Middlebury register. (Middlebury, Vt.) 1886-1937, 1901-05-31
SPIRIT OF THE PRESS
FACTS AND OPINIONS GATHERED
FROM CONTEMPORARIES
NATIONAL DEBTS,

"A recent report OF the bureau OF Stats
tics contains an exhaustive chapter upon
"The National Debts of the World" the
preparation OF which must have involved
vast amount of laborious investigation.
1t is without doubt the most comprehen-
sive and complete exhibit on the subject
ever published and the most striking fea-
ture of it is the rapid increase of the
financial obligations of the governments
which has carried the aggregate to such
scarcely grasp them.
A hundred years ago, or at the begin
ming of the Napoeonic wars in 1893, the
national debts of the world amounted as
near as can be ascertained to two and a
half billion dollars. The total is now
thirty-one billions, or more than twelve
times as much. During the same hun
dred-year period the population of the
earth Increased according to the best es-
Inmates about $50 per cent, so that the
per capita public debt is about eight times
what it was at the beginning of the cen
fury. If the calculation be confined to
England, France, Spain and the United
States, four nations in which the most
correct data are obtainable, the showing
is that the wealth of the four is now l95
billions against twenty billions in 1900,
and the debts are eleven and three quar-
tiers billions against one and three quar-
tiers billions a hundred years ago. In
other words the conclusion is that ma
tiOnal indebtedne IS has increased about
as fast as wealth and twelve times as fast
as population.
Some of the debt increase is due to eN-
pendltures for public Improvement and
government investments In railroads and
other public utilities, which may properly
be figured as assets: but by far the great
er part is charge able to war and prepar-
tons for war and is a burden piled upon
the people without giving them anything
to show for it. In one particular these
burdens have been lightened. Govern
ment securities, especially in solvent
countries, bear a much less rate of in
terest than they did and the most notable
illustration of this decrease Is furnished
by the United States, which in 1860 was
Obliged to borrow $50 million dollars on
long time bonds bearing seven and three
tenths per cent interest, while last year
the treasurer sold over 300 millions two
per cents at par.
In most countries national debts are
regarded as permanent and there is no
effort to decrease them, even in timts of
peace, when expenditures are NOMINAL.
If the interest charges can be met that
is regarded as sufficient. I he bureau re-
port says:
4 -, tIx,r dob AE ms
of people it may without improperly be
added that the history of the Latin ma
lions as class has been characterized
by excessive increase of national indebt-
edness and but slight effort at debt re-
duction, and that as rule they have
comparatively little in available assets as
an offset for the enormous debts which
they have accumulated; that the Ger
manic nations. while they have not
materially decreased their Indebtedness,
have made but slight additions thereto
in the last quarterEof the century, and
have in Rlost cases definite and revenue
producing assets in the form of. railways
and other public works, which are, in
part at least, an offset 10 the indebted
ness; that the Slav group, of which
Russia is the distinct representative,
with Aus1ria-Hungary midway between
that and the GermaRic, have greatly in
creased their indebtedness. but accumu-
lated meantime railway and other assets
as partial offset to the augmented in
debtedness, though considerable OF the
increase of the last quarter Of century
must be charged to war and mainten-
ance of huge standing armies; that the
Asiatic Increase is due ia India chiefly to
internal improvements, railways, canals
and irrigatng works; in japan, in part
to internal improvements, and in China
chiefly to war; that in the English
speaking colonies the debt increase has
been enormous, but devoted almost ex-
clusivcly TO internal improvements, the
construction of railways, roads, public
buildings, and other works OF definite
value, and in most cases revenue pro-
ducing to the extent of at least a large
share of the annual interest charge.
"Considering the present national in
debtedness from the standpoint OF the
per capita burden of debt and interest, il
may be said that the Australasian colon
les show the largest per capita Of in
debtedness, S2G3.90 for each individual,
and an annual charge for interest, debt
reduction, and other debt expenses of
Sl0.l4. France stands second in the list
of per capita Indebtedness, the figures
Being, debt, $4,000 per capita; interest,
etc, SG2S. Paraguay has debt amount
ing to Sl43.s0 per capita; interest, ETC.,
Sa-G2 per capita. Argentina, debt per
capita, Sl29; interest, etc., Sc so. Spain,
debt per capita, $3.50; interest, etc.,
SAG. Netherlands, debt per capita,
5000; interest, ETC., $40. Italy, debt
per capita, Ssl.l0; interest, etc., 1888.
Belgium, debt per capita, 5000; in
terest, etc., 1898. United Kingdom,
debt per capita. $751; interest, etc., 50 7G.
Canada, debt per capita, 5000; in
terest, ETC., S2.55. United States, debt
per capita Sl4.52; interest, etc., S0.44.
$40 determine the persons or classes Of