The Republican. [volume] (Oakland, Md.) 1877-current, 1886-11-13
PUBLIC DEBTS.
Tho Obligations of the United states an
the Great Powers of Europe.

the Great Powers of Europe.
The writer of letter in which ws
are asked to publish an article on pub
lie debts expresses the belief THAT in
proportion to ability to pay, the public
debt of the United States is smaller
than that of any of the great nations of
the earth" The statement might be
made very much stronger than that.
Germany is the only one of the great
powers of Europe which has not a
larger debt, measuring its gross amount,
than that of the United States. and the
only one in which the actual burden of
the debt, to say nothing of ability to
bear it, is not greater than it is here.
But it may be Interesting to present
| the facts in regard to each country by
itself, and we take them in alphabetical
order.
Since May, 1868, Austria Hungary
has created no debt as a whole, but
each kingdom has had its own bud
get and debt account The sum of
the old debt of the empire and that of
| the two kingdoms is more than twenty
two hundred and fifty million dollars,
and the interest, which has to be met
| by taxation, amounts to about two dol
lars and thirty cents for each person
in Austria, and to three dollars and Il
half in Hungary.
The public debt of France is the
largest of any in the world. The con-
| solidated debt alone. which is by no
means all of the debt, is almost four
thousand million dollars. The charge
on account OF the public debt for this
year is more than seven dollars for each
inhabitant Of the republic.
Germany as whole has but a very
small debt, scarcely more than one
hundred and fifty million dollars, and
| it has invested funds which amount to
more than this, so that the empire NAV
be said to have no debt at all. The
several countries of Germany have
their own debts, but in the case of
Prussia, which has the largest, the OBJ
legations were incurred chiefly in build
ing railroads, which pay larger profit
than the interest on the debt. To all
intents. therefore, the Germans bear
no burden at all on account of public
debt.
Great Britain has a great debt,
which, however, bears Il low rate Of
interest. The nominal capital is about
thirty-seven hundred million dollars,
and the interest charge is one hundred
and forty millions, which imposes an
average burden of little more than
four dollars on each inhabitant of the
British Isles
The debt of Italy is not "capital-
lied" 1t represents an obligation to
pay SO much interest every year; and
this sum amounts to three dollars and
seventy live cents a year for each sub
ject of the King. No statistics of the
debts of Spain and Turkey are worth
any thing. The Government of Tur-
key is hopelessly bankrupt, and is
bound hand and foot by its foreign
debt. The last statement of the Span
ish debt showed it to be nearly twenty
six hundred million dollars. Spain
pays an amount of interest which
averages more than three dollars for
each Spaniard, and leaves some inter-
est unpaid.
Russia owes a capital of about twenty
seven hundred million dollars, and pays
about one hundred and fortf-tive mill
ions annually for interest, If this
amount were divided by the number
representing the whole population of
the Russian Empire. in Europe and
Asia, it would make an average of one
dollar and forty cents for every subject
of the Car.
The net debt of the United States at
the close Of the last fiscal year, June
so, 1886, was very little less than
thirteen hundred and ninety million
dollars. and the annual interest charge
upon it was not quite forty-nine
and a half millions. As it is estimated
that the present population of the
country is about siXty-one millions, the
yearly burden of the debt amounts tc
only eighty-one centsup each person
in the community.
We may, accordingly, state it rs q
fact that the actual burden of the public
debt is very far less upon each inhabi-
tant OF the United States than it is upon
citizen of any other great power in
the world except Germany; while il
ability to bear the same burden of tax
alton were to be considered. the differ
encc would be greater still YoWth'S
Companion.