is great difficulty in ascertaining the average rate of discount. But a careful estimate establishes the fact that the average discount for the whole period (eleven and a half years) under consideration was less than 20 per cent. In computing the aggregate of this debt, the par value of these securities must be ascertained, and as they sold at an average rate of at least 80 cents on the dollar, it follows that our debt to foreign nations, incurred in the past dozen years, amounts to about $1,150,000,000. Although there were no national securities held abroad at the commencement of our late war, yet some of the bonds of the Commonwealth of Pennsylvania, and probably of Massachusetts and other States, as well as railroad shares and securities, were owned in Europe. In the absence of accurate data on the subject, it is believed that fifty millions is an ample estimate for these ante bellum securities. With this addition, our aggregate foreign debt amounts to nearly TWELVE hundred MILLION DOLLARS! [It will be borne in mind that the foregoing is an unofficial estimate of the amount of the United States securities-national, state, municipal and corporation - held in foreign countries. The figures in the tables have, however, been taken from the records of the bureau, and are, therefore, trustworthy.] EDWARD YOUNG. -Monthly Report of the Bureau of Statistics for February, 1874. The following figures show the debtor balances against and the creditor balances in favor of the United States each year for twenty-four years: TABLE I-ANNUAL REVENUE AND EXPENDITURES OF THE UNITED STATES. Receipts of the Government from July 1, 1865, to July 1, 1876, inclusive- Net Revenue by Fiscal Years. 1869 180,048,426 63 158,356,460 86 765,685 61 4,020,344 34 13,755,491 12 13,997,338 65 370,943,747 21 1870 194,538,374 44 184,899,756 49 229,102 88 3,350,481 76 15,295,643 76 12,942,118 30 1871 206,270,408 05 143.098,153 63 580,355 37 2,388,646 68 8,892,839 95 22,093,541 21 1872 216,370,286 77 130,642,177 72 2,575,714 19 9,412,637 65 15,106,051 23 1873 188.089,522 70 113,729,314 14 315,254 51 2,882,312 38 11,560,530 89 17.161,270 05 411,255,477 63 383,323,944 89 374,106,867 56 333 738,204 67 1874 163,103,833 69 102,409,784 90 1,852,428 93 5,037,665 22 17,075,042 73 289.478,755 47 1875 157,167,722 35 110,007,493 58 1,413,640 17 3,979,279 69 15,431,915 31 288,000,051 10 1876 148,071,984 61 116,700,732 03 93,798 80 1,973,589,621 26 1,826,185,813 61 9,947,330 84 1,129,466 95 22,790,357 60 4,029,280 58 17,456,776 19 287,482,039 16 167,037,384 39 193,083,293 64 4,192,633,801 34 |