The Providence news. (Providence [R.I.]) 1891-1906, 1898-07-12
Over $l,OOO,OOO a Day
Will Be Required.
FORMER WAR REVENUES.
Cost Compared With FiuancIal
Burdens Of this Conflict.
PREVIOUS ONES INSIGNIFICANT

How much money will be raised b
the new war revenue law is as vet large
ly a matter OF conjecture. but it will
have to be in excess Of 81. 900, 600 da,
II 1T fully meets the purpose for which
1t was created. Before the war bega,
the expenses of the government wer
about 81, 600, 900 a day. Now, accord
ing to the figures of government Off
cials who handle tho money, they ar,
twice as much 1t is easy to sec wher,
The extra 1900. 600 goes, and the won
der IS that with an invading army in
Cuba. another sen the way to Dewey,
support Ia tho Philippines, tnree o,
four heets OF war vessels 10 inaintaiu
and an army of i0os 600 reserve fighters
III various camps about the country
the expense is not much greater than il
is. Any one who has to pot 2 cent
stamps on his bank checks or contribute
to the expense Of the war in the various
other ways provided by the new revenue
law need have no fear that the govern
ment will not need the money.
Judging from the statistics furnished
in the records Of previous wars, Uncle
Sam VIII have no trouble raising all
the money that will be necessary TO
prosecute this one. In 1865, the last
year of the war Of the rebellion. the
revenue from internal taxes was S3O9.
22G, SD. That amount OF money was
collected Of course only in the loyal
states. which had at that time only 23.
100000 population. To defray the ex.
penses OF the present war there are 75.-
600, 900 people, who. at the same ratio
OF taxation-about $l4 per capita
would raise more than 81. 900, 600, 600
year. No such amount will be raised of
course and will not be needed, but tho
fact that tho United States could get
that amount of money at home, while
Spain finds It hard work to borrow a
cent either at homo or abroad. even ON
the most valuable of her few remaining
possessions, seems significant Of the re.
suit.
!. Expenditures Of former wars seem in
rs compared with the finan.
cial burdens that may grow out of the
present one. In the war Of 1912, ending
with Jackson's victory at New Orleans
the United States spent Sl02, 993, 1914.
In less than a week nowadays money
enough passes through the Chicago
clearing house alone to pay for the
whole war. The government then relied |
ipon loans to carry on hostile opera
ions. 1t borrowed during the four
'ears of the war $97, $40, 5ss. The in.
ernal taxes for the period amounted to
MY $50, l0I, 55S. Much Of the money
vas raised on per cent treasury notes
n 1913 q per cent government bonds
old at SO and in 1914 Mt 80. How diff.
erent it is nowl People all over the
ountry are falling over one another TO
ubscribe for the new per cent bonds
{ par and the brokers already offer to
ny them at a premium. Before the
absorption blanks were sent out three
anks In New York offered to take the
ntire issue, and but for the provision
1at the securities are to be sold 20 the |
eople the banks would quickly bid
lem mp to l02 or more. The difference
stween per cent bond at 80 and a
per cent bond at par expresses part of
10 difference between then and now in
10 governments financial ability to
age foreign war;
All the money to carry on the Mexi-
N war was raised by loans. The cash
'lance in the treasury July /, IS4C.
as $50, l94,274. Six per cent treasury
ties produced SIS, 500, 9oO The ex.
mixtures during tho war were sI25.-
q, 4SS, but smaller amount was bor- 4,
wed. The result. of course, was a def I
e and a financial burden for the fu- !
re, which seems one of the inevitable
suits of war.
The war OF the rebellion was moro
'ious matter than either of the other
0, and 1t cost more money. The total 4
'ount spent during the four years of S
1t conflict was 90, 170, 372, $50, which {
an average of $704, S43, ,0S7 year. {
o largest amount expended in apy
year was $l,2l7, 70d, 1919 in 1865 d
the smallest amount S456, 37g, 500 o
1862. The treasury was not as we'll O
spared for war then as it is now. The v
d balance at the start of the conflict o.
", 257, 065. 1t is 100 times greater x
v, being about s226. 600, 900 and a z
GO part Of it in gold. Six per cent Il
d bonds of the United States offered al
The highest bidder in 1901 brought jc
average Of 5000. The governments
wv per cents" now sell at l25 and in
r. III
took deal Of very adroit financier. tr
TO keep the war kettle boiling dur pi
the rebellion, and numerous expe. on
nts that Yill not have TO be rcsortod
low were tried. In an article in Tho ba
lkers' Magazine Ellis III. Roberts. in
surer of the United States, shows tn
amount Of loans and currency issued mi
ing the rebellion TO have been So
o19,52o OF this amount more than
100, 600. 600 were in bonds and an.
m 81 600 O0n 0OO mud ,,,r,, .tc.,. ,t