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FACTS FOR THE PEOPLE.
Charaotar and Composition of the
Dominion Debt.
A FEW aONVINOINQ OOMPABISOITS.
What hai ba«n Doae with th« Von«y Sprafr-
Htw Dtfloit Diok RegotUttd Loam.
It is made a charge agaiuBt the Qovern-
meiit that they hare aaneceasarily and extra-
Tttgautly iDcrcMed the public debt, and thus
enormously added to the ^urden8 of the
people. Here are a few tactd on this point : —
At the time of Confederation the Central
'Guvernment assumed the debts of the prov-
iQceg which, at that time, ontered the con-
federaoy. Bach provincie which btts since
ijien created or brought into the Dominion
has brouKbt with it or been allowed a fixed
«<um by vray of debt ; aud certain readjust-
ments of the proTinciai debts hare since
talien place, which hare added to the debt of
th<9 Dumioion what otherwise would have
been debts of the provinces and what, there-
fore. 18 a mere matter of account changing
Irom tLie provincial to the Dominion ledger,
«nd is
NAT iiN iwnn«&flB Tn •rnp' ■nnnava
of the people generally. Then at the time of
Coufederatian and as a condition of it, the
Ooverume!it wee bound to canstruot the In-
(ertuloniai railway, Mr. Brown's famous
dictum being that Confederation was worth
the price of six lutsrcolonial railways, The
(government waaako bound, as a compen-
sation to the Upper provinces, to enlarge the
<:auulii, as soon us the finances of the Domin-
ion would permit, and as this enlargement,
eu f'tr as the Welland and Cornwall canals
were uoncernod, was undertaken by the Uao-
kuQzla Government, the Liberals cannot
complain that it was uudertaiten too soon.
V.'Dt'Q the Northwest was purchased, the
Lecesaity for large expenditure with a view
tu its development was admitted^ and when
Biitisb Columbi.'~. was brought into the Cun-
fuderation, it was on the condition of the con-
titruction of a railway uniting the Pacific
uceaa with the railway system of Canada, the
work t J bu at once oommenced and continued
until completion within ten years. All these
obligations have l>een
BANOTIOMID BT TBI PIOPLI
at several general elections. In the light of
these obliKations the iaorease in the pnblio
debt is not only ear.ily explained, but is com-
plotely Justified, The Public Accounts of
1886-6 have not yet been publiHbed, but Mr.
Dlabe has made a calculation showing that
the net public debt is now ^220,000, 000.
That may be assumed as correct for the pur-
puses of this statement. Here, then, is an
analysis of the debt i—
ANAiiTaia or thb debt.
Net debt na staled by Hon. Mr.
Biiiicu.... 4iau,uuu,uiio
Oedm^t provlnrinl debts asinraed
by I tie Donitninn Uovoriimeat
auder tlio (Jiiloit act, 1807, aud
subHcquoiit ailjusimeuu lOT.OOU.OUO
And there remains aa strlotly
Federal debt luereMe iluoe
lna7 fl l>.OOO|0OO
Hu that the Bet Increase of the public debt
conuecied with the obligations assumed by
the people of CaDa('k as a condition of Gon^
fedeiation, is fUS,000,«00. Xew, there has
been spent on the Canadian Pacifie railway,
including the final exchange of money for
lands returned, and upon the Intercolonial
railway, with its necessary connections and
terminal facilit'.ss, t.he sum of $103,000,000.
The payments to the PaeiQc railway were in
the exact tr.rms of the con' %tt of 1881, which
xras 8anct:oned by the pe'. ■ at the elections
of 1882, with the exeepti. it $1 A, 000, 000
more in cash, and about 7,0l)i/,u09 aeres less
in land has been given as a condition of the
completioB of the railway five years before the
time fixed by the contract. We have thus
TBI WBOLC INORIASI AOOuOMTlD VOB
except $10,000,000, and that is more than
accounted for by the Cartwright deficits, the
I > shaves" on the Cartwright loans and the
purcbase money of the Northwest Territories.
Here is a statement on that head : —
Net debt $220,000,000
made up as follows ; —
Provluoial debts assumed by the
Domlulon $107,000,000
Moneys expended on rail ways 1U!I,U()0,( 00
Money for purcbase Northwest. . 1 ,500,000
Sir Kleliard t;arlwrlght'8 deficits. *, 600,000
Blr KlcUard Can Wright's losses
on loans obtained 4.800,000
(220,800,000
That leaves all the expenditures on the
canals, on the improvements in lighting the
lakes and the St. Lawrence, the erection of
public buildings in various parts ot the Do
m'nion, the subsidies to branch railways, all
met without one dollar of incraaee to the pub-
lic debt. The extent of 'his expenditure will
appear from the following taken from the
public records submitted to Parliament, and
not, including, therefore, the expenditure of
the last year : —
Canals $28,643,1178
lilgbt bouNes and navigation 8,2H4,ettu
Oovernment buildings atid miscel-
laneous publlo works 13, 147, SI 8
Total $10,976,276
!io that there has been expended on theite
public work", in excess ol additions to the
public debt, the large sum of fifty millions of
dollars.
It is a mistttke to treat this debt as if it was
a mortgage upon a farm, the principal of
which had to be paid. In 1885 bume thirty
millions of dollars of our debt fell due. It
bore 6 per cent, interest. Sir Leonard
Tilley went to England and procured its re-
newal for another thirty years at 4 per cent.,
so that the debt falling due, instead of being
an embarrassment, has resulted in an im -
portant reduction of ann^.al expenditure for
the country. The measure of the burden of
the debt is
TBI AXMDAL UlTIRISt OHARM.
The net interest per head af the population
hi 1868 was 91.2'J. In 1873, thn end of the
first Conservative term, it was $1.31, an in-
crease of two cents p«i^ bead. In 1878, the
end cf the clear Qrit term, it had risen to
f 1.68, an increase af twenty-seven cents per
head, in spite of the flMtt that th« Markennie
Uoverument left no public works com-
pleted to mark the nra of their
administration I And, aasaming the aet
debt at S220,000,««0. as Mr. Blake pnta It,
the laterest per tiead is now 91 63, aa inareaie
in eight years of S cents per head, with the
canal ealargement completed, the Canadian
Pacific railway finished and already develop-
ing an enormoui trade, and large additions
in ttie fofin of branch lines end increased t«r-
mlnal iacUMes made to the Intercolonial
MkUwayl the simple question which the
elector has to put to hlinsflf in connection
with this increase In the pnblio debt is this i
Is tbA completion of the Canadian Pacific
railway, with all the incidental advantages
connected wit'a it, worth an additional tax of
S cents per head of the population of the Do-
minion T There can be no doubt aboct the
aniwer that will be given to that question.
AB AH OrrSIT TO TBIS MOBIAB.I ^
it may be stated that applying the rates od
passengers and freight charged by the rail-
ways in 1876, to the traffir now carried, it
will be found that tte ;people are saving
f 12,009,000 a year — which is very much mere
than the interest upon the gross public debt
of Canada — as the result cf the enlarged rail-
way facllitiee and increased competition pro-
duced by the policy of the Government. The
best proof that the expenditurbs made by the
Government, and which have resulted in the
increase of the debt of Canada, have been
wise expenditures is shown by the
rlNAKOIAI. BTAIDIMe OF TBI DOMUCOll
in the money markets of the world. Sir
Bii'hard Cartwright put 4 per cent, loans on
the narket in 1874 and in 1876, for the ag-
gregate sum of $31,633,333. Ho re-
alized for Ihfni $'W.aa'l,7?n, thus
suffering a "shave" of $3,668 b63,
or 11.28 per cent. Sir Leonard Tilley
in 1886 exchanged i per cants for 4's, which
was equivalent to putting a loan on the mar-
l:et lor the sum of $31,356,695, and he
rtaliztd $30,930,651, a >< sliave " of $426,-
944, or 1.36 per cent. Sir Leonard Tilley
put a special loan on the market in 1886 for
the same amount as Sir Richard Cartwright' 8
loan of 1874, namely, $19,4?S,666. The
Cartwright loan, alter paying all charge8,only
realised withia $C,208,329 ef par- the di«-
oouBt, therefore, being 11,34 per cent. The
Tilley loan realiaed within $140,443, the dis-
count, after deducting charges, being but
seven-tenths of 1 per cent ; and to-day Can-
adian securities in England sell in the open
market at 13 per cent, higher than during Sjir
Richard Cartwright's administratioa of the
finances. But
on MOkl COMPARIBOII
may be made. The Conservative party bar
been iu power since Confederation — fifteen
years, and the Lilrarals flvf. Here is a com-
parative statement of the increase of the p3b-
lie debt during the periods of the two parties
respectively ;
Xnoreaae strlotly Federal debt. . . . $113,000,000
Increase Urlt period, 1674-78, 6
yearH 40,200,000
Increase Llberal-Couserval.ve
periods, 1808-73, 1878-80, IS
years 72 ,809,000
Average Increase per annnm,
QFit period 8,000.000
Average t ucreaae per annum, Ll-
berar-Oonservatl ve
4,800,000
It mast be remembered that the apparently
rapid increase daring the last five years is due
to the feet that the oonstmction of the Cana-
dian Pnclflo railway has been crowded into
five years Inatead ef ten, aa was provided by
the contract. No business man will say
that the advantage to Canada of the early
constrBction of the rMlway doe4 not im
measurably more than compensate for this
increase. The largo undertaklugc are now
completed, and the next five yean, it may,
fairly be aaiumed, will witneaa no fart> /ri
material iucreaseof the publ'o debt.
W) C)0