Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1917-10-04

olNIlN II A1 ~ VI > q In IL
: quoted there; the threes at 51 and
the skies at ST u to So. During the
war the price of government securi-
ties had dropped; and had England
! continued to trade in them at this
| time the British investor might have
made considerable money. per
cent. loan put out in 1918 was sold at
ssh.
The war of 1912 added about $751;
! 100000 to the public debt. and it
stood at S127.3S4.9S3 in 1916, but the
/ following yearlthe floating debt had
! been reduced to such small propor-
! tions that payment into the sinking
! 'und recommended. Another period
| Of prosperity began; and in 1886 so
much had been paid off (the residue
amounted to S32S,5S2) that the Fed
eral government distributed S2S.-
! 100000 surplus revenue among the
States. The Mexican war did not
interrupt this prosperity. a per
cent. loan, which partially financed
il, was issued at par. This war, which
brought the Pacific territories to the
United States, added. roughly speak
ing, S49.0O0,0O0 to the nationa:
debt.
The Civil War, one of the most cx-
pensive and exhaustive wars in his
tory, until the Twentieth century, is
said to have cost the government SS,-
600. 100000 on the basis of all claims
being adjusted. The debt of the
United States in 1865 reached its
maximum of S2756,5S1,571, of
which 100000 was funded,
S1,127, 100000 was floating. and
$460.000,000 was paper currency.
The most popular war loan was the
6 per cent. 5-20-year of 1862, of
which S515. 100000 was placed at
par At to close of the war re-
funding and redemptions were at
once begun, continuing until 1879.
The surplus revenues of these years
were used to pay off the short time
operations reduced the rate to per
cent, then Az per cent. and in the
latter year per cent. The last war
loan bond was finally redeemed in
1907, when the few remaining As of
1907" were paid. The progress made
in reducing this debt was remark
able, especially impressing Europe,
where its repayment in such a short
time was regarded as astounding.
During the years of war the prices of
the skies of 1881 were as follows: In
lS61-high, "a; low, S4ta; in 1S62-I
high, 1O7l4; low, S7la; in 1865
high. 11O%; low, 91&; in 1S64-I
high, lis; low, 1O2; in 1S65-high,
l12as; low, 1O3la.
On the basis of the relation be-
tween national indebtedness and
wealth at the time of the Civil War,
when an obligation was incurred
equal to approximately one-ninth the
country's wealth, the present govern
ment, financial experts say, should be
able to float aSoan of $25, 200. 900 900, /
with every prospect of its forming
safe, sound and thoroughly desirable
investment for the individual. 1T
may be objected that no such
amount of loose capital exists in this
country, but the same objection
would have held equally true in
1S61-65. An unexpectedly large
quantity is probably at hand, as was
proved at that time, in very small
amounts, which ought to be available
if it can be reached and interested.
This is the duty of the Liberty Loan
campaigners in each community.
on the basis on which Great Bri-
tain and France are borrowing
abroad. the United States, given a
lender, might with comparative
safety borrow up to $SS,OO0, 100000. /
\ war loan of S7,O0O,OOO,O Incl
dentally would mean a per capita
debt about equal to that at the close
Of the Civil War, but a far smaller
obligation in proportion to the per
capita wealth.
The United States has proved that
it can easily and rapidly pay off a
considerable debt, and it is still
country with magnificent opportuni-
ties for development and the produc-
ton of new wealth.