New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1878-09-18

rate Of interest would cave to the country over
$40 ,OOO, OOO which il the interest at four per
cent. on thousand million dollars
| The policy of reducing the debt and thereby
strengthening the public credit having been
adopted, let us observe the result in the present
condition OF the public debt With respect to
interest. The total interest-bearing debt.
August l. LIS, was IA follows:
per cent Navy-pension fund IA O0O, 600
per cent. bonds .:........... l12s5O,MM
5ler CENTS TOs 2b6,6s,
por cents 7ss,5si,aa,
Total present interest-bearng debt. 81 89 677MN
Inc interest ON which amounts to the sum
of $95, l8l.W so per annum. 1t thus appears
that IN thirteen years the interest bearing de.t
has been EN- reduced from $685., $50 296.9e to
81, sos, 677. 900; gain in he amount Of the in
terest-bearing debt Of $57l,852. 394.96.
Inc reduction of the annual interest charge
is s55, 1856 .69O.45, or more than fifty per cent.
OF what We now pay. 1t the reduction of an
nuai interest were placed in a sinking fund at
four per cent. intert s. it would pay off the
whole debt in less than twenty-five wears.
Th>re has been another gratifying and i'm
portant improvement in the state of the public
debt. few years ago our bonds were largely
owned IN foreign countries. 1t is estimated
that in 1871 from $500 00U COO to 81 600 600 900
were held abroad We then paid from $50 O0O.-
COO to 100000 900 annually to Europe for in
terest alone. Now the bonds are mainly held
in our own country. It is estimated that ilve-
sixths of them are held in the United States
and only one-sixth abroad. Instead of paying
to foreigners $5O,OU0.000. We now pay them
only about S12, 100000 or $l;,OO0,00 year.
and the interest on the debt is mainly paid to
our own citizens. 1t appears from what has
been shown that since the close Of the war.
since the panic Of five years ago, there has been
great change in the condition of the debt.
The change has been one of improvement.
!. The debt has been greatly reduced.
y. The interest to be paid has been largely
8. And it is to be paid at home instead of
abroad.
The burden Of taxation has been reduced
since 1866, the first year after the war, as fol-
lowws:
The taxes in 1866 were
Customs. $179046,f51 So
Internal revenue. 309, az, 1913 40
- S4ss, 27s, 1865 co
The taxes for 1878 were
us toms ......... $780, r,cSO 81
Internal revenue. III, 5S1 1924 II
-------- 24o, 752, so4 "a
Reduction of taxation since 1865 :. 1924, 52l 1eJ o6
TAXATION THE YEAR OF THE PANIC.
l873-Customs. Observation-Disclosures. $1s8,O8 522 70
Internal revenue ............. ,3l4 IA
Total. Observation-Disclosures. 3o1 ,s's.s36 ~
1875 24O7523 d 81
--.-
Reduction since the panic. 60,O66531 80
EXPENDITURES.
The expenditures have been reduced since
| the end If the war as follows:
1s67-Expeuditures including nen
| sions and interest .$357 5s2,675 Is
1873. 1866 80; 80
| -----------
heo"ccon OF expenses. 1890. l2o,578,S4s So
! EXPENDITURES THE YEAR OF THE PANIC.
l873...... ....... .............. $3.50 1852 S SO
1878. 236, ,326 20
o-.oo------
"0o'e''on ~ u 70 soais :'.'.''' 9o'ooo'o1o %
THE CURRENCY.
Inc I'm provement IN the currency since the
| ciose OF the war mas been very great In 1868
the paper currency OF the country consisted
Of
Sreenoacks S432 7,e4
Frantnua JaN noes
Old demand notes ana az ae
Treasury notes, compound interestnotet, ''''
and State bank notes. estimated. 1oooOO,oOO
- ----t
T.. lo1ai. m 90 IN
us value was % 81 loo on the collar ar IN com
anu 1t o., s"'al Value IN com vas
IN 1919 our currency CONSISTS OF
Nt;n, ',io w.
Fractona1 c,,,rancv is'st7' 100 o ~
/ >'~1-.~-1~s 800 80 :.
! Total SaB7743 l68 IT
Each dollar of paper currency is now coih
99115 cents in coin, and the total value in 0(vn
of our paper currency is more than 1851