New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-01
AMERICAN FINANCES IN EUROPE.


AMERICAN FINANCES IN EUROPE
/ We have received a copy of the remarks
made by Mr. j. F. d. Lanicr banker, of thi'
city at meeting of European Capitalists al
Frankfort -on. Main in September last, upon
the subject Of the debt and resources of the
I United States Mr.. Lauier was understood to
speak in the interest of the Department oil TIE
Treasury, and for this reason what be said has
more than ordinary significance.
The object OF Mr.. Lanier was TO demonstrate
10 his auditors the entire ability Of the country
10 NEE, the burdens imposedeJy the war-to
show that the annual charge FOR the expenses
of Government. and FOR the interest on is debt,
Is not excessive, and that the progress Of the
country will, in few years so lessen the
burden as to render it hardly appreciable.
According to bis statement the wealth ci The
oyal States in 1860 cqualcd 300 600, GOO,
and the value Of the yearly product -, ,0OO,-
900. The ratio of the debt to the capital oi
these States consequently was only = per cent
or u per cent to that Of the whole country
the valuation OF the Southern States being
- iG7 ,OOO. 900. The total debt Of $4,000, goo,
coo is equal to only so TO each individual.
The accruing interest, estimated at SlG5,O0o
900, would be only u per cent on tho capital OF
the North and les. than six per cent OF The
annual product.
The debt Of Great Britain which is referred
70 bv way Of illustration, reached, at The close
Of the French War in l-lG, tho enormous sum
of > 900 900, 900. sum greater than our own
By more than one quarter. II cqualed 10 per
cent of the whole valuation of the Kingdom,
and S2I5 to each individual. The wealth OF
that country, at the period named, could not
have been ono-haIf a. great a. that of the
United states at the present time, while the
amount of debt resting upon j. population was
very considerably greater. Our financial future
is consequently vastly more favorable than was
that Of Great Britain; yet that Powerexperenccd
10 difficulty in meeting all its obligations.
ii we can bear the burden this year, Mr.. La
nier argues, we certainly can the next, and SO
on. The ratio of annual increase Of wealth OF
The States from I.jO to Ito was ! per cent
The same ratio would give an aggregate wealth
in 1865 Of SIG, ~. GOO 600, and syearly product
Of Si,3ls, OOO,C COO. With such a result, the Ma.
tioral Debt, at the present time, equals only i
per cent of the Wealth Of he Loyal States.
A. the ratio which obtained from ESQ to 1850,
The aggregate wealth Of the whole country will
be SGT .2lG 600, 900 in 1870 and SO 2%G 900, 900
in ESQ and Sol, DIG, 600 600 in l--l. A. the
last named period the ratio Of debt 10 capital
will be reduced 10 per cent. ana that Of an
nual interest 10 annual income TO a per cent.
That the increase OF the capital Of the country
Will be in the ratio supposed, there can hardly be
q doubt. The increase in the value of property
in the nine North-Wesicrn States and Territories
from 1850 to 1850 was at tie rate OF All per
cent, the amount going from Sij?, 500, 900 10
~ so, 000 600. The rate Of increase N thcrcw
mining States and Territories is Slili greater.
Even in the old States. tie increase wa most
rapid: that OF Ohio, Connecticut and New Jc;-
seq was Of the rate Of TO per cent. Ponusyl-
yauia increased at the rate Of 9G per cent. upon
a NaIudi ION III lcJU vi Ni%<fuVVfuuV'
So far. the burden oil this debt has been borne
entirely by thc North. When peace j. restored
at the South. and labor becomes productive as
it soon viii beyond all former precedent, one
third Of the load viii be taken from shoulders
now bearing the whole.
But in ease Of necessity, We ran resort 20 i'm.
portant sources OF Revenue that have not yet
been touched. Mr.. Lanier estimates that from
$50, 900 900 to 800, 900, 900 may be raised by a
tax upon tobacco aud cotton, without diminish
ing the consumption Of those articles, or without
any injury to our Commerce, or 10 amy domestic
interest. Mr. CLARK, the Comptroller Of the
Treasury, makes a similar recommendation
in his late report.
The remarks OF Mr.. Lanier iore,badowed the
position taken by Mr.. McCuIloch in his ccle-
brated Fort Wayne speech. He took the
ground that il was the purpose Of Government
TO commence without delay the work Of con-
traction aud follow ii mp as rapidly as possible,
until specie payments be resumed.
The manner in which our public debt is held
* one of the most powerful arguments IN favor
of the prompt payment both of principal and
interest. Il is universally distributed among