Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-06

has been reduced from s2,s81, $50, 296.e6 to
81, 8O9, ST.. 800; gain in the amount of the in-
terest-bearing debt of $571, 1852, 1874. &c.
The reduction of the annual interest charge
is SOD, Use, 690.45, or more than fifty per cent
OF what we now pay. If the reduction of an
nual interest were placed in a sinkinp-fund at
four per cent. interest it would pay off the
whole debt in less than twenty-five Years.
There has been another gratifying and inn
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 $780, 00O 900 to 81 900 900 600
were held abroad We then paid from $50, OOO.-
oOO to $50, 100000 annually to Europe for in
terest alone. Now the bonds are mainly held
IN our own country. 1t is estimated that five.
sixths of them are held in the United States
and only one-sixth abroad. Instead of paying
to foreigners OOOO, 900, we now paw them
only about S12, 1000, 900 or $15, 900 900 wear.
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
q great change in the condition of the debt.
The change has been one of improvement
l. The debt has been greatly reduced.
z. The interest to be paid has been largely
diminished.
8. And it is to be paid at home instead of
abroad
TAXATION.
The burden of taxation has been reduced
since 1866, the first year after the war, as fol-
lows:
The taxes in 1866 were
customs. $179,O46, 651 SO
internal revenue. 3O9,226,813 AZ
---- -------- $488, 273, 465 90
The taxes for 1873 we're
Customs. $3.50, 1850 20
Internal revenue. 110,5S1 ,6A IA
----------- 24U,15Z, JO4 ~
Reduction Of taxation since 1866. .S247521 ,1so os
TAXATION THE YEAR THE PANIC.
lo'o-Custons $188, 089, 500 10
Internal revenue ............. 13,729,314 IA
Total. Observation-Disclosures. 3O1, 1885 "a
1910. $40, 752, 304 "a
Reduction since the panic. . 6O,O66,531 30
EXPENDITURES.
The expenditures have been reduced since
the end of the war as follows:
1a67-Expenditures including pen
slons and interest. ..........,.. 1857 532 675 16
236964 1876 80
Reduction of expenses. ........ 12O,57s,s4s SO
EXPENDITURES THE YEAR OF THE PANIC
1919 $3.50, 345,245 SO
1893 236, 1854 1876 80
Reduction in five years ... 5s,sso,o1s So
THE CURRENCY.
The improvement in the currency since the
close of the war has been very great In 1865
the paper currency of the country consisted
Of
Greenbacks Sa9o 757 eol
National bank notes 776 o19 a55
fractional currency. Observation-Disclosures. 2t34474
Old demand notes. Observation-Disclosures. 400 e65
Treasury notes, compound interest notes,
and State bank notes, estimated. 100000 900
Total ACKNOWLEDGEMENTS. 735,719266
Its value was 60 so. 100 on the dollar in coin.
and it's total value in coin was $500 999, $685. 10.
In 1873 our currency consists Of
CTreenDacRs S346, 621, 116 90
National bank notes .... 3245l4.284 no
Fractional currency. observation-disclosures. Is, 547,768 ~
lOttal 1851 ,743, lGS ~
Each dollar Of paper currency is now worth
9911a cents in coin, and the total value in coin
OF our paper currency is more than 1864, OOO.-
900. '00'
The value of the paper dollar is as stable as
that Of coin. Coin and paper are practically
abreast Of each other. The fluctuation in the
value of the paper dollar has not in the last
five months exceeded the fraction of cent.
The total increase in the coin-value of our
paper currency since 1865 is about $l75 OOO,-
Nothing connected with the financial affairs
of the government is more interesting and in
structive than the state of trade with foreign
countries.
The exports from the United States during
the year ending June 80, 1873, were larger than
during any previous year in the history of the
country. From the year 1853 to the year 1873,
the net imports into the United States largely
exceeded the exports from the United States
the excess of imports ranging from $39, 900, 900
to 1882, 100000.
During the years 1874 and 1875, the exports
and imports were about equal. During the
years ending June 80, 1876 1877, 1878, how
ever, the domestic exports from the United
States greatly exceeded the net imports, the
excess of exports increasing rapidly from year
to year.
This is shown as follows:
The total value of exports from the United
States increased from $685., 300 in 1868, to
$3.50, $685. 1893 in 1885, increase of $411 1893 $685.
or 1853 per cent.
The following table shows the principal
commodities the expectation of which has
greatly increased during the last ten years:
Excess Of ex-
Year ending June 80. ports over net
imports.
1915, %7o ela Ao1