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292 ECONOMIC INQUIRIES AND STUDIES
nation must have been increasing all through this
period. Great as the armaments were, the nation was
by no means living upon its capital.
The next case I have to mention is that of th«! great
civil war in the United States in the early 'sixties. In
this case there were four years of war which must have
cost the country very nearly £ 1,000,000,000 sterling.
The actual gross outlay of the central government in
the years of war and in the t;wo years 1867-8, following
the war, when war debts were, no doubt, still in course
of payment, were:

1862 $566,OClO,OClO
186 3 900,000,000
186 4 1,295,000,000
186 5 1,906,000,000
1866 1,139,000,000
186 7 1,093,000,000
1868 1,069,000,000
Total

This is equal to about £1,600,000,000; and, making
deductions for the normal outlay, as it stood before the
war, about £17,000,000 sterling annually, or about
£ 120,000,000 in all, we should still have a sum of not
far short of £ 1,500,000,000 as the apparent cost of the
war to the Government. But these figures, apparently,
include expenditures in repayment of debt already
charged to the war, and the net outlay of the Govern-
ment, not including such repayments, is, apparently,
about the figure darned.
Between 186o and 1870, however, we find that ac-
cording to the estimates made at each census in the
United States, the aggregate property in the country
increased from $ I 6,000,000,000 to $ 30,000,000,000, or,
say,from£3,200,000,000sterlingto£6,000,000,oooster-
ling, an increase in the whole period of £2,800,000,000
sterling. If, therefore, there had been waste of capital
during the American Civil War, it must have been