Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-12
me security Of American Invest.

MENU
Mr.. IF D. Lanier, . banker in New
York city, who has been acting as an
agent of the Treasury Department on the
European continent, has been doing a
good work In demonstrating to the cap
italists Of the old world the wealth and.
resources Of the United States, and the
sure foundation upon which rest u ma
tional securities. The facts and figures
which he has laid, in e~ztenso, before the
people of Germany, will be of much in
terest to American readers, and W. need
make no apology for presenting q con-
densation Of them below. AZ
The wealth OF the loyal States in 1860
amounted to $40, 700, Ooo, oOO-that Of the
Southern States to ss,4e7, 900, 600. The
total debt of So, 600, 600, 900 amounts to
but 20 percent. upon the capital Of the
Northern States, and but 81 per cent upon
the capital of the entire United States.
How light this is in comparison with other
countries may be seen from the fact that
the debt of Great Britain, at the close of the
Napoleonic WARS, amounted to 81, zoo, ooo,-
900, or 40 per cent. of the entire capital Of
the eountry-nesrly twice as great pro-
portionally, as our own. The English
debt amounted to s7ls to each individual
in the United Kingdom; ours amounts to
but sos to each individual in the United
States.
The yearly product Of the industry Of
our country during the year 1850 is esti-
mated at s2,s7o, 100000. The total ma
tional debt on the 3Oth Of December last
is stated by Secretary McCulloch at ST.
ZIG, 5sI,476. So, if the proceeds of our
industry for a sinlge year were devoted to
its liquidation, the national debt would be
paid, and a margin of one hundred and
afty-three million and odd dollars would
be left.
But even these figures do not express
the whole strength. and wealth of our Re
public. We are a growing nation-grow.
ing in population, in mining, manufacture
ing, agricultural, commercial enterprise,
and in wealth. In this lies the real secret
Of our financial strength. The ratio Of
the annual increase of wealth between
1880 and 1860 was 81 per cent The
same ratio Of increase viii give
US in 1870 an aggregate national
wealth Of s24,216, OoO,o and in
1880 of s4s, 2s6, 900, OOO, Surprising that
in the meantime not a penny Of the prin-
cipal of the debt has been paid, it would
at that time amount to only six per cent
of the entire wealth of the country, and
the annual interest would amount to only
II per cent. of our annual national income
That the increase Of our wealth will be in
At least as great a ratio in the future as
in the past no N man can doubt
The very fact that the South is now free
from the incubus Of slavery and that hel
vast and fertile regions are now open tc
free labor, is enough to prove that the in.
crease will be greater than eve before
The development of our mining interests
in Colorado offers US another fruitful
source of national wealth, while the pros
perity and activity throughout the older
States gives evidence that they are increas-
ing in wealth with arApidity unparalleled
in our previous annals. We believe that
the year 1880 will find us with more nearly
5000, 900, 600 than $50, ,OOO,o 900, and
that the national debt will be by that time
so greatly reduced as not to form two per
cent. of the national wealth.