Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1865-05-19
THE 7.s0s AND THE END OF THE
WAR.

WAX
The greatest war in modern history has
ended in triumph The collntry has demon
strated the vastness of its power. We knew
it was great no,o all the world knows it.
Our neirhbors across the water, who said
our very greatness was our weakness-th
we should never hold together -thatwe mast
fall to pieces, and very small pieces at that
aoao take off their hats and beg to assure us
of their most distinguished consideration. >
Verify young nation that can raise two
millions Of fighting men and two thousand
millions Of money, just for the asking, is
worthy of being considered They told
us we could not carry on the war six months
without begging for loans in European mar
kets. We did carry on such war as they
never dreamed Of, for four gears, and never
asked for a dollar and they now wish to
buy our bonds at an advance of fifty per
cent. over last years prices. Government
stocks are quoted as brisk and in demand,
and well they may be, for the time viii soon
come when no more viii be offered. The
national expenses viii soon be down to a
peace footing, and, instead of a Treasury
budget of nine hundred millions, Secretary
McCulloch will ask us for about a third of
that sum. And how much easier it will be
to raise this in peace than in war The
millions of soldiers who have SO long made
it business to destroy life and property
win return to pursuits of industry, and the
now rayaged fields viii whiten with new
harvests Instead of reading every morn
ing that so many miles of railroad have been
DESTROYED, it will be that SO many new ave
nues to material wealth have been opened.
The South itself viii be compelled to bear.
its share of the burden it imposed on the
country, and its eotton-so much greater
than gold, and still so muchless than king
viii have no attribute of royalty but what
it pays into the revenue. A tax on South
ern cotton viii be quite as easily collected
as on Northern petroleum or manufactures,
and besides the articles must be had-the
world wants it.
1t would take but fraction of our prop
erty to pay the national debt; but if we do
not pay a dollar of the principal in ten
years, that fraction viii be reduced one-half
by the development of the national re-
sources. We shall doubtless wind up the
war and square all accounts with national
debt of three thousand millions on about Is
per cent. of the present national wealth !;
but, according to its rate of increase (127
per cent. from 1850 to 1S60,-in 1875 this
debt viii be less than nine per cent But
our ability to pay the national debt needs no
demonstration; but as some of us have
looked upon the dark side, we may as well
have glance at the sunshine
The national loans viii soon be out of
the market, but for short time the Gov
eminent viii need money to pay off the ar
my and settle up the expenses of the war.
Only about two hundred millions more of
the second series of the 7-30 Loan remain
to be taken, and when it is finally with
drawn, there is no doubt that it viii rise to a
handsome premium, and at the rate it is
now going, some time within the next sixty
days viii see the last of this series. Mr..
Jay Cooke, the subscription agent, announ-
ced in February 'that the first two hundred
millions of 1905 will probably be taken in
at par from three to four months but
they tcere taken in less than two. So that
parties who desire to invest at par in the
u. S. Loan, bearing seven and three-tenths
annual interest, and in three years, convert
ible into $40 six per cent. gold interest
bond should make their preparations accor-
dinghy. Many of the best financial author
tiles believe that the Government viii be
able to fund such portions of its debt, as ii
may not be ready to pay as it falls due, at A
per cent.