The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-02-20
The British and American Debts.
[From the Chicago Tribune.

From the Chicago Tribune.
The present national debt of Great
Britain, funded and unfunded, is
sS00, 848, 847, or 81, 0O0,0CO,O0O. The
debt of the United States, funded and
unfunded, is $500, 100000, or equal
to FIVE Fights Of the British debt.
The present English debt may be
said to have commenced with the
restoration of the Stuarts, though it
first assumed serious proportions dur
ing the military reign of William of
Orange. When Anne succeeded to
the throne, the public debt was f16,-
100000. During the reign of that
Queen it was Increased to S04, 600,
QUO, and when George III. entered
upon the American war, the debt had
grown to 9129,OO0,000 The French
war, and the continental wars that
succeeded, completed the work, and
left the whole debt at sS48, 600, 600.
This was in 1817-ffty years ago. In
1888, sixteen years later, the debt had
been reduced to e7S0 DOC, 600, but
soon begun growing again, until it
now stands 9S00,000, 000 While the
aggregate of this public debt is now
but forty-eight millions Of pounds
less than it was fifty years ago, aud
twenty millions greater than it was
twenty-five years ago, there has been
no decrease Of the public expendi
lures, though during that halt cen
fury, with the exception of the brief
orimean war, England has had an uu
broken season Of prosperous peace.
The annual public expenditures in
Great Britain In 1888 were 945 ,000,-
GOO, and in 1867 were 967, 900, 900, an
increase of 922, 900, 600 During the
thirty five years, from 1888 to 1868,
the annual expenditures had increas-
ed twenty-five millions, and twenty
millions had been added to the debt.
The growth of the business of the
kingdom has been extraordinary. In
1882 the value of the exports was
936, 444 ,000 and in 1866 it had In
creased to s1S8,S27, 900. an increase
in the annual business of over 915O.-
100000. The revenue In 1882 was
943, 4O8, 900, and in 1866 was $685.
7S5, 600
The one great defect of the English
system is the absence Of any reform in
expenditures. An increase of salary,
or the creation of an additional office,
becomes permsaent. Sinecures are
never abolished, peGIss.s5ls never ex-
pire, and expenditures never dimin-
ish. Thus, from 1892 to 1854, the
annual expense of the British army
was seventeen millions of pounds; in
1865 this was increased on account Of
the Crimean war, to thirty millions of
pounds, which sum continued to be
the annual charge, until 1867, when
proposition to reduce it was rendered
impossible by the Abyssinian expedi-
ton
There has been, however, a great
reduction of the annual charge for
interest upon the British debt The
annual payment for interest now is
twenty-six millions of pounds, which is
a fraction over three per cent. interest.
The annual interest paid upon the
debt Of the United States is $130 000,-
600, or. assuming the debt to be
$500 600, coo, FIVE and a half per
cent. This interest is computed upon
its value in paper. The gold value of
our annual payments of interest is
1872, S98, 900, or 47-10 per cent. on the
whole amount of the debt. In Eng
land all the public debt, funded and
temporary, bears interest. In this
country one fifth of the debt bears no
interest; another portion bears inter
est in currency, and still another bears
interest at five per cent. ~.