The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-08-23
The Banking Nation for the World.

London correspondent of the New York
Bulletin furnishes some interesting statistics
which show that England, while diminishing
her Indebtedness to her own subjects, is at the
same time the banker for all the nations of
world, lending them capital whenever wanted.
The writer says
| In this respect, the heaviest demands have
been made during the years from 1862 to
| 1872 either indicating an increase during that
period OF internal and costly disturbances, as
| in the United States and France or the accu-
mu alton of progressive ideas. England her
self in that time decreased her debt owing to
her own people SIZE. 900; the only other
like instance being Holland to the extent of
$50, 600, 900.
On the other hand we find that the a!ov
named Governments in that time have prodi-
giously increased their indebtedness France
to the extent of 81, 500, 900, 000 and the United
State S1,75OoO0,000. 1t is somewhat of
financial surprise to find that Italy ranks next.
That country is now groanino under a burthen
of 81, 25O00O, 900. Then follows Spain with
increase during the decade Of 81 100, 100000,
perhaps less able to see her way through liqui-
dation than Italy. Russia, with her vast do
main. an enegetic Emperor, and imbued with
ideas rapidly expanding to proper apprecia-
ton of her prodigi ous internal resources, has
only added the lighter burden, $3.50, 900, 900.
Next on the list is Turkey, adding since 1862,
S535, 100000 Austro- Hungary has increased
$3.50, 000,0O0; Egypt, s35O,O00,0o Brazil
S275, 00O,O 600; Portugal, $1,000, 600, and
Peru, 100000. Other States have increased
in lesser amounts, but perhaps, heavier i'll
proportion to their ability to carry ; whilst
Mexico, Greece, Ecuador and Venezuela have
remained stationary, for the reason that no
one was found willing to loan.
According to the figures previously given, |
found the aggregate OF national securities sub
scribed for and dealt in here to reach the
stupendous amount Of Sl4, ll3, So, 100, sum,
great as it j., very far short Of the actual i'll
debtedness of the nations included in the
summary Upon the authority of 60 Fem on
the Funds it appears that $4,000, O0o, 900 of
Indebtedness were added during the period
between 1862 and 1872, of which not less than
one-half was directly and indirectly rcferable
to war, in which the United States and France
We're the most conspicuous, expendino jointly
81, 25O, 600, 900, and that by no means including
all the disbursements occasioned by the wars
in which they were unfortunately engaged.
The other halt OF the augmented debt, it is
estimated, has been put to higher purposes
than human destruction, but only a part of
that half can be clearly traced. The sum OF
S6,O75, 600 900 went into the State Golfers of
Russia, Spain, Turkey and Egypt.
The first spent portion OF this IN building
railroads. not wholly intended to cultivate
the arts of peace. The second applied part
in the development of internal Industries
Concerning the disposition made Of her quota
by Turkey very little is clearly known. The
caprices of the head OF the State, the costly
construction of iron-clads and the sustenance
Of corrupt Officials may have spared but d
small portion for direct application to repro
ductive works. Egypt, the vassal State, pre-
sents better record. The Khedive can point
to the Suez Canal, and instance other works
connected with the industrial progress Of his
people With reg I'd to the Colonies and
India borrowing, during the period named,
S235, 200, 900, no part was used as blood mon@y,
all Of it having gone to reproductive purposes
and the civil uses of the State. England, it
will be seen, has been no borrower; on the
contrary, diminishes her debt, munifcently
aids the peaceful progress of her dependen ies,
and banks for the nations Of the world, all of
whom are her debtors.
sBrutes in uniform is what they style the