Row Mr. Gladstone's mouth must water over American finance Secretary
Sherman will, it is stated, estimate the re- ceipts for the financial year ending June 30th next at 257,600,000, and the expenditure at 252,800,000, leaving a surplus of 24,800,000 for the reduction of debt. In the following year, the surplus is expected to be 27,940,000, the average being over six millions sterling, or roughly, ten per cent. of the whole revenue, applied to the payment of debt. At this rate, we could clear off the English National Debt within a century. The Debt of the United States, after their tremendous war, has already been reduced to 2403,200,000, of which the whole will very shortly bear interest at 4. per cent. It may, therefore, be paid off at the present rate within seventy years, and will pro- bably be paid off much more rapidly, larger and larger surpluses being retained, as the debt decreases.
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