Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-07-27


reference to the national debt. 1t is,
perhaps, an unfortunate selection OF
terms TO speak of the national debt as u
national blessingn - unfortunate in
this that il does not fully express the
idea conveyed by Mr.. Cook in his re-
markable pamphlet. A blessing implies
something bestowed upon us by supe-
rior power-a gift reward, means OF
happiness deserved or undeseryed The
national dept Is mere figure OF speech
in the sense In which the money of bor-
rover or lender is concerned. 1t is ma /
tional nsibility-natlonal steward !
ship-the mobilization of national Ia |
Dor. Every dollar of the national debt /
represents so much labor performed; |
aud the acCruing interests is only The |
wages for the performance OF labor. 1t |
represents national confidence and ma
tional credit
Take away confidence and credit,-es-
tablish the mere idea that England did
not regard her debt as q solemn trust
and responsibility, and the Consuls OF
| Great Britain might be purchased by any
| enterprising trunk maker for twenty
pounds. And so with our fve-twenties
| and seven. thiFties. In themselves they
| are gaily decorated sheets of paper. In
| the fact that they represent our govern
| ment, they are, as Mr.. Wilkinson so fe-
| licitously expresses it, "frst mortgage
upon the United States Of America We
| might have stumbled along without in
| curing these obligations; but, in their
stead, we should have had obligations
countersigned by the officers of Jefferson
| Davis. We might have surrendered our
war and avoided the purchase Of cannon
and arms and food for armies; hut we
should have been as Mexico and the Lat
in republics Let world-wisemen and
cOpperheads, and all who believe that
national debt is national evil, 90 to
Mexico and Ecuador, and see how their
theory works. We had no national debt
in the administration of Jackson and
that great man shed tears of Joy and
comfort when the last dollar was paid.
Yet not many months passed before
commerce credit - wealth - national
prosperity, were all wrecked in the
most frightful financial revulsiOn the
nation ever saw. We were com
paratively clear Of debt in 1860. but
, 1861 launched us into dreadful war.
We will not follow these illustrations,
for we are almost afraid of where they
, lead. On the other hand, burdened Eng
land, overwhelmed and oppressed with
debt-irretrieya ably ruined, and so on
, has gone through two or three alarming
, | storms without shattering timber or
, | straining rope. She conquered Bona
: parte, emancipated the Catholics, re-
t formed her parliaments, subdued Ireland
1 and always increasing her debt, proper
tinna falNT inCr.a,ad ha- w md
$ power. If these measures had been at
tempted in the time of George l., the ma
. tion would have been in arms The rev
2 olutiOns Of France have been harmless
affairs since the rents were funded. Peo
. pie wonder at this mysterious Napoleon
and marvel that he sits so long on ar
/ unshaken throne Look beneath it, anC
you will see a national loan taken anC
n held by the peOple-in its nature and ap
n plication very much like our own seven
3 thirties. In England and France thu
+. loan has been the great conservator; 1
n has kept the peace-it trims the ship auC
4 spreads the sail, and prevents reckless
@ and criminal seamanship. Man will gt
q to war and rebellion for ideas, for famt
d and glory, for conquest; but when h,
q has his money n the Golfers of gov
Y eminent, and receives his interest, an(
q knows that with war money and inte
= rest will vanish, or be deprecated. h
= becomes a part of the government, al
8 advocate of its integrity, and as mucl
!. a soldier as the gay Zouave who bears
musket in its defense.
$ 1t is difficult to look st these simpl
: arguments without coming directly t
a the conclusion expressed in Mr.. Cooke
I. pamphlet-that the national debt ma,
h be made national benefit. Our idea i
q not to traverse the line of argument Sc
t forth by Mr.. Wilkinson with such elo
e quent and magnetic power We do no
k follow him step by step. Some of hi
d reasoning does not satisfy us. We be
IL lieve with him in thorough revision O
a the internal revenue system, simplifyiD!
Z our taxation, and making it as easy ant
:, free from annoyance as possible. W
i are not convinced as to the necessity o
r export duties-but let that go. We fint
- ourselves, upon laying down Mr.. Will
# kinson's pamphlet, believing as he be
!. lieves, and even disposed to take highe
70 ground. His argument marks an era i
re American politics. From this day fort
" no copperhead or worldly -wiseman will
le dare to stand up and denounce thi
ID debt as an evil, and propose its repudia
l. tion. And yet three months ago grea
q. party was getting ready to make thi
b. issue; and it would have been mad
b. with fearful effect Mr. Cooke by hi
N declaration of a truth, and Mr.. Wilke
a. son, by his exposition of it, have throw
E. these politicians on the defensive; an
e, hence we have every copperhead, world
Id | ywisemen-raving and declaring tina
n our debt is so secure and honest that W
to should show our strength and honest
e. by paying it off at once. We thank thes
I'd gentlemen for having driven repudiatio
g forever from platforms and conventions
I'd Whatever else may be debated, the on
ry thing beyond debate is the integrity {
le the national debt. Three months az
IN this could not have been written.
be Therefore, although the heather laue
tv and rage and imagine vain things, v
in are satisfied TO accept the truth in il
it boldest sense-that the national deb
e. properly managed may be great n.
at tion4l benefit. And the nation shoul
T.. L L 4.