Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1865-06-23
RICHMOND WING.
FRIDAY MoRNING........JUNE %, 1865.
The National Deb.

na tanner who advised that the cfty thouIo DC
Ssfspdsd with leather, and the daneing'mas'er
who, in Mohere's play ADMITS that philosophy mas
il uses, but is not to be compared with dancing
will come 10 the recollection Of the reader when
h 4, told tia. Mr.. jay Cooke, who has the nego-
t,,i.n OF the Government credit and u smass.ng
a urineely fortune thereby, is publishing laeored
s.,.y Z, prove that national debt Is national
Bss.ing. ana thai Therefore, the debt OF the Uni
I'd states should rtmain unpaid. The idea IS BY
NO means original It . familiar to English Poh'
,;eiaps bat We doubt whether any Of them ever
aissoysEsd so many and such important idyans-
as in Al immense public indsbIeane as MI
Jaw Cooke. The a.ticie which he has not written
Int had prepared by another Is '0o long Tor our
colpmps. but tie comfort it gives 10 the
country, it wolld be uRmerNiui to wilfo.d if1m
on- >. der, and We therefore EskeA SlnnAry OF
his agguments'
have 4 national debt Of
Lett Interest. Debt per
v..,,. ,ss, s2sO4OcOOOl t.9saSO OOO S62 u
.n--~r' ~. 9o5,4 UU>O 70 lVJ " 20 W
80. 80 lIUo.UUUU 81 10000 ~ o.
= go. IscS 4UUUglo,s4s ls7,564 S4s l2s -
Srr,'-c Sc 80 UOUOtUO .65,OUOOOO 30 ~
Uis essertial to . p, per understanding Of this
,rr,tion. hat We remember tlat Anne iea II IN
s.b.-d 10 Au.eriea the Government to tie people.
AMERICA owes America s. OO0C0OOO0 bal Prae'i'
esuy America owes 10 AmCr.cA only sloSOVOVO
per wear. The money which the people su07eFio-
"a did not 20 out Of the country, but passed.
through Government hands into geae'Al eireu!A'
ti.p and is to-day 10 the land and there has thus
he, IN increase IN The wealth II the United
states Of s3OOO eco 600. This vast sum is just
80 mueh increase Of capital, 50 much more fund
for aiding manufactures and developing yet IN
souc-ed resources. When ERsllR was Keeling
beneath the influence Of the Naroleonic War'
when Wa,e.oo .s.t her the victor, yet all but
ysrauisbed 1t was tie sudden influx Of her con-
sols Of : COOOC0tOO which passed as gold, and
w-rs received and LAD the effect OF a clear gain
or that vast amount in co.'s, that saved her iIom
ruin and enabled her 10 become the wOrk.hOu'e
Of Tie Nor.d, the mistress OF the ocean, and the
queen OF commerce and mechanics.
twill be so. Mr. {. says, with the Seyeu-tAir'
ties Of he Unit,d States. They are available
for sny trte.plise 10 which unoecupied lands, IN
d, elored m.ues. uLestab ished arts, and un'
seszsd commerce invite Americans. 1hey are
essh esp..4l literally absolutely and without
n-ure OF speech. Watcher ,hree per cent above
mar or enc per cent. above par holders OF this
war debt Of So OOU, 90 90 csa any day and any
hour. from san Francisco to New York. and f', III
Portland TO New Orleans convert It into cash
The funded debt OF the United states Is the addi-
ton Of 500 OOl OC0 to the previously realized
wealth Of the nation. IhS3OoO 10000 added
10 ia available active capital. To pay this debt
woulk be 70 extinguish this cap Ia and to lose
ttis wealth would be ~ irconeeiyably great ma
iionll misfortune.
lhs IA ioaal debt, Mr. C. maintains forms
bond Of ID on between the STATES, and acts as
-s.,r. ineg - any such movements as those which
have lately occurred twill act as a cement be-
tween the Thirty i've Lilio Is Of people who have
bssa heretofore pecuniadly distinct and indu-
,nevd by Interests which frequently clash and
conlict. When il Is made permanent, We will
fad the Texan and Mennonite, the Californian
and The Jerssymau, each endsavoring 20 prevent
,ny political action which will tend to drPTe'
Il :, the confidence in the Government, and thus
.,vys- their cousols. When that day IL reached
.hs,s will b a substlnti al Capitalization which
will restrain sscsioaGl feeling, and do away with
,-eipdce. There will oe no necessity for strength
,a,nv the General Government there will be no
,osd Of amending the COnsti luton there will
rise 4 natur4l band which viii bind all around
he corner s.Jne, and reader the national ed.dce
IS firm 8, the pyramids
Thar Is another consideration, Mr.. c. thitks
vhich operates p3serfu,ly in favor Of the con in
,aton Of the debt. II will act as . foundation
o. a sy,tem Of uati nal industry, and protect
manufacturers iron being untefbid BY the cheap
r productoos OF Europe. II IL necessary, In self
,sfsuce that the principle OF fee trade be Aban-
,opsd As a filao,. II We haze q permanent
is,,. a ueImanen revenue tariff " Il be .eces
,ary 70 enable Us 10 pay the Interest Of the dett
I'D meet Tie CORE lu0Xpsnsei Of the Government.
hi, tar. f upol foreign manufactures, necessary
a itself, is also necessary TO sustain the inlernal
axa,ioa and excise sy.tem OF the county. 1t is
Il 4 wall to prevent oar domestl5 manufactures
rom being washed away BY inportations.'
Furthsgmors be argues, the retention Of tie
lsb. Is necessary o. a basis for nation banking.
ras boais Of tie United states are the only me.
Hum which will circulate uuchaIenged from
Oreyou 70 Florida, A uniform curSn;y Is sale.
zuard against fraud and 3 restoier Of public
, .ntdeacs. Wherever a note OF the United states
d seen 1t reminds che ciEizsas Of what they hive
come very Ls4r forgetting, aud that Is the exist
,pee Il a Government. We have never before seen
h. nation but nov, in every grsenback We are
.oli Of our exisleacs "a great people. Il will
Be both a convenience and protection. IL will
AID trAds, and do away with the vast multitude
Of STATE banxs, Of which half were bogus, and
half had = currency which was the medium for
disease.
The national debt should be retained he urges,
as an investment lOr the hard.sArnei savings Of
he paOple. While tex SIS thee always remains
a. ne Us Of slfeiy, place for depOSising, Sc
curely and probably, the money Of the child or
of tie agei-of al Who have no financial Gbili.
ty-uadsr which head about two.thirds Of our
population may be paced. This is duty which
al governments undertake to perform; aud why
should we neglect III
The retention Of the principal and the payment
Of only the interest, would prevent the g,ess
wrong Of oblging this generation to pay for ben
eta which b we been won for another.
Let Us accept the public debt - public wealth,
As the bond Of political AMI national union, As
the safeguard Of industry, Al the bAsiH Of our
banking, as our orphans aud widows fund. The
national debt rightly managed, win Be the ma
tionsl Blessing"
This Is the argument Cf Mr.. Jay Cooke, nsgo-
tlator Of the national debt, As Aforesaid. We
envy the relief Of mind Of the man who il con.
WINGED ly it.
Negro Wages,