Expenses of the Yankee Government.
,"’ the Washington
correspondent of the Baltimore American
, says that the war
expenses of the Yankee Government
are now stated, ‘"upon Government authority,"’ to be eight and a half millions per week, of $442,000,000 per annual.
The ordinary Government expenses will reach $,000,000 at least probably they will greatly exceed that sum.--The whole expenses of the Yankee Government
, then, will not fall short of $500,000,000 per annual.
The revenue is probably from a sources, about $20,000,000. The Yankee Government will then have to meet an expenditure of $180,000,000; and, so far as we can see, he has no other resource than loans.
It has already borrowed and nearly spent one sum of $130,000,000, at seven and a half per cent. At the end of four months from the time of its negotiation, it will all have been gone.
has negotiated another loan upon the same forms and of the same size.
The interests one year on the whole $180,000,000 at this rate, amounts to $88,000,000. Pretty good work this for one year of war.
As some little anxiety is felt to learn how his interest is to be met, ‘"Ion
"’ condescends to last all inquirers know that if the war should continue several years, the Yankee
war debt will not be greater, in proportion to their ability to pay, than the national debts of France
That this be very consoling to the Yankee
No doubt every Yankee from Cape Cod
will fall into spasms of exultation when he learns that the universal codfish generation can make war for ‘"several years"’ (half a dozen, say,) without subjecting itself on a heavier debt than the two most heavily burthened nations of which there is any account in all history, labor under from the wars and ambition of two centuries. As ‘"Ion
"’ proceeds his generalities grow into particulars.
At first he tells us that the Yankees
can sustain this war for ‘"several
"’ years without incurring a debt greater in proportion to their ability to pay than the debt of England
At last he comes to specialties, and designates nine years as the length of time which they can hold out, on the named terms.
Now, we do not know what may be the ability of France
to pay the interest on their public debt, but this we do know.
At the present rate, the Yankee
debt in nine years will amount to the sum of $4,320,000,000 and the interest thereon, at the same rate, will be $321,000,000--sums fully equal to the whole British debt, and the interest thereon, if they do not, indeed, exceed them.
Indeed, we believe they do exceed them very largely; for the British
debt bears, a portion of it, five percent, and another portion three, while the Yankees
cannot fund their debt at less than seven and a half per cent. In 1846 the whole public debt of Great Britain
was about £990,000,000 sterling, or $4,500,000,000 sterling — It was all funded at five per cent, and by the operation the body of the debt was reduced to about £600,000,000 sterling, or $3,000,000,000.
We say that if the present war continue nine years the Yankees
will be saddled with a debt reaching 4,320,000,000, and bearing an interest of $324,000,000. We make this assertion because we feel assured that at the end of every year their Government will be compelled to raise a sum fully equal to that it is compelled, to raise this year, and that so far from paying off any of the principal, it will be compelled to borrow additional sums every year to pay off the interest.
When Governments begin to borrow money to carry they are not apt to stop short in their cancer.
On the contrary, each succeeding year is apt to witness a loan larger than that which preceded it.
Now, what have the Yankees
got to raise $321,000,000 per annum on?
The whole estimated value of the city of New York
was, ten years, ago, about $500,000,000. We doubt whether, at this moment, it would reach the half of this sum. We are certain that, were it set up at auction to-morrow, granting that there was money enough afloat to buy it, it would not bring a sum sufficient to cover the interest of the contemplated debt for one year.
At the end of their nine years war, the Yankees
may sell New York for one year's interest on their debt; the next year they may sell Philadelphia
in part payment; and the year after that, they may put up Boston
and apply the proceeds as far as they will go. Did the records of humanity ever reveal such deplorable folly as the men who are urging on this war are guilty of?
The British Government was led on step by step, in the accumulation of its enormous debt.
They did not go at it with their eyes open.
They commenced by borrowing small sums, with the hope of paying them off in a short time.
At the end of the French
war, they were in debt £900,000,000 sterling.
But here are people, who deliberately calculate upon swelling the burthens of their subjects — for the Yankees
are the subjects of Lincoln
--to an amount rivaling the debt thus insidiously accumulated, and if this is announced in the beginning as a mere matter of course.