THE NATIONAL ALLIANCE. 



195 



Increase of the National Debt, if Paid in Farm Products. 

 Debt in 1866, $2,783,000,000. Debt in 1890, $1,183,334,688. 



This table clearly shows that, notwithstanding the national 

 debt has been nearly twice paid in principal and interest, the 

 portion which yet remains is larger than the original. This 

 statement will not hold good when mere dollars and cents are 

 considered, but is absolutely true as regards the amount of the 

 products of labor that is necessary to purchase these different 

 sums of money. Thus, had the debt been contracted to be paid 

 in wheat, it would have taken, in 1866, 1,007,000,000 bushels. 



BUSHELS. 



We have paid on the principal 1,786,460,000 



As interest 2,823,328,000 



As premium on bonds 62,770,000 



Total paid 4,652,558,000 



We yet owe 1,958,389,084 



Had the debt been contracted to be paid in cotton, it would 

 have taken, in 1867, 7,092,000,000 pounds. 



POUNDS. 



We have paid on the principal 16,077,683,000' 



As interest 25,407,260,000 



As premiums on bonds 565,000,000 



Total paid 42,049,943,000 



We yet owe 11,752,316,000 



When it is remembered that all private indebtedness has 

 gone through the same process ; that a mortgage which was 

 given prior to 1872, and remains half unpaid, is larger and 



1 Prices in 1867. 



