The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-22
Paying the National Debt.
TO THE EDITOR oy THE HERALD.


We have beaten the armies Of the called Confederate
States, and the rebellion Ia end We have borrowed
from the people two thousand 1--WE hundred millions Of
dollars and the people from whom The money s bos.
rowed have more money than previous 10 the lending
We have put between two and three millions Of In
the Aed within the past four years. half Of whom
dead Disabled and have more men to-day than q
the commencement Of the war We are richer than ws
were on the lss Of May, 1891, notwithstanding large
amount Of tho property In hand consists Of debt owed
by the nation 70 the peopeand the people compose the
nation.
individuals have made fortunes ou, Of the war; and the
has made individuals Leading men IN finance have
made money by borrowing II from the people, and he
people have become rich by lending TO the governnsnt
We have parsed through period Of prosperity in such
no nation enjoyed In peace. Peace has come,
and making money by the is at end Now the
dsbs 10 made, we want some Jay Cooke TO pus 10 IN
the way Of making az much by paying The debt.
How b this TO be doDe7 Simply by making u Nc ints
rest Of parties having money TO pay H. and thae b
done by allowing liberal commission
Jay Coohe and his agents receive half ef one per
cent for tber services In negotiating the loan And the
loan goes Of s the rate Of from Ave Geen millions
per day. Now II would appear that II by paying one.
half OF one PER cent such great us be produced
In borrowing money, what might we expect from the
same parties " We allowed to them per cent on the
amount Of debt cancelled each day7
suppose the debt be all sod-thrcc thousand millions
And suppose that one hundred and Hfy thousand per
contribute each 10 this object twenty thousand dol
ars THIS viii make In the aggregate sufficient TO
pay the entire debt Now in order 10 accomplish this u
must be shown that the parties butng 10 mako
largely, or they will not part with thor money
Paying the debt must he based upon tho life insurance
principle, parties contributing TO receive yearly dyi
dends while living and their estates 10 he fro from liza
bity 10 the government at death This can be done
only by an annual savingsavlng from taxation In price
OF all articles or consumption, saving from taxation
property and from taxation on INCOME
We will suppose that each person contributing the sum
OF twenty thousand dollars contributes his actual
income for that year Che interest OF wh ch at per
cent " ono thousand -four hundred dollars and by pay
ing ,he twenty thousand he his income
alone two thousand dollars each year. and in
price OF articles consumed In his family thousand
dollars, making saving IN these two items
alone three thousand dollars taking bcrefrom the inte
rest on the twenty thousandourteen hundred dollars
and you have an actual saving OF sixteen hundred dollars
annually, which, " compounded will pay the principle
In less than fourteen years Here not only safe In
ycstmen but splendid speculation. What spectacle
Tor country 70 carry on for four years. in pagni
tuae sucb AZ he world never saw, make money by the
WI, ana make money by paying the debit Please not
mention ths 70 our hnaDcers lest they take the hint
and monopose tho pront II IL national matter, md
no one set OF men should be allowed privileges Others
bavc no objections 70 parties making money
legitmatey, and by their own industry and skill but
In matter OF such magnitude "a paying tho national
debt and relieving thirty millions of pcoo from
uon, all shoald have equal chance Who among tho
ono hundred aud ay thousand Will set tho ball Ia mo.
honf ~