The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-06-14
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 that We must
fall to pieces, and very small pieces at that
now take off their hats and beg to assure us
of their s'most distinguished consideration"
verilyi 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 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
lpeace than in wari The millions of soldier
who have 5 long made it business to de-
stroy life and property will return to pursuits
of industry, and the now ravaged fields will
whiten with new harvests. Instead of read
ing every morning that so many miles OF
railr Dad have been destroyed. j. will be that
$50 many new avenues to material wealth
have been opened" The South itself viii
be compelled to bear it's share of the burt en-
it imposed on the country, and its cotton so
much greater than gold, and still so much
less than king will have no attribute of roy
LII - sx,to t1.ar
tax on Southern cotton will be quite as east
ly collected as on Northern petroleum, OF
manufactures, and besides the article must be
had; the world wants it.
1t would take but fraction of our pro perty
to pay our national debt now; but if We dc
not pay dollar of the principal in ten years
that fraction will be reduced one half by the
development of the national resources. W.
shall doubtless wind up the war and square
all accounts with national debt of less thar
three thousand millions on about i Sper cent
of the present national wealth; but according
to its rate of increase (l27 per cent? from
1850 to 1860, in 1875 this debt will bc less
than nine per cent. But our ability to pal
the national debt needs no demonstration
Il but as some of us have looked upon the darl
side, we may as well have glance at the sun
shine.
The national loans will soon be out of til,
market, but for q short time the Government
will need money to pay of the army and set
tile up the expenses of the war. Gnly ahou
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 tine
within the next sixty days will see the las
of this series. Mr.. Jay Cooke, the subscrip
ton agent announced in February "that tn,
first two hundred millions of 30's will prob
ably lie taken in at par from three to fou
months"-but they were taken in less thai
two. So that parties who desire TO invest a
par in the U. s. Loan, bearing seven ant
three-tents annual interest, and in three years
lconvertible into $40 six per cent. gold in
terest bond should make their preparation
accordingly. Many of the best financial au
thorities believe that the Government will b
able to fund such portions of its debt, as i
may not be ready to pay as it falls due, at A
lper cent.