Public Debts

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Excerpt from Public Debts: An Essay in the Science of FinanceTm: civilised governments of the present day are resting under a burden of indebtedness computed at This sum, which does not include local obligations of any sort, constitutes a mortgage of $798 upon each square mile of territory over which the burdened governments extend their jurisdiction, and shows a per capita indebtedness of $23 upon their subjects. The total amount of national obli gations is equal to seven times the aggregate annual revenue of the indebted states. At the liberal estimate of per day, the payment of accruing interest, cornputed at 5 per ant, would demand the continuous labor of three millions of men. Should the people of the United States contract to pay the principal of the world's debt, their engagement would call for the appropriation of a sum equal to the total gross product of their industry for three years, or, if annual profits alone were devoted to this purpose, they would be enslaved by their contract for the greater part of a genera tion.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.