The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-17
THE ENGLISH NATIONAL DEBT.
Debts of Different COuntrfes-Mr. Glad.
stone on the United States.

Mr.. Gladstone's speech on the English Budget
contained the following interesting passages in
relation to the gradual increase of the national
deot OF Great Britain, and the capacity OF the
United States 10 carry heavy financial burden:
HOW THE ENGLISH DEBT INCREASED.
The total of the national debt, which is commonly
supposed at the of the great war to have been
toOO OOCO COO though not including all these items
had turned 100000 000 of money, the actual figures
being f9O2 600 OF course 90 not include in
that any allowance for The SINKING fund which ex-
cude altogether as speak only OF the real obliga-
tons OF the country. In 1880 that total had be en-
blouPht down TO f842, ,405 900 A good deal had
been done in that interval will be seen for the ne.
ducton of the debt but little had been done tor the
liberation of the industry of the country A begin.
ningt might have been made, but if il was com.
menced 1t was q commencement only. In 1910 the
debt had fallen to 9S37, 600 by very small
sum-namey, four and half milliOns but 1t must be
recolected that during that interval loan of twenty
MI lions had been contrac tor tne emancipation of
the negroes in the West Indies. Virtually there.
fore, the reduction that period amounted TO
nearly twenty-five millions. lLe lowest point was
IeaeSsd on @ tne 6th OF January 1854 Il then stood
Parliament resolved 10 meet the expenses OF that
war in great part by taxes Immediately imposed on
the peop @; consequently the increase of debt was
much less RAPID than 1t would otherwise have been
and much less rapid than it must undoubtedly be If
ever unfortunately this country sAoud become
On the 31st of March, 1867, the debt had risen to
1881 ~ 600; on the 3lst of March, 1859. 1t was
t62S 934OO0; and on the 3lst of March, 1885, 1t was
fI9S, ,909 900. lCheers.l That is nomin ally poInI
somewhat lower than it has stood at before but 1t
minor sinking fund stocks Whicn formerly formed
part OF the nominal capila SO that In fact we NAV
saywlh substantial accuracy for it is not necessary
TO be particular to a million or a million and half
1t has now just reached the point at which we have
eiiaSed the results Of the Crmean war; and the debt
the commencement Of the year 1864.
DEBTS OF DIFFERENT COUNTRIES
have here the national debts of nine
countries in Europe estimated from the most lrnst-
worthy data could obtain. find that, with the
exception OF Hollands there not of these that
has not been virtually contracted in the last ma
century and by far the larger part OF them has been
contracted during the last twenty Years-a time of
peace; for II there has been any war expenditure
added to them curing that time It is Insignificant m
amount Holland, find, acs pruCentiy, ana re-
duces her debt, while the finances of Prussia are a
model of good administration, for Prussia's debt
stands at CAB $1,000, and Hollands at ESQ 900 OOO
Russa's debt s estimated at $4,000 600, and Aus
tra's at f3l6 100000 The debf of France is not a
capital debt and it is difficult to estimate it with ac-
curacy. 1t is made up OF rentes of twenty.three
amounts to f4OO O,OOO 1t Is the largest of these
debts, yet because of the immense resources of the
c1SuhCy, ana the ENERGY ana wondeTlul thrittiness
OF ls people one need, perhaps feel less anxiety for
It's luture security and strength than for the stability
oi any other European Government.
ItalYs debt stands at fl62 0OO, ,OOO and it is In.
creasinR with portentOus strides The debt of Spain
amounts to fl46 900 000 Portugals is estimated at
f33 900 900; and the debt OF Turkey which believe
10 De entirely modern institution, principally
created since the Crmean war amounts TO f6l 000,.
OVo, IVY, The great bulk Of these debts, amounting
nultosether 10 lbOO millions, have accumulated in a
time OF peace, and have not been thrown upon
Ihe several countries during struggle for life. 1
WIZ not trouble the committee with the details of
tneT @ 1a.e Oh lncreasei but omtting Holland which
mas decreased Its debt and omItting Prussia, which
does not habituallY increase It, and Omitting Spain
also, Whlch Keeps its debt nearly at an equilibrium
uaughterl we have six of fine nine countries
I Mmo nave managed to increase their debts during
% ~ peaoe AZ tne annua rate OF Eel 100000 sterling.
And this Is growing for like other bad habits debt
making mas tendency to spread, Europe should,
!herelore' know the increase, and look at 1t from
tue point OF view. IL ia fno ~
peace the resources OF war; 1t Is exactly az
II In ear OF good harvest the country spent
the whole OF that good harvest and half an.
other harvest beside; aud 1t should be remem-
DeTed that IL peace be preserved in Europe for the
at the present rates of increase would ambunf to
nearly "a 900, 100000 "