The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-05-24
The 7-SO's and the End of
the War.

The greatest war of modern history has en-
ded in triumph. The country has demonstra-
ted the vastness of its power. WE knew it
was great; NOW all the world knows it. Our
neighbors across the water, who said our ve-
ry greatness was our weakness--that we
should never hold together---th we must
fall to pieces, and very small pieces at that
now take off their hats and beg to assure us
of their "most distinguished consideration"
Verf1yi a 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 beggidg for loans in the European
markets. We did carry on such war as
they never dreamed of, for four years, and
never asked for 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 will soon come
when no more will be offered The national
expenses will soon be down to peace foot
ing, and instead of a Treasury budget of nine
hundred millions, Secretary McCulloch will
ask us for about third of that sum. And
how much easier it will be to raise this in
peace than in warl The millions of soldiers
who have so leng made it business to de-.
of industry, and the now ravaged fields will
whiten with new harvests. Instead of read
ing every morning that SO many miles of
railroad have been destroyed. il will be that
$50 many new avenues to material wealth
have been opeued." The South itself will
be compelled TO bear its share of the burden
it imposed on the csuntry, and its cotton---so
mach greater than gold, and still so much
less than king will have no attribute of roy
ealty but what it pays into the revenue. A
tax on Southern cotton will be quite as easi-
~ collected as on Northern petroleum or
manufactures, and besides the article must be
had; the world wants it.
1t would take but a fraction of our pro perty
to pay our national debt now; but if We do
not pay dollar OF the principal in ten years,
that fraction will be reduced one half, by the
development of the national resources. We
shall doubtless wind up the war and square
all accounts with national debt of less than
three thousand millions on about 18 per cent.
of the present national wealth; but according
to its rate of increase (127 per cent? from
1850 to 1860, in 1878 this debt will be less
than nine per cent. But our ability to pay
the national debt needs no demonstration;
but as some ef us have looked upon the dark
| side, we may as well have glance at the sun.
shine.
| The national loans viii soon be out of the
market, but for short time the Government
will need money to pay off the army and set
tie up the expenses of the war. Only aboui
two hundred millions more of the second Sc
ries of the 7-30 loan remain to be taken, ant
when it is finally Withdrawn, there is NJ
/ doubt that it will rise to handsome premium
and at the rate it is now growing, some tim,
| within the next sixty days will see the las
of this series: Mr.. jay Cooke, the subscrip
tion agent, announced in February "that tn
frst two hundred millions of 2 30's will prob
4 ably be taken in at par from three to fou
months'-but they we're taken in less thai
two. So that parties who desire to invest a
par in the U. S. Loan, bearing seven an
th,ee-tents annual interest, and in three year
4 convertible into $40 six per cent. gold in
lterest bond should make their preparation
accordingly. Many of the best financial ar
. thorities believe that the Government will b
able to fund such portions Of its debt, as
may not be ready to pay as it falls due, at
i per cent.