, 1861-09-20
4 RATIONAL DEBT.

4 NATIONAL DEBT.
The first idea, after the breaking out Of
his war, vas the enormous sum it would
cost, aId the difficulty of procuring the
money to carry it or People felt an ap~
p1ehension that they would be eaten up
with 1a1es, and the country would be i'm. |
poverirhed. The money spent on the war,
it was tsken for granted, would be sunk
and lost forever But they now begin to
discover that not dollar ia lost; that bus
mess is reviving, and times actually grow
ing brisk. The money subscribed by the
banks and the people othe National Loan,
is paid Cut sgaiu, aid expended among the I
PEI pie Every one gets some VI it. No
body is made the poorer. but thousands are !
made richer; The farmer, themanuacturar,
the me1thsns, tie contractor ard the !
1ehoreE, all come in for share n the |
distribution. The loan furnishes a |
perfectly safe inv, atmeut for surplus
earnings, yielding d fair rate Of
inteEeat, frte Of taxation. Most other |
branctts Of business is stimulated by the
Government ou1lays, as money is
made to circulate ft.e1y, and speculation
is encouraged. 1len will venture to buy
OF build, to employ wo,kmen and start
machinery. Production and consumption
are therefore increased and the amusement
Of wealth goes On with greater speed, as
new capital is thus created.
But, SAYS one, National debt is accu-
mulat;ng with frisntfill rapidity which will
entail q crushing burden On posterlty in
the sbspe Of taxes to pay interest Letus
consider this matter a moment. II the
war LISTS 3 year there will be q National
debt Of four hundred millions, including
the one hundrtd existing before the war
began; Il it lasts second year, the debt
may be seven hundred millions, and
should it extend 10 three full years it may
then have reached the respectable sum Of
one thousand millions Of dollars, or about
one-fourth Of the British debt By that
time it is fair to suppose that the rebellion
will be eHcctually crushed out. The re-
volt is bound to be put down. Il enough
volunteers are not obtained, Congress,
which will be in session in ten weeks, will
authorize the President to draft all the
men necessary, even il ittakes million.
Whatever the deb. may be, the rebels il
the end viii have to pay their full share q
the interest and principal. This is some
confolatiep. The debt will draw six PEI
cent interest for 20 years, when it may bt
converted into "fve per cents for thirty
yea1s longer. At the end Of three year;
our population will exceed thirtythres
miiliona. Hence debt Of one THOUSAND
millions would only be thirty dollars pc
inhabitant, and the interest On it, two dol
lars per head, annua1ly. But twenty year
hence the population Of the Union will b
double what it is now, and consequently, tn
debt and interest will only be half as mucl
Fer capita. Each year, as the country il
cresses in wealth and population, tn
weight of the National debt will feel ligh,
er. The debt having been contracted for
Useful and benjfcent purpose, ne are nc
disposed 10 rega1d its existence as NJ
tional evil The Gebt will be distribute
among our OWL reoplc-it will be srea
Security fund IN which the savings Of th
mechanic, the narrow hoards Of the labol
er and the property beQueathed to th
widow and the orphan may be safely il
vested. It will become the tarorite dept
sitery for interest bearing trusts Of a
kindF, for fortunes wi1led 10 heirs, for su
plus capital Of corporations and wealth
individuals, as It presents to the public
The highest degree, the two great thing
fSnofse and securitA-a- safe principal al
Apunc.ua1 mterest. The sixty millions
annual interest on q National debt of o.
thousand millions, If collected from t
people, will be paid back to them in t
Shape Of diridends to multitude
11olde,s, and by them disseminated in
the channels Of trade. So that the cou
uy il not impoverished BY thscoilection
the interest
This WET is waged for poster9ty. The p
se1vatian Of the Great Republic is wo'
infinitely more than it will cost to subj
It's enemies Each coming generation
well afford to pay thousand millions
dollars for the blessing ofa free, pernanI
Constitutional Government. It's wortt
postedty many thousand millions to era
cata the hereay Of the right Of sec
sion from the Union, which destroys !
tiona1ity and enthrones the annarchi
dogma Of State Sovereignty On the ru
Of the Republic.
Every dollar invested now in the pr
cutlon Of the war, is part Of the price ?
tor tntufe peace, stability and prosper
We are perfeesing our title to the Co
nent, and ousting squatters and tressp.
e1s ffom the domain, il order to be s
to bcque:,th 10 our children, and to Il
Clipping, goodly inheritance with
privileges and appurtenances Of Const
tienal Liberty AID the inalienable right
man.
4 word more in relation to the exp.
Of the contest. Many think it will ext
in ccst1iness any Other ever undertal
But the history Of modern European y
proves the fxl1ncy Of the notion. Aco1
po1ary, exact il. statistics, states that