St. Mary's gazette., 1865-05-25
The 7 3Os and the End of the War.

monssrated the vastness of its power. We
knew it was great; ao,c all the world knows
it Our neighbors across The water. who
SAID our very greatness was our weakness
that we should never hold together
that We m",t fall to pieces and very small
pieces at that-no~ take off their bats and
beg to assure as Of their ''most distinguish
ed consideration. Verify: ayoung nation,
that can raise two millions Of fighting men
and two thousand millions OF money, just
for the asking is worthy Of being "consid-
cred" They told us We could not carry
on the war six months with ,ut begging for
loans in European markets. We did carry
on such war "a they never dreamed OF,
for forr years. and never asked for dol
lar; and they now wish to buy our bonds
at an advance Of fifty per cent. over last
years prices Governmen. stocks are quo
It'd as bri.k aud in q nand, and well they
may be, for the time will soon come when
no more will be offered. The national ex-
penses will soon DO down to peace foot
ing. and. instead Of a Treasury budget Of
nine hundred millions. Secretary McCul-
loch will ask us for about third of that
sum. AMI how much easier it will be to
raise this IN peace than 10 war! The
millions Of soldiers who have so long made
it business to destroy life and property
will return to pursuits Of industry. and the
now ravagcd fields will whiten with new
harvest.. Instead Of reading every morn
ing tha, SO many miles of railroad have
been dts'royc'l il will be that a SO many
new avenues to material wealth, have been
opened" The South itself will be- COM
nellcd to bear its share of the burden and
its cottou-so much greater than gold.
and still SO much less than king--will have
no attribute OF royalty but what it pays into
he revenue. 4 tax on Southern cotton
will be quite as easily collected rs on
Northern petroleum or manufacturers, and
besides the articles must he hsd--the world
wants it,
1t would take but fraction of our pro-
perty 10 pay our national debt gov; but il
We do not pay dollar Of the principal in
ten years, that fraction will be reduced
-half-Ly the development OF the na-
,ional resources. We shall doubtless wind
up the war aud square all accounts with q
national deb. Of less than three thousand
milliens on abou, Is per cent. Of the pres
IN, natioual wealth; but, according to its rate
of increase O27 per cent. from 1850 to
lSGO,-in 1875 this debt will Be less than
line per cent But our ability to pay the
national debt needs no demonstration; but
as some Of Us have looked upon the dark
! side. We may as well have glance At the
sunshine.
The national loans will soon be out oi
the market, but for short time the
Government will need money to pay of
the army and settle up the expenses Of the
war Only abou. two hundred millions
more of the second series Of the 40 Loan
! remain to be taken, and when it is finally
Withdrawn. there is no doubt that it will
rise t" handsome premium, aud at the
. rate it is now going. some time within the
mex, sixty days will see the last of this Sc
rics. Dir. Jay Cooke. the subscription
agent, announced in February ''that th'
first two hundred millions of I sos vii
probably be taken in at par from three t
four month" s"-but they 'eere taken iu les
than two So that parties who desire t.
invest a, par in the U. S Loan. bearing
!i,re., and three-tenths annual interest, an.
iu ,hrec years convertible into 5-2O 81,
per cent gold interest bond should max
their preparations accordingly. Many o
the best fina, cial authorities believe tha
the Government will lie able to fund sucl
portions Of its debt, as it may not be read.
to pay as it falls due. at u per cent.