News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1888-06-07
SOME MODERN WONDERS.
THE FINANCIAL MARVELS OF THE
LATTBR-DAY WORLD.
The Rothschild FamiIy-The Bank
ofEngland-TheA American Treas
| urV SurnIus Railroads. etc.

| Inc IGOUnScnIlO famlly-IDe bauh
ofEngIand-The American Treas
ury Surplus, Railroads. etc.
The financial wonders of the modern
world, immeasurably greater than the
vaunted engineering marvels of the
ancients, may be classified as follows:
/. Raising the American civil-war
| funds: In five years. time the United
| States government raised a grand total
of So, OIL, ,S1s, sos. The largest idebted-
| ness at any one time was in August,
| 1865, when the national debt was $2,-
$40, 9O7, 626. These great war loans
were obtained by a nation hitherto
known only peaceable people, and one
unfamiliar with the science of finance on
grand scale. The loans we're mainly
taken at home-that is, in that part of
the nation not in state of armed insur-
rection-and their prompt subscription
and subsequent liquidation, as far as it
progressed, form one of the most re-
markable chapters in the monetary his
tory of the world.
?. The Bank of England This famous
institution, founded IN the year 1894,
grew in time to be the governmental
agent of the British nation, and the chief
financial power of the world. Its pres
ent total capital is something over $780,
900, 900 and its deposits are more than
$3.50, 900, 900. 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.
3. American railroads: Since the first
railroad was built in the United States
there has been total investment up to
the end of the year 1887 of over So, 8,600,-
900, 900, and the earnings for last year
were about 5000, 900, 900. During the
year new lines costing about $500, 900, 900
were constructed. The total length of
lines now finished is something more
than 145, 0C0 miles, or nearly one-half of
all the entire world. The total capital
stock of all the roads is over 81, 900, 00O,-
600 and the funded debt about So, $780,
600, 900. Evidently the American rail-
way system is entitled to 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 allowed for its settle
ment. But French patriotism responded
so thoroughly that the whole vast sum,
amounting, principal and interest, to
nearly 81, ,130, 900, 900, was raised by
popular subscription and paid in little
over two and half years.
5. The American treasury surplus:
The United States government is unique
among nations in that its present legal
income is some $50, 600, 600 more than is
required for all its expenses, including
interest on the public debt and the requi-
site contribution to the sinking fHnd.
The excess of receipts over all expendi-
lures has gone on until there is now
surplus of almost $500, 900, 900, the dis
bursting of which and the correct check
ing of further additions thereto create
problem in governmental finance as i'm
portant as 1T is unprecedented.
6. The Rothschild family; The history
and status of this family must be in
CluuCu AIMING buS uuduSldl WOudSAS VI
the world. Early in the present century
Anself Rothschild was 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 principality
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 2A per
cent. to the elector when he returned.
The five children managed great bank
ing-houses in Frankfort, Vienna, Lon
don, Paris and Naples, and became SO
rich and influential that a European gov
ernment could hardly venture to engage /.
in war if the Rothschilds were be-
Geved 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 ChicGgo Times