The Continental Monthly, Vol. 3 No 2, February 1863

Our national finances are involved in extreme peril. Our public debt exceeds Dollar 720, 000, 000, and is estimated by the Secretary of the Treasury, on the 1st of July next, at Dollar 1, 122, 297, 403, and on the 1st of July, 1864, at Dollar 1, 744, 685, 586. When we reflect that this is nearly one half the debt of England, and bearing almost double the rate of interest, it is clear that we are approaching a fatal catastrophe.