The daily gazette., 1880-02-25
NEpxrspAY. rEsRUARY IS. Isse.
IxrKRKsr In EURorR--w We hav


IxxKRKsT In EURoPR.- We have
no doubt that the immense amount Of
eonsuls that are always found in the
European money market is one of the
chief reasons why interest in England
il kept at three per cent. L ese con-
suls can always be bought, and serve
IS q receptacle for idle money and
to keep it's value at s per cent We
know of no other cause They ooen-
py . sort Of sacred place, and although
nearly always below par, are held to
be safe The depressing weight oi
expenditures are immense, and one
of the mysteries that cannot be un-
rayslsd is just how Europe manages
to borrow on the low terms it does
In comparison with the security of
the loans Of our own country the diff
ference is certainly immense. The
influence we wish to point out may be
very clearly drawn from the figures in
the paragraphs we quote below. They
are said to be accurate.
"An accurately made up table show,
that among all countries OF Europe
only England and the Netherlands
have reduced their debt since the ye2I
1855, and that even in those excep-
tional cases the reduction has been
trifiing. 1t also shows that the total
public debt of Europe has risen from
&l2, sos. 600, 600 in 1855 to SO, SIS, 900,
900 in 1879.
On the other hand. the public debt
of the United States has during the
same time steadily and vastly dimin-
ished- In 1865 that debt, as then
audited and aseertained, amounted to
-, $50, 647, s59, whereas on the 1st OF
D,eember, 1879, it had diminished to
$2,027 ,4l4, S25, a reduction during
thirteen years Of over $653, 000, 90.
We also learn from the foregoing
figures that the debt of the Unit d
States il now less than that of France,
Great Britain, Russia or Spain, and
very little more than that of Austria
Hungary, or Italy.
The statement shows that, without
exception, every European State has
increased its expenditures since the
year 1865. The total cost of govern
ment for all Europe has risen since
that year from 81, ,S9S, 900, 900 to 81,
TSS, 900 600. The United States alone,
among the great nations Of the world,
has reduced its expenses during tie
last fifteen years.
The expenses of our government are
also proportionately and actually less
r. -.aAESAIAh SA-.-.. .l-S-SS vr any Utner al
all comparing with it in the compass.
and importance of its functions. Il
costs less, for example, than that oi
Germany by 81, 900, 900 less than
that of Austria-Hung4ria by $54. 0O0,
900; less than that Of France b,
tSSo, 900, 600 les than that of Great
Britain by $40, 900 900; less thar
than that of Russia by S274, OO0, 600
and less than that Of Italy by
3S1 ,0oe, ,00o.
Accord TO these statements ever
country IL Europe has increased its
military expenditures. excepting only
kaly ard Austriz-Hungzria- Beside
these gigantic figures the cost Of the
military ard naval armament Of the
Onlten States seems tlSfiing. II i,
not uncommon for an American 50
lourning In Europe to hear sighting
remarks made concerning the proves
Of his country. But it IS quite pos
sihle in considering the cost of sucl
lRxnries abroad he may have little t,
regret in their absence a. home
These figures ought to be decisiy,
with all economists They show tha
all the governments Of Europe, usual,
eAassed among governments terme,
ed strong" are expensive and ab
sorb every cent earned by the labor o
the mass Of their citizens.
That their vast e1 1penditures are a
required TO keep up what are call,
<strong" governments, known bette
under the name Of Kingdoms and En-
Pires- 1t IS all folly to deny ihi. fat
slnee there is nos single isolated king
dom in Europe to po.ni 70 to prov.
the contrary. Hence the conclusion
must be arrived al ibai the faul: Of e1
travAgance Is only to be found in ii
system II = strong government
wanted il must be paid for. If the pec
pc require strong government to kee
them in subsection they must foot Ii
bill Of expenses-
Armies and aavies have always tee
expensive. Experience proves that The
are even more expensive in the Cnite
States than in Europe and hence Il
necessity for doing without these expei
hEe Injuries They absorb the tax
and demand heavy levies every snccee,
ing year; and they are necessary TO
strong government. Just as We do vii
oss these our revenues from taxes nj
be applied 10 the e1iingu shment Of o.
public debt II, therefore, We oouus
our ability 70 pay our debt We find Ii
We are far more able TO exlinsuish
than EuroPe's '-srong" governments a
to exunguish heirs. Why ihen shou
our deos not be al 4 premium Wien II
deoA OF Europe are not Al par? Ce
tAinly there can be DO ansEer IN The neg
tive. Nor can there be any suffice
reason Why the whole seven hundr,
millions Of 81 per cent bonds shou
NOT be at . premium in less than /.
month after they are pu, upop ii