The daily clarion. [volume] (Meridian, Miss.) 1863-1866, 1865-08-08
The Nationa. Debt and the Jay Cooke
Chase Faction---Danger ahead.

!
Chase Faction---Danger Ahead.
,Jay Cooke has proclaimed the beautiful
dogma that national debt Is national
blessing. He has not only procal'lle ! II.
but by facts and figures ne has trtd 70
prove it. He finds hackers, too, IN sup
mort of this magnificent theory. Cook-'t
circnlar which we print 10 day, the Fri /
bune has published with an accompany I
nsg first rate no ice." but Cooke Is the
| financial nlou h piece of Chief Justice
Chase. and the Tribune is the organ 81 +
/ both. II advocates immediate ana uni /
yer@al Suffrage. hit or miss. and an unilin-
| tied increase OF our national dtot, upon |
the notion that II is Pooa tninS' anu
| that we can't have too much of GOOD
| thing The lights of experiences ana
| common sense warn as OF disaster II We
follow the one Jack o-iauteln or tue
other-negro suffrage or nstlonal deot
but W tat are public disast ,rs TO scheInihg
politiclansf a
| But what would he the conse q1ences OF
] an. Indefinite expansion OF orr natlonai
debt. or, in other words, the iuii develop
m4nt of the Jay Cooke-Chase theory,
thats th, larger our debt the happier and
r;cbef we shall be? A few thousand
financiers and stock jobbers would be the
rnliDp aristocracy of the country--impe-
rious unscrupulou<, despotic and power
fuI: and the masses of the people would
he reducAd to the condition ct serts.
, There would be little to choose between
the cid system Of Southern black slavery
and the white slavery that would thus De
established North and South. The IN
d,,strisl classes of the country would be-
come under the financial millenium OF
law Cooke, as impoverished and hopeless
in their poverty as the peasahtry OF the
5 british Islands. who know something OF
the grinding tortures OF great aristoc-
I racv and great national debt
The simple truth is, that great ma
,;onal debt is great national curse, and
the sooner settled the better. Itlnvolves
q system of taxatinns eXtoriions, tavorlte-
;.ms hioh prices, combinations and cor
runtions which can lend the nation only
on the road to ruin. Iha standing army
If internal tax -gathereis necessary 10
raise the wind 10 meet even he interest
on our present natiouat debt are more
). dsnqe,o1s to our popular institutions
han 8 stadipg army OF soldiers; tor the
J; tax-gatherer is too apt to be the actlTe
agent of sch~ ming polinciars' While the
soldier, in time of peace, - seldom al
the worst anything more han drone III
he tnblic hive. The whole machinery
1 nHRE
arising from great national debt Is ou'
Of place among this people. Ii is part
"a If The British machinery OF government
and the American people chate under II
for il is something new 10 them, and they
do not like 1t.
, We have now the national blessing. a
law Cooke terms il. of "a national debt o
,bree thousand millions of dollars. w
ouyht. ne4hapS tor this great blessing Z
express our gladness In a national 1uo
lee Bot it is probably that when all tn
Uar claims against the goverDmc mt com
tn be settled, We stall have this debt *
handed TO the Glorious bulk OF four
five thousand millions OF dollars. " na
, then? Why, then Mr Chlet Justlc
Chase and his good man Friday ia
Cooke & Company, will ind that Inc
have been like fools playing with edg
q tools. aud damaging the public cred
and the public confidence in the solvenc
nj the government at home and abroa'
This they are doing now, and if the Be
- retarv oil the Treasury desires to keep h
~ PAPER still approaching TO the spec
basis. he will put a stop to every NOV
ment OF his agents, based upon the ld'
that national debt is national bies
inc. But il we are mistaken In the
r & ton that Mr. McCulloch IS laboring
find out the way to discharge honest
our national debt in the shortest posslb
time, we should Ike to know 1T.
: We would now admonish him tn
nnlass his aforesaid !alacious idea of j;
Cooke shall be- offici&ly repudiated, the
will soon be apparent the danger tn
something else, OF vital moment to T.
honor OF the county, may be repudlate
Il Lei Mess,s. Chase, Cooke Company
- On with their scheme OF enlarglng l
national debt, and OF enrichlng the te
while iulpoverishiug the many, ana
establishing a great controlling pohn
agg, combination of financiers, bond hold
and stock -iobbers and we shall preeen
see the spontaneous formation OF an
postion party, boldly proclalming !
- sbarn and severe remedy OF repudiail
RAY We must reduce the national debt;
neoole must be satisfied that, blessing
M blessing. there will be an end With
oanAration or so, or we shall have
uudiatiou party in the field, with
:" the trouble of hunting up The mater
lin the Southern States
IL The war has legitlmately spongeo
the war DEBTS of he recent So called I
federate States, singly and eoliectlv
J. The people concerned bow to the IL
consequences of the war. But win
restoration OF those States TO their 8
IN Congress, how will they, stand N
gard to the debts occurred In tn+r &c
cIon ?p Any man can answer this q
lion. But is there not something
raj her tempting han osherwise to a.
ES. tious outside politicians, casting about
a new party organization which
! command The balaace of power In
South? Mr.. Secretary McCuiioch .
reets' look after this man Jay Cooke and
hackers. Their circular. resting for
faisefpretence that q rational debt
national blessing, has already done
-- mischief, bit will do much more II
fatty rejected by the government.
csn tell the Secretary of the Tres
that some way must be found TO pa.
=. the nalional debt within reason
= au'' time. or the word which it is now III
lie ooinion a crime to whisper. vii