The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-10
Debt.Bnrd eneh Peoples.
From the ". Y. World.


being then, as now, at peace with all the
world, was constrained to negotiate loan OF
sixty millions of dollars. This money was
soon absorbed, and the expenditures of the
empire have continued to exceed the amount
of its revenue. Last year the deficit amounted
to $36, 720, 900 (lS5, 800, 600 francs), and now
the Government is in market for new loan
of 44O, ,OOO, 900 francs, or SSS 900 600. With
the proceeds of this loan the deficit is to be
extiDguished, and about $50, ,000 900 are to be
applied to pay debts incurred for the enor-
nous national armament recently made.
This, as will be seen, will absorb nearly the
whole of the loan. There is a floating debt
of 1884, 5O0,0 600 unfunded and unprovided
for. " 18th taxation piled on up to the last
limit of endurance, the annual deficit in the
revenue will continue to be about thirty five
millions of dollars, to say nothing of the
extraordinary liabilities that must be- incurred
for the national defense'' if the armament is
continued on the scale recently fixed; and it
appears certain that the nation must continue
to drift to leeward. The present loan will be
the third one obtained within the last eighteen
years. In 1854, a loan of three hundred mil
lions of dollars was easily obtained, almost
wholly from the French people themselves, by
the expedient of selling the bonds at rate
lower than the then ruling price of the exist
ing three per cent. securities of the empire.
The second loan, as we have said, was one of
sixty millions obtained in 1864; and now a
new one of eighty. eight millions is needed
making $44S 000, 600 in eighteen years, all of
which may be- counted as having been already
spent.
This is bad showing for the Empire-the
more especially since there is not the slightest
prospect of affairs growing better in the
future. But still some lessons profitable to
ourselves for reproof and instruction, may be
derived from glance at the comparative con-
dition of the public debts of France Great
Britain, and the United States. In 1915 i'm
mediately after our last war with Great
Britain, our debt was about $50 600, 900, but
this was soon placed in a shape which brought
about its rapid extinguishment. In the same
year Great Britain had debt of S., 3l0 900, 900,
involving an annual payment of $l03 225 900
for interest; while France has debt OF
only 1858, 230, 900, on which the annual in
terest was $l2, 66l, 525. Now, what has
since happened? The debt of the United
States has risen to g. 643 1886, of which
81, 223, 945, 29l is bearing interest at
from 3 to 80 per cent. but mostly
at 6 per cent, and costing the eoun-
try 1872 09S, 593 annually for interest,
nearly $12O, 600, 900 of this sum being paid in
gold. The debt of England has decreased to
So, ,0O0 (f792, 00O,000) a diminution of
$3.50, 900 having been effected since 1925,
notwithstanding the vast sums the kingdom
has paid in these ffty-three years for subsidies
and wars. And on this sum of SO, $50, 000 900
the annual charge for interest is $l30, 900 900;
less by more than 81 10000 than what we
pay on debt of vastly smaller amount. The
debt of France, on the other hand, has in
creased like our own, and at this moment is
$1,000, 600 600, on which the annual interest
is only $50 600, 600. In the fifty-three years
the national debt of France has increased
81 AS, no. and of this increase 81, ,015, 5S5 has
been effected since 1858. These figures are
very striking. Look at them again for mo-
ment:
Debt Of the u States ss5oGS dS52 400 hn95Gs s5 oSO
Debt of Great Brtain....4,8I0O0 900 l63, ,225 900
Debt OF fFrance....,......"" 353 23QO 700 IL Bl525
Debt of United ststess2 848 752, ,566 Sl83 O9S 59}
Debt OF Great Britain ~ 800 0,O0 0OO lSO GOO CO0
Debt OF France............. 27OO,OOO 900 SOOOOOOO
In the name of all the gods at once, what
kind of craftsmanship is that which leaves the
people OF the United States to pay upon
debt slightly smaller than that of France
ffty-two millions of dollars every year in in
terest more than the French people pay and
two millions more than the English pay upon
debt One-thiTd greater. Admit all that can
be said about the low rate of interest in
England and the high price of money in the
United States, and still it will be difficult
thing to find an excuse which will hold water
for this amazing difference. When Congress
assembled last winter the financial Solons in
the Senate had their heads and their port
tOllOS Crammeu WIN plans LOT Lne luuulu6 OF
the debt into a shape which would tighten
the burden. What has become of all these
fine projects After eight months spent in
gasconade and worse the Congress is about to
adjourn, leaving the finances of the country
in worse muddle than when it assembled,
and without having perfected one coherent or
ineligible measure of reform. The burden
of the debt is heavier than ever it was before
one hundred and seventy-siX millions of
psper-intersst- bearing bonds having been con-
veTted into gOld-bearing securities-and no
thing has been done, of all that was promised,
| either for present or future relief.
Notwithstanding the comparative lightness
! of the burden in the way of interest payments
which rests on the French people, they con-
slider themselves, and with good reason,
| ground down to the very dust with taxation.
! The average expenditure of the French Gov
erpment is about $40, 900, OOO-the heaviest
! item, of course, being the army and navy eX-
penses. One cannot indulge in the fun of
keeping up an army of 100000 men, and an
iron clad fleet of thirty vessels, to say nothing
of a wooden fleet scarcely second to that of
England, for nothing. The population of
| France is not very far from equal to that of the
United States. The recent pamphlet of Mr..
| Horn, who has the reputation of being an emil
nent and accurate statistician, states that be-
sides the single persons of both sexes, there
are in the empire 9, $4,000 families, on each
of which rests burden of fifty dollars year
for its share Of the expenditure of the General
Government. %ke municipal and depart