The Nome daily nugget., 1915-11-20

pear with the discovery that the in- terest charge of s2,9ss.000 pounds re- luired more than half of the total pub lie revenues to pay. In other words, over half of all the revenues derived from taxation were expended in pay ment of the interest on the national ebt. During the period between 1916 and the outbreak of the Crimean war, the debt was reduced by something like eighty two million pounds but the latter struggle added the sum of thir- ty three millions bringing the total up to eight hundred and thirty-six mill lions. Gradual reductions took place during the interval between the Grim can and Boer wars but the costly south African venture raised the total from six hundred and thirty five mil lions to seven hundred and ninety eight millions. This was the highest point reached since 1867 at which time the debt was slightly over eight hundred million. In the words of the Econo mist, it was then disclosed that, 'the savings of thirty six years of peace had
 been swallowed up by the borrowings
 ..oe years of war. By the end or
 the fiscal year 1914 lMarch S1) few months before the commencement or the present giant struggle. the debt had
 been reduced to seven hundred anu seven millions but by the end of the succeeding financial period (larch oI, 1Yl5) the total had risen well over the Dlliion mark, standing at one billion, one hundred sixty tlVe millions eight
 hundred two thousand. This time, ow-
 ing to the immense costs of the pres
 ent war, not only had the savings or
 years been swept away, but d total of
 o~r hundred eighty-nye millions had
 been added to the national debt Ds
 eight months of war. Since that date
 the debt has been growing at tre-
 .lendous rate through the piling up ot the vast war costs and the huge sums borrowed for it's support What the indebtedness may be at the present
 -s cannot be guessed but that it is tremendous is indicated by the fact that the war is cost Ing something like twenty mil Iions per day which is something like twenty nine times the amount or the uaily revenues from all sources. Noe ..one is Engiand's debt piling up from the was costs but there is thus q daily deficit of many millions accommodating ln the daily conduct of the government. mitted that the daily expenditure was exceeding the receipts by two million
 .l of which will have to be added to the public indebtedness There is thus bling up a national deficit which it is estimated by MT. Lloyd George (June, I915,) will reach between nine hundred million and one billion dollars by the end of the present year.
 It is thus seen that the debt is fast
 eaching alarming proportions. Ac- cording to the latest available esti- mates there is every probability that the total debt will have exceeded the tremendous sum of two billion pounds oy the end of the year. That this is a matter for considerable disquietude % even a nation of the financial strength of Britain is indicated by the fact that the debt charge or interest will reach very close to one hundred millions per annum. In addition to maintaining this enormous interest the government has still to pay the costs
 of conducting the government which alone requires the larger portion of the revenue raised by taxation in addition to finding ready money for the con duct of the war Up to the present time practically all of the extra costs have been met by loans upon which heavy interest must be paid and as his interest charge is already reach ing to appalling proportions it is read fly seen that the practice of borrowing must be discontinued or the entire national revenue will be swallowed up Tn the payment of interest charges.
 As intimated by Mir Law, the gov will have to devise other means of raising the money for con- 1ucting the affairs of the empire, either by an increase of taxation or by other or the day will come that the government will find itself in the posi- ton of being unable to pay more than the interest on its funded debt
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