Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1865-07-28

10 M SPIRITED cltizens-a modest, unpretending
christian gentleman, to whom every mission
came, as it were, directly from God. and
was performed with an humble reliance up
on tod ! will. lie organized and system
atlzed, and developed the loan, and ii the
very depths Of national distress, when the
dolorous voices of Worldly Wiseman were
filing the land with clamor, he succeeded in
negotiating the Fiye-Twenty Loan. That
triumph was as brilliant in its way as the fall
of Richmond and it justifies us in comparing
the supplemented Christian gentleman who
sits at his desk in Philadelphia, with the
simple-minded Christian gentleman who
commands our armies.
The period of his work is almost at an
end. In few days the last of the loan
will be subscribed. and the work of the Sub
scrption Agent viii be finished. While en-
ding his work, Mr.. Cooke has had the cour-
age TO speak of the National Debt as ma
tlonal blessing unfortunately in this, that
it does not fully express the idea conveyed
by Mr. Cooke in his remarkable pamphlet.
A blessing implies something bestowed upon
us by some power-a gift, reward, means
of happiness, deserved or updeseryed. The
National Debt is a mere figure Of speech in
the sense III which the money Of borrower OF
lender is concerned 1t is national respon-
sibiEty-national stewardship--the moboli-
zatien Of national labor. Every dollar Of
the National Debt represents so much labor
performed and the accruing interest Is only
the wages for the performance Of labor Ii
represents national confidence and national
credit. Take away confidence and credit !;
establish the mere idea that England did not
regard her debt as solemn trust and re-
sponsibility, and the consols of Great Brit
ain might be purchased by any enterprising
trunk maker for twenty pounds. And so
with our Five -Twenties and Seven-Thirties.
In themselves they are gaily decorated
sheets of paper la the fact that they rep
resent our government, they are, as Mr..
Wlkeson so felicitiously expresses, "a first
mortgage upon the United States Of Ameri-
ca. We might have stumbled along with
ont incurring 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 cannonand
arms and food for armies but we should
have been as Mexico and the Latin Repub-
lies Let Worldly -Wisemen and Copper
heads, and all who believe that National
Debt is a national evil, 60 to Mexico or Ec-
uador, and see how their theory works We
no llditBtttl uCUt III
jackson, and that great man shed tears OF
JOY and comfort when the last dollar was
paid Yet not many months passed before
conlmerce-eredit- -wealth-national pros
perity, were all wrecked in the most fright
full financial revIIlsion the nation ever saw.
We were comparatively clear of debtin 1866
but 1861 launched us into a dreadful war.
/ We will not follow these illustrations, for we
are almost afraid of where they lead. On
the other hand, burdened England, over
whelmed and oppressed with debt-irretrie-
yably ruined and so on-has gone through
two Or three alarming storms without shat
tering timber or stTaIning a rope. She
conquered Bonaparte, enlancipated the Cath
olics, reformed her Parliaments, subdueG
Ireland, and always increasing her debt, pro
portionately increased her prosperity ano
power. IF these measures had been attemp
/ ted in the time of George l. the nation
would have been In arms. The revolution;
/ of France have been harmless affairs sine,
/ the Rentes were funded. People wonder a
4 this mysterious Napoleon, and marvel thai
/ he sits so long on an unshaken throne
/ Look beneath it and you will see nationa
| loan, taken and held by the people-iR its
nature and application very much like oul
! own seven L fhirLiUS. In England and France
the loan has been the great conservator il
trims the ship and spreads the sail, and pre-
vents reckless and criminal seamanship.
Man will go to war and rebellion for ideas,
Tor fame and glory, for conquest but when
he has his money in the Golfers of a govern
Inent, and rec ives his interest, and knows
that with war money and interest will van
lsh, or be deprecated, he becomes part OF
the government, and advocate of its integri-
~, and as much soldier as the gay zouave
who bears a musket in its defense.
Its difficult to look at these simple argu-
ments without coming directly to the con
clusion expressed in Mr.. Cookies pamphlet
that the national debt may be made ma
honal benefit. Our idea is not to traverse
the line ofargument set forth BY Mr.. VIII
keson with such eloquent and magnetic pow
er We do not follow him step by step.
Some of his reasoning does not satisfy us.
We believe with him in a thorough revision
ofthe Internal Revenue system, simplifying
our taxation, and making it as easy and frle
from annoyance as possible. We are not
convinced as TO the necessity of export dlI-
ties-but let that GO We find ourselves.
upon laying down Mr.. Wilkeson's pamphlet
believing as he believes, and even disposed
to take higher ground His argument
marks an era in American politics. From
this day forth, no Copperhead or WORLDLY
Wiseman win ever dare stand UP and de-
nounee this debt as an evil, and propose its
reputation. Yet three months ago great
party was getting ready to make this issue
and it would have been made with fearful
effect Mr. Cooke, by his declaration of a
truth, and Mr.. Wilkeson, by his exposition
OF 1t, have thrown these politicians on the
defensive; and hence we have every Copper
head-W Worldly w Wiseman-raving and de-
claring that our debt is so secure and honest
that we should show-cur strength and hon
esty byipaying it off at once We thank these
gentlemen for having Reputation forever
from platforms and conventions Whatever
else may be abated, the one thing bevond
debate is the integrity Of the national debt.
Three months ago this could not have been
written.
Therefore although the heathen laugh
and rage, and Imagine vain things, we are
satisfied to accept the truth IN its boldest
sense-that the national debt, properly man
aged, may be a great national benefit And
the nation should honor Jay Cooke for his
boldness in pronouncing it.-Neso York