The University daily. [volume] (Morgantown, W. Va.) 18??-????, 1888-06-12
SOME MODERN WONDERS.
THE FINANCIAL MARVELS OF TIE
LATTER DAY WORLD

The RothschiId Family The Bank
OF England The American Treas.
ury Surplus, Railroads. etc.
The financial wonders Of the modern
world, immeasurably greater than the
Wanted engineering maryels Of the
ancients. may be classified as follows
I. Raising the American civil-wal
funds In five years time the United
States government raised grand total
of So, Oil, 818, sos. The largest idebted-
ness at any one time was in August,
1855, when the national debt was 81
845, 907, 500. These great war loans
were obtained BY q nation hitherto
known only q peaceable people, and one
unfamiliar with the science of finanee on
q grand scale. The loans were mainly
taken at home that Isl in that part Of
the nation not in state Of armed insur-
rection and their prompt subscription
and subsequent liquidation, as far as il
progressed, form one of the most re-
markable chapters in the monetary his
tory of the world.
2. The Bank Of England This famous
Institution, founded IN the year 1854,
grew in time to be the governmental
agent Of the British nation, and the chief
financial power of the world It's pres
emit total capital is something over $50,
10000 and its deposits are more than
$3.50, 900, 600. Its notes are current in
every civilized country, and whenever
the Bank. of England changes its rate Of
interest quotations are effected at every
financial centre of the world. The bank
practically manages the entire public
debt of Great Britain, and though'it has
occasionally suspended specie payment is
regarded as an impregnable institution,
beyond the serious effect of all mortal
vicissitudes. is..@. IT,. = Al
3. American railroads: Since the first
railroad was built in the United States
there has been total investment up to
theend of the year 1887 of over IS, 500,
900, 900, and the earnings for last year
were about 5000, 600, 900. During the
year new lines costing about $500, Quo, 000
were constructed. The total length Of
lines now finished is something more
than 145, geo miles, or nearly one-half Of
all the entire world. The total capital
stock of all the roads is over 81, 600, 900,
900 and the funded debt about So, $50,
100000. Evidently the American rail,
way system is entitled to a place among
the financial marvels Of the age.
4. Paying the German war indemnity;
The German government early in 1871
exacted from France an indemnity OF
five milliards of francs, or about one
billion dollars, as a penalty for having
precipitated and having been defeated in
the war then just closed. Five years,
with interest at 5 per cent. annually until
it was paid, was allo wed for its Settle.
ment. But French patriotism responded
SO thoroughly that the whole vast sum,
amounting, principal and interest, te
nearly 81, 1870, 900, 900, was raised by
popular subscription and paid in little
over two and half years. ! 7
8. The American treasury surplus:
The United States government is unique
among nations in that its present legal
income is some $50, 600, 900 more than is
requff88SdL fer allll-its expenses. Including
interest on the publicFdebt and the requl'
site contribution to the Sinking fand.
The excess of receipts over all expenoI'
lures has gone ON until there is now a
surplus of almost $500, 900, 900. the dis
bursting of which and the correct check.
ing of further additions thereto create q
problem in governmental, finance as i'm
portant as it is unprecedented. a.
g.. The Rothschild family: The history
and status of this family must be in:
Guided among the financial wonders Of
the world. Early in the present century
Anself Rothschild was a fairly prosper
GUS banker in Frankfort. He had the
confidence of William, elector of Hesse.
Cassel, to such an extent that when the
latter was driven from = his principally
by Napoleon he intrusted some $5, 000,.
900 with ,Rothschild. The latter in
vested this honorably and wisely, turn.
ing it over: in trust in due time to his
children, who seventeen years later paid
it back with yearly interest at q pei
cent. to the electors when he returned.
The five children managed great bank
lighthouses in Frankfort, Vienna, Lon.
don, Paris and Naples, and became sc
rich and influential that European gov
eminent could hardly venture to engage
in a war if the Rothschilds were be.
ieved to be unfriendly. The combined
wealth of the family has never been
known, but recent imperfect estimates
place it at something like $500, 600, 900.
This is but an approximation, however,
the only thing known for certain being
that the Rothschilds are the richest
family that ever existed. Chicago Time.