CHAPTER XV. FINANCIAL CONDITION OF THE UNITED STATES. 1. The United States government belongs to its people. Those people own property estimated at upwards of thirty billions of dollars. The public lands belonging to the government are between one and one and a half billions of acres. Besides, the public domains contain gold, silver, iron, coal, and a large number of other mineral deposits, chiefly in regions worthless for agricultural purposes, of unknown, but ascertained to be, at least, a very great quantity-enough to make all its present inhabitants millionaires if (besides paying the debt) their value could be divided among them. The capacity of the country for production is very far beyond what is drawn from it now. The future will probably increase it a thousand fold, for we are yet a new people, and in the act of settling ourselves to the work of development. We are very rich, if all our resources are taken into account, yet we are in debt. In five years from the commencement of the civil war the public debt had run up from less than one hundred million dollars to over two billion seven hundred millions. This we began to reduce at once, for as a nation we do not like to be in debt; and it was, December 1st, 1873, a little over two billion one hundred and fifty millions. The debt is, indeed, a trifle compared with our vast national property; but we do not wish to sell our property at a loss, nor disturb the regular course of business; so it stands to be gradually paid in the regular course of things, as we find it to be convenient. It is a vast sum, but gives more trouble by reason of the desire and determination of the people to pay it soon, and sacrifice no property, than from any inability to meet it. The statement of the Public Debt are for each fiscal year ending June 30th: and from 1869 they are given with the accrued interest less the cash in the Treasury and the Railroad Bonds.. THE PUBLIC DEBT OF THE UNITED STATES. IN EACH YEAR, FROM 1791 TO 1878. SIXES OF 1861.-Dated 1861, and redeemable in twenty years from January 1st and July 1st of that year. Interest six per cent. in gold, payable semi-annually-January 1st and July 1st. These Bonds were issued in three series: Under Act February 8th, 1861, $18,415,000; dated variously in 1861. Under Acts July 17th and August 5th, 1861, $50,000,000; dated November 16th, 1861. Under Acts July 17th and August 5th, 1861, in exchange for 7-30's, $139,317,150; dated November 16th, 1861. Under Act March 3d, 1863, and principal made especially payable in gold coin, $75,000,000; dated June 15th, 1864. Total issue, $282,732,150. FIVE-TWENTIES OF 1862.-Commonly termed Old Five-Twenties, dated May 1st, 1862, Redeemable after five years, and payable in twenty years from date. Interest six per tent. in gold, payable the first of May and November. Issued under Act February 25th, 1862, $514,771,600. FIVE-TWENTIES OF 1864.-Dated November 1st, 1864. Redeemable after five, and pay. able in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act March 3d, 1864 (principal specified as payable in gold), $3,882,500. Issued ander Act June 30th, 1864, $125,561,300. Total issue, $129,443,800. FIVE-TWENTIES OF 1865.-Dated July 1st, 1865. Interest, six per cent. in gold, payable January and July. They are redeemable in five years, and payable in twenty years. Issued under Act March 3d, 1865, in exchange for 7-30 notes converted, and amount, August 1st, 1868, to $372,346,350. FIVE-TWENTIES OF 1865.-Dated November 1st, 1865. Redeemable after five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act March 3d, 1865, $197,777,250. FIVE-TWENTIES OF 1867. Dated July 1st, 1867. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $371,346,350. FIVE-TWENTIES OF 1868.-Dated July 1st, 1868. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3d, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $39,000,000. TEN-FORTIES.-Dated March 1st, 1864. Redeemable in ten and payable in forty years. Interest, five per cent. in gold, payable on the 1st of March and September on all Registered Bonds, and on all Coupon Bonds of the denomination of $500 and $1,000. On the $50 and $100 Bonds, interest is paid annually, March 1st. Issued under Act March 3d, 1863, and Supplement, March 3d, 1864; principal, payable in gold, $194,291,500. FIVES OF 1870.-Redeemable at the pleasure of the United States, after May 1, 1881, in gold. Interest, five per cent. in gold, payable quarterly - February, May, August, and November 1st. Exempt from all taxation. Issued under Acts of July 14th, 1870, and January 20th, 1871. Amount, $200,000,000. U. S. PACIFIC RAILROAD CURRENCY SIXES.-Dated January 16th, 1865, and variously thereafter. These Bonds are issued by the Government, under Acts July 1st, 1862, and July 2d, 1864, to companies receiving their charter from Congress, which gives them the right to construct railroads to and from the Pacific Coast, and on the completion of each twenty miles of track, to receive at the rate of $16,000, $22,000, or $48,000 per mile, according to the difficulty of constructing the same. They are payable thirty years from date of issue, and are registered in Bonds of $1,000, $5,000, and $10,000. Amount issued to September 1st, 1870, $64,618,832. All of the Bonds are issued “Coupon" or "Registered." Coupon Bonds can be changed into Registered Bonds, but Registered Bonds cannot be changed into Coupons. Coupon Bonds are in denominations of $50, $100, $500, and 94,000: the Registered Bonds the same, with addition of $5,000 and $10,000. THE AVERAGE WEALTH TO EACH INDIVIDUAL. 1. New York......$1,483.27 | 14. Missouri... 1,140.15 18. Michigan 6. Pennsylvania.. 1,081.31 19. Iowa.. 7. New Jersey.......... 8. Ohio... 9. Illinois 10. Maryland 13. Indiana......... 1,038.49 20. Oregon $746.48 26. Louisiana. $444.51 732.72 27. West Virginia. 431.32 711.99 28. Tennessee 395.89 665.90 29. Virginia.. 334.31 607.41 30. Arkansas 322.81 601.03 31. South Carolina... 294.99 |