest conjectures Of dreamers
few years ago. No one who knows any
thing of the great agricultural and mineral
resources Of the 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 it total population of 100000
and upwards.
And yet there are some who say America
cannot nav her debts