Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1883-08-08
DebC and Frss,erity,

She. lie 30th of June, last wear, the
public debt has bee q reduced Sl1i. 1884,
b75, or, in round numbers. By S1l5,00O,-
QUO, being an average of 81. 800. 500 per
month, and at tie rate of $l3S, 900, 00C
per year. The highest point for the in
terest-bearing debt of the United States
MAS in August. 1865. when it stood 3d.
3Sl $50, 800. The reduction since made
is $i,923,715,412 The annual interest
charge In 1865 was $3.50, 977 ,697. At
the close OF the fiscal year 1882 it was
but $4,000, no. and now it is some 81
100000 less. The lowest rate of interest
paid in 1865 was 5 per cent. the highest
was 7.3per cent; the average was 4
little over per cent; the lowest rate at
present is 3 per cent, the highest is 81
per cent.
These figures are sufficiently striking.
They do not indicate the highest wis.,
dom in the management of the national
i finances, for many errors have been
rnade. The burden laid upon the peo-
pie has been needlcssly heavy on ac-
count of the depreciation of the Govern
ment notes previous to 1873. But the
enormous available resources of the
country and the capacity of our people
% bear without serious difficulty strain
wholly unprecedented in economic his
tory are all the more proved. This fact
comes out still more plainly when the
, history of our debt is compared with
that OF England. Since 1S5I-twenty.
six vc.rs-the net reduction of the debt
Of England has been but Sj35, 900 600.
In his latest budget the Chancellor Of
the Exchequer announced Il project for
the further reduction in the next twenty
years of $50, 0OO,000, making fer the
| forty-six years an average annual re-
ducticn of u little over S50.000.000. -
During the eighteen years since 1865 the
average annual reduction of the debt of
rhe United States has been nearly twice
that amount, or over S5S, 900. 900, while
last year the reduction of the interest
bearing debt was over &i75. 900. 600, or
nearly six times The average annual re-
duction IN Great Britain. As bearing on
the material condition of the two ma
tons. it must, moreover. be remembered
that taxation in Great Britain is far more
carefully adjusted than in The United
States and its burden bears more lightly
| upon the earning capacity Of the peo-
pie.
II We compare the financial condition
vf the United States with tina, OF the
other great republic OF the world, France,
there is still more striking contrast
France, like the United States, has had
to struggle with the burdens of ei-
gantc war, ami though civil war is far
| more costly than foreign war. even
when followed by such loss of territory
and such money Indemnity as France
| had TO hear, France is to-day in far
| weaker and more insecure position Than
the United States. The Government is
now erPa rcd in the process Of refund
!. relatively small amount, some
.t40, 900, 900, OF the ) per cent. debt in
TO II per cents, and the measure is re-
| gardcd as very seriously threatening the
stability not only o. the Ministry but OF
the Republic itseif. TIE debt being very
| largely held by the smaller rradaSinen
and pcasants, VINO have put their mon.
! ey into it ut various rates of purchase.
| from "a per cent. 10 above par, the loss
| of one-teuth the annual income Of the
| bondholders creates the most acute dis
content "a feeling wholly unnoticed IN
| this country. when by a mere admins
trative act of the Secretary of the Treas
urN the interest on over Il thousand
| II i ions of the debt was reduced from 3
per cent, Al per cent, and per cent.
To 81 per cent, reduction ranging
from l2A per cent. to 80 per cent. Of the
revenue derived from the bonds. Taese
facts show how very mitch more closely
the French people are compelled to
calculate their incomes, and how much
more seriously the cxactions of the Gov.
eminent affect their comfort and their
| security.