The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1902-05-01
GREAT BRITAlN'S DEBT
Why It Has Never Borrowed
In Time OF Peace.
STRIKING CONTRAST TO OUR OWN

&'oo.GGc,c0O Per Annum to Pa, r..
~" "'p"'c"nic Wnrs-Sir Michael
'itcis-Bcnch's Gloomy View Of ru-
| t"r" Pnblic Expenditure.
ne recent announcement of y neyy
cons"ls loan Of f32,eoo.oo marks ,he
hllh Eirrc borrowing operation Of the
l'rltiSh government since the Trans.
j Naai war began. In view If the marni.
iuu" "i tins borrowing in the last three
! years tn" total, Including the ncw PRO.
/ I"salS, footing up iliG.etn.u 600 II Will
y" interesting t. review the history If
! Great l'riianS debt ana contrast that
history with our own, saws the New
York Evening Post.
| MIKE the continental etatcs-wh0ee
public debts have largely been created
IN Inn" OF peace 10 make good perpetu
! III deficits III rcycnuc-Eneland las in
reahty never contracted permanent
debt except 70 pay for war. Us excel.
lent budget system and the fact that
annual revenue in time Of peace has
rarely exceeded expenditure have made
this possible. III the twenty years pre-
ceGins the outbreak Of the Transyaal
war there Were only three years when
tn" cNchclucr's $ receipts fell below dis
hurscmcntS. The sum Of those three
deficits ln 1894, 1~ei and $50 was
| only 3,Sil 600, whereas the sum of the
SURPRISES In the other years of tie So
| rics was t22, 100 0nu. or an average Of
more than S5,co0.o'-o A,rllus annually.
| II Is also an interesting fact t. notice
| that IN every one of tho twenty years
referred T.. except 1856. 1888 and lsgi.
Great Eritain's actual revenue exceed
ID the exchcqucr's estimate Of twelve
months before while yearly cxpendi-
turc prior TO 1901 has never but once
come up 10 the estimate. All this pre-
sents n striking contrast to the history
OF our own public finances. for exam.
pie.
Great Britain Is still paying interest
to the amount Of more than 100000
600 annually on the debt created dur
Ing the wars with Napoleon. At the
OulIlct VI tl4t NAI hiti tAitNt -
1892 the British public debt was ioaa.,
G63. .I2l. At the signing OF the peace
OF Paris in 1915 IL was is6l. .039.0i9.
As the total outstanding debt was
fGoS 91S.1 1N3 before the Boor war hor-
rowin-s began II will be seen n a
glance that the burden Of the great
continental struggle still rests heavily
on the backs o. the British taxpayer
for the only addition TO the mass Of
debt UP 10 1000 was some t33,eel,on,
Crlnean war.
Between 1915 and 1851. when the
Cr.mcan war broke out, Great Britain
redeemed iJG So. 600 OF its debt, an
average annual reduction Of S,.1Ql.' .'to.
In the period between l>I,. when that
war ended, and 1880, when the Boer
campaigns began. the decrease was
;oos. lGJ,Sl4. an average annual re-
demption OF S23,l3o,oco. As II matter
of fact redcmp,ions for the sinking
fund had been growing larger and
larger on the eve OF the Iransv"ai
war. In Aprll, 1879, the 'Nchelu't ~,
nounccd IN appropriation OF i',>to,et".
or So9,00o,0o0 for the years contrihu-
ton TO the sinking 'uhd. Sin'. 49,
rs IS well known. purchases -. -
sinking fund have been susi,'i'u'u
This maximum ahhua' u'p' ,e0e'.'i
tion OF S2o.ooo'""' ol "i''eh H' 90
four at the time coInp'aiheu as "'s,. ',
OF money. cuts no er'', n-"., ,,.'a
our own 'reasui! ''o' :, 80, -, a,.
Even In the nscai year l'oi '"i
crnmont bought in some S36,uootUo OK
g. ,,.tonaip, bonds In the fiscal
'' o".s 49, :. ,,,a,1 &c ,,torest bear.
.."' ,1r. ~ ~. ,o0 no in 1887 by no
lug .,p. ., :: 60, nno ooo and in the year
Nc, ,;.'. '.' ~, On 1850 ,herc was slash
ending Jul! w. io >,'n ','> 49,, ,,.,l,a
ing cut of $lIo.~".'N"- III 'H'
wears between 1879 and 1871 our out
Tin, 1.ht wos reduced 81. Isl .0oN.-
"'"'''"" !, ,nr, pc,rly SfcO..
"o. aH N''"h' ,,u,, mic a,,n.
100000 annually. l'ut "iiilc ''"'
try can thus claim record IN dtot re-
done by the ,rl.lsn .,nrs :s''Su, in'm,,n,,y from