, 1865-05-10
FINANCIAL AND COMMERCIAL
MORE FAIRY.

VuEanAI AWNING, may .. 1870.
uHow The National Debt can be Pat5," IL the
title of 4 pamphlet, prepared BY Dr.. Elder Of the
Treseur= Department and Issued By JAY Cooke d
cv. 1t presents the subject IN somewhat ne"
sn9 an+.,estine tsht, and - there IL nothing Ct
ere.,er fr,portsrce to tho financial public at pres
ent 1bsn ,he solution Of the question Of clearing
of The pauoral debt, We lay before our readers
condemnation Of the authors positions.
TIE aggregate debt on tho last Of March was
officially stated IN round Numbers at 367 millions,
he artup m interest Of 103 millions. Assuming
lint the war expenditures proper will cease By The
arst of Ju}y nc1t, the total debt will then amount
IN . 55T. millions, But taking in every possible
1;s.,IJtr that may a1se, the climax OF the debt IL
cst1mated at 3,00o millions. Now the income taxes
n-oyo{se to realize go millions for the current
,7ear and custors, public 1lnds and othcr sources
Of revenue will bring the total recepts up to sa5
millions certainly. ...
The interest on the public debt cannot rise
aboye 1e6 millions, which leaves 1879 NIL ions for
Ordinary expenses. Next year the interest on the
,aebt will be eouewhat higher, II the Government
notes aha,I be kept 50 long In circulation: and If
then the whole debt shall be funded and n}ado to
nav ,te ayeras interest," the latter will amount to
les millions, learibg for ordinary annual expendi~
tnre 1Cn millions Is our Ordinary expenses
fer the stx years preceding the rebellion
ayerared 63 millions, IT may be deemed that the
nnf s,1uu Of providing our national interest and
onr ordinary expenditure ont Of the regular reye-
nuee derived from the loyal Stntes only Is safely
settled.
Assuming that reduction Of tho dobt may be
begun in 1870 the writer estimstes on the basis OF
the last two ccnsuees, the annual product Of the
restored Union for every year from 1870 to 1889,
With the whole burden Of liabilities and cxpenai-
tures during the process Of extlngutshing the
debt. he makes The liberal allowance Of two hun
dred millions Tor annual ORDINARY expenses during
tue arst ten years, and two hundred and fifty
millions for the last ten years. he also
puts the annual product Of capital wealth
at Is per cent, although in the decade
60 It was 288 per cent. And yet oae
per cent Of the total product of the IA.
hon, 50 treated, will, in twenty years, discharge
three thousand millions of debit The total e1-
pcnditnre involved In tins scheme begins in 1s7o
at IN aggregate Of not quite six per centof the
annual product, and declines in the last year Of
the period to less than two per cent. And yet
England's ta1es haye averaged eleven per cent On
the yearly yield Of her capital and labor for tho
last forty years. that the burden Of extingufsh-
Ing our debt will be for twenty years about hair
OF what hers has been for twice az long In merely
paying her way and reducing her debt but two
hundred and 1f.y millions. These figures are GER
tatnly very plausible, and the whole scheme Of
tho author semes wostny ofgeneral consideration.
To.nAY gold was again unsettled and lower
opening carly at 1877, and closing at p. m at
1861. This had an untavorable effect On general
wines, and the markets both hero and at the
Etst werc unsettled and lower. The speculative
demand, which was 70 active few days since,
has been pretty efFsctually checked, and heavy
lo.ees have been sustained.
In the Produce trade there was deprcased feel
ing. Flour dt clined 10D15c per b.l: Wheat 4@5c
per bushel; Corn, 2G93c; Oats, 293c: and Bar.
ley, 1oc per bu.hel. utghwinss and Provisions
we're inactive and weak.
Tbs eupply Of Eastern Exchange continues very
light and under IN active demand tho market Is
firm at par buying and per cent prem. selling.
Nearly all the leading banks today had to express
currency to New York to meet their drafts.
Gold opened oday In New York at 1917 and
closed at .. m. at 1851. The following are the
quotations telegraphcdoto James Boyd, gold
brokeFs