The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-08-26
NATIONAL DEBTS OF THE WORLD.

The national debts of the world aggre-
gated more than $50, 600 0OO. 900 at The C,ose
of the nineteenth century, or ten times as
much as in the closing years of the eigh-
teenth century.
In 1888 at the beginning Of the Napole-
onic wars. the national debts Of the world
amounted to approximately two and one
half billion dollars: In 1900 they were, ac-
cOrding to the best information obtainable.
81 billion dollars. In general terms it may
be said that the worlds national indebted
ness in 1900 aggregated ten times what it
did at the beginning Of the nineteenth CEN
fury. Meantime population has increas ed
$50 per cent. and gold AMI silver. which
form the basis of the money with Which
debt payments are made 500 per cent.
| though the proportion of the existing gold
and silver which is turned into coin is now
much greater than at the beginning of the
nineteenth century, while the utilization
OF the various forms OF credit as currency
may have increased the worlds circulating
medium quite in proportion to the increase
in its national debts.
Whether national wealth has increased
as rapidly as national Indebtedness is
equally difficult to determine since official
estimates of national wealth were made
at the beginning Of the century in the case
OF only few nations. The wealth OF the
United kingdom, France. Spain. AMI tho
United States in 1900 is estimated at $780,
their wealth at $195. 759. S29. 900. or practice
ally ten times that at the beginning Of the
century. The debts Of these four nations
in 1898 aggregated but ST. O.219C0. and in
1900 We're ST. 764. 100000 or seven times as
much as in 1888. If the rate Of growth in
wealth which has characterized the four
nations whose growth during the century
may be also properly applied to the world
at large. 1t may be said that the growth
of national wealth has about kept pace
IA nf n M htof3n
national wealth in the cases where 1t can
be measured Is today ten times as great
as at the beginning of the nineteenth
century and the national indebtedness.
where It can be measured Is today about
| ten times what it was at the beginning Of
| the century
| This enormous increase In national in
| debtedness is chiefly the result Of wars,
standing armies. and work of public util-
| lty.. TO this may be added a tendency in
many cases to create an annual deficit by
| expenditures exceeding revenues made in
| difference to popular demand, which de-
| fcits ultimately take the form of funded or
| bonded Indebtedness. But the bulk of
preparations and the construction Of pubs
| lie works, such as railways, canals, har-
bors. and the improvement of waterways.
OF the railways of the world, whose total
cost has been estimated at 30 billion dol
lars, about one-third owned by ma
| tional governments indicating that APP
proXimately one-third of the increase in
| indebtedness has been applied to works
| of this character But the fact that great
| wars have compelled the ma ions engaged
| in them to instantly make enormous ad-
ditions to their funded Indebtedness clear
ly Identifies this as the principal factor In
the great increase in national indebtedness
| which has characterized the history of ma
| tional finances in the nineteenth century.
| In 174S the debt of England was 81 million
| pounds. while the Seven Years War
| raised it in 1863 about 1873 million pounds