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England (United Kingdom) (search for this): article 16
by an offer of seven per cent., and are at this moment compelled to pay ten or twelve per cent. We find, therefore, that while £60,000,000 annually would be added to their national debt, £6,000,000 annually would be added to the charge of that debt, so that four years and three-quarters of their present expenditure would saddle them with a burthen equal to that which we have incurred in a century and a half. Mr. Gladstone has to provide some £28,000,000 to satisfy the public creditors of Great Britain. In the year 1866, if the American war should be protracted so long, Mr. Chase's successor will have to provide rather more than that sum for the creditors of the Union. It is obvious to remark that the war may not be carried on so long, or continued at so heavy a cost; and, indeed, the exorbitant propositions of Congress were probably based upon the assumption that the way to make short work was to go to work unsparingly at first. But the history of the campaign up to the present
nt., and in 1856 at a little above three per cent. The Americans, however, began by an offer of seven per cent., and are at this moment compelled to pay ten or twelve per cent. We find, therefore, that while £60,000,000 annually would be added to their national debt, £6,000,000 annually would be added to the charge of that debt, so that four years and three-quarters of their present expenditure would saddle them with a burthen equal to that which we have incurred in a century and a half. Mr. Gladstone has to provide some £28,000,000 to satisfy the public creditors of Great Britain. In the year 1866, if the American war should be protracted so long, Mr. Chase's successor will have to provide rather more than that sum for the creditors of the Union. It is obvious to remark that the war may not be carried on so long, or continued at so heavy a cost; and, indeed, the exorbitant propositions of Congress were probably based upon the assumption that the way to make short work was to go
lve per cent. We find, therefore, that while £60,000,000 annually would be added to their national debt, £6,000,000 annually would be added to the charge of that debt, so that four years and three-quarters of their present expenditure would saddle them with a burthen equal to that which we have incurred in a century and a half. Mr. Gladstone has to provide some £28,000,000 to satisfy the public creditors of Great Britain. In the year 1866, if the American war should be protracted so long, Mr. Chase's successor will have to provide rather more than that sum for the creditors of the Union. It is obvious to remark that the war may not be carried on so long, or continued at so heavy a cost; and, indeed, the exorbitant propositions of Congress were probably based upon the assumption that the way to make short work was to go to work unsparingly at first. But the history of the campaign up to the present point contains little to suggest a speedy termination of the struggle. The South
Abraham Lincoln (search for this): article 16
The army and money Votes of the Federal Congress.[from the London Times, Aug. 19] The armies of Xerxes and the wealth of Solomon would hardly sustain a comparison with the hosts of men and mountains of money which — at any rate, upon paper — are placed at the command of President Lincoln for the suppression of the Southern Confederacy.--We may venture, perhaps, to pass without too rigorous a scrutiny the bold, though some what gasconading, vote by which the intelligence of the defeat at Manassas was received in Congress. The millions so precipitately offered represented, probably, the patriotic resolution of the North to spend its last dollar in the preservation of the Union; but, without pressing these loose figures to their literal import, we are really astounded at the conclusions which are forced upon us by recent reports. It used to be thought that this country had attained an unhappy but unapproachable eminence in national indebtedness. Half our entire expenditure in or
The army and money Votes of the Federal Congress.[from the London Times, Aug. 19] The armies of Xerxes and the wealth of Solomon would hardly sustain a comparison with the hosts of men and mountains of money which — at any rate, upon paper — are placed at the command of President Lincoln for the suppression of the Southern Confederacy.--We may venture, perhaps, to pass without too rigorous a scrutiny the bold, though some what gasconading, vote by which the intelligence of the defeat at Manassas was received in Congress. The millions so precipitately offered represented, probably, the patriotic resolution of the North to spend its last dollar in the preservation of the Union; but, without pressing these loose figures to their literal import, we are really astounded at the conclusions which are forced upon us by recent reports. It used to be thought that this country had attained an unhappy but unapproachable eminence in national indebtedness. Half our entire expenditure in ord
gle. The Southerners are not likely to succumb, nor the Northerners to retire. Neither is it at all in accordance with experience in these matters that the cost of a war should be diminished as it goes on. The scale of operations, indeed, as far as resolutions go, has been actually extended. The last mail tells us that the volunteer bills passed by Congress empower the President to call one million men into the field, and it was supposed that half those numbers would be actually raised. Napoleon had not a larger army when he crossed the Nicmen with the most prodigious best ever seen in modern days. We can detect no sign, therefore, of any curtailment in the dimensions of this extraordinary war, though we may well doubt whether the Americans will find themselves able to borrow quite so fast as they desire. They have evidently the will to rival the most reckless of States in this ruinous race, but they may not have the power. Their credit is already but indifferent, and the terms
ur borrowing into the shade. In all the nine years of the American war, from 1774 to 1783, we only borrowed £104,000,000. In the twenty-two years of the great Revolutionary war we averaged less than £30,000,000 a year, and in the tremendous year 1813-14 the loan was but £36,000,000. But this is but only half the battle. The burthen of a loan depends not so much on the amount of principal as on the rate of interest. We borrowed our money even in 1813 at a little above four and a half per cen1813 at a little above four and a half per cent., and in 1856 at a little above three per cent. The Americans, however, began by an offer of seven per cent., and are at this moment compelled to pay ten or twelve per cent. We find, therefore, that while £60,000,000 annually would be added to their national debt, £6,000,000 annually would be added to the charge of that debt, so that four years and three-quarters of their present expenditure would saddle them with a burthen equal to that which we have incurred in a century and a half. Mr. Glad
August 19th (search for this): article 16
The army and money Votes of the Federal Congress.[from the London Times, Aug. 19] The armies of Xerxes and the wealth of Solomon would hardly sustain a comparison with the hosts of men and mountains of money which — at any rate, upon paper — are placed at the command of President Lincoln for the suppression of the Southern Confederacy.--We may venture, perhaps, to pass without too rigorous a scrutiny the bold, though some what gasconading, vote by which the intelligence of the defeat at Manassas was received in Congress. The millions so precipitately offered represented, probably, the patriotic resolution of the North to spend its last dollar in the preservation of the Union; but, without pressing these loose figures to their literal import, we are really astounded at the conclusions which are forced upon us by recent reports. It used to be thought that this country had attained an unhappy but unapproachable eminence in national indebtedness. Half our entire expenditure in or
od authority, that the actual expenditure of the Federal Government at the present moment is at the rate of about £75,000,000 per annum. This, it is true, is less by £9,000,000 than the amount of our own expenditure--£84,000,000--in the heaviest year of the Crimean war; but one-third of that charge was absorbed, in providing for the interest of the national debt, and the whole sum only showed an excess of some £35,000,000 over our ordinary place expenditure. In 1853 we spent £51,000,000; in 1834, £60,000,000; and it was not until we found ourselves in the very agony of the struggle that we added some sixty per cent to our usual outlay. We may say, in short, that the war cost us for the twelve months when it was most expensive about £30,000,000 of money, whereas the civil war is costing the Americans at its very outset at least twice that sum. An expenditure of £75,000,000 represents an excess of about £60,000,000, on the ordinary outlay of the Federal Government, and this incurred
r cent., and are at this moment compelled to pay ten or twelve per cent. We find, therefore, that while £60,000,000 annually would be added to their national debt, £6,000,000 annually would be added to the charge of that debt, so that four years and three-quarters of their present expenditure would saddle them with a burthen equal to that which we have incurred in a century and a half. Mr. Gladstone has to provide some £28,000,000 to satisfy the public creditors of Great Britain. In the year 1866, if the American war should be protracted so long, Mr. Chase's successor will have to provide rather more than that sum for the creditors of the Union. It is obvious to remark that the war may not be carried on so long, or continued at so heavy a cost; and, indeed, the exorbitant propositions of Congress were probably based upon the assumption that the way to make short work was to go to work unsparingly at first. But the history of the campaign up to the present point contains little t
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