The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-29
HOW THE DEBT GROWS.
from the MINNEAPOLIS Penny Press.

From the Minneapolis Penny Press.
The United States has paid off over
81 500 600, 900 of the principal of its out
standing public debt in the past thirty
years: and yet it will take more wheat
and flour and pork and wool and cotton
to pay the balance today than it would
have required to pay off the original debt
at the close of the war. In other words,
the public debt, measured in the price Of
staple commodities is larger in 1896 than
it was in 1866, Notwithstanding that dur
ing this period we have paid off $780,
600 900 of principal and the enormous
sum of 81, 635, O00O 900 of INTEREST,"
On the average prices OF 25 staples, in
Guiding both labor and farm lands, John
Clark Ridpath, the well-knOwn historian
of the United States, finds that the pub
lie debt of $1,237, 100000 in 1896 has
greater purchasing power than the debt
of 81, 1927 ,O0O, 900 had in 1866. What does
this mean? It means that, although dur.
ing the past thirty years we have paid off
over billion and a half of principal and
over two and one-half billions of interest,
the debt as measured in the products OF
labor is larger now than generation
ago. In other words, Notwithstanding
the fact that we have paid out of the
earnings of the people over four billions
products of labor has actually increased.
After paying off nearly 60 per cent of
the principal the remaining 40 per cent
is greater in purchase power than the
original 100 per cent.
Taking the average prices of March,
1886, and November, 1896, DR.. Ridpath,
as told by him in his Arena series on the
Bond and the Dollar" makes this as
founding discovery:
That it will take 353 81 900 barrels of
of wheat to pay the remnant of the public
debt in 1885, as compared with 1,4S6 ,000,.
900 the original debt in 1866.
That it will take 353, ST. 900 barrels of
flour to pay the remaining 40 per cent Of
the debt now, as compared with only
| 1852, zoo, 900 barrels to pay the 100 per cent
at the close of the war.
That it will take $50, 915.000 barrels of
| mess pork to pay the 81 ,237 900, 900 of debt
| in 1896, as compared with only 9.576, 900
barrels to pay $2,S27, 900 of debt in
| 1866.
That it will take $3.50, 900 900 pounds
of wool to lift the debt of 1896, as against
| $3.50 ,OOO,O 900 pounds to wipe out the debt
of 1866
That the bondholders can buy 35,357,-
| 900 acres of the best farming lands in the
| Ohio and Mississippi valleys with 81 237,-
| 900 900 of bonds in 1896, as compared
with 37,666, 900 acres with $2,827 900, 900
of bonds in 1866.
That 40 per cent of the original debt
buys 24,75O, 100000 pounds of sugar or
46,24S, 900 of bar iron in 1896. while
100 per cent of the debt in 1866 bought
25, 1913 900 900 pounds of sugar or IL $751;
900 900 pounds of bar iron.
| The purchasing power of the national
| lohf fc in
was in 1866, by 646.0OO,OOO bushels of
wheat. by 9O,O00O00 barrels of flour, by
| $500, 900 900 pounds of cotton, by 1.O00-
900 barrels of mess pork, by 425 900, 900
pounds of wool, or by 4,496, 200, 600 pounds
| of bar iron; while it is less by only
100000 acres Of farm lands.
That is to say. while we have contrib
uted 81 600 100000 of principal and ST.
| 600, 100000 of interest to our bond-hold-
ing proprietors. we have paid off moth
/ ing. We owe more now than when we
began. We have turned $4,000, 900 900 of
cur savings into their Golfers and we owe
them over 600.0O0,000 bushels of wheat
or 90,000.O00 barrels of flour more than
when we began thirty years ago. Four
billions of tribute simply bind our debt
chains tighter. And yet it is main
tanned by the bond-holders and their
has not increased in purchasing power
fast enough yet, and they now demand
that the currency be contracted on q sin
gle gold standard still further, in order
to make the debt grow more rapidly.
The Democratic administration has in
creased the bonded debt by new issues
1882, 900 900 during the past three years
and the lower house of congress. with its
overwhelming Republican majority, pass
ed a bill to issue S500,000O00 more Of
bonds on top Of it all. Both the Repub-
lican gold organs and the Democratic ad.
minstration demand the contraction Of
the currency by the cancellation of $780,
100000 of government greenbacks an6
treasury notes. The money power is
never satisfied. It's appetite grows or
what 1t feeds. Only the poole risen il
their might can curb it.
Il
No. we don't keep any big statesman
g. III