New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-02-18
NETWORK DAILY TRIBUNE SATURDAY. FEBRUARY 49, 1865


ums of the currcncy"-who declare that "if We
do not conquer the South within the next six
months. our finances vii! break down and al!
our immense sacrifices prove unavailiDg at last
who say that il we do not scatter Gen. Lees
army in the Spring and early Summer months
there is danger that We may pass from the
periloas brink Of bankruptcy into It's yawnin8
depths"-who declare thai in our finances we
are rapidly nearing the vortex OF the terrible
whrlpool"--who say that, - after an abortive
Spring campaign. the Government conld no
longer negotiate loans"--if 'thcse men were
wel-meaning and honest, instead Of beng
siudiously unpatriotic, their prcSages of evr
would not 10 entitled to any consideration
They would be but the dcviseeS of an cconom-
cal binder and financial terror, which shook
England half century ago, and which hall
century Of British aggrandilement in wealth and
power has wondered over and laughed at. The
history of the proiracted struggle OF Great Britain
against BonapaIte Is full of the fears OF her best
economists, that her war expenditure "ouiu
terminate in irrctreyable bankruptcy and in the
utter destruction Of the nation. Adam Smith
was among them, and the historian llBNo, ara
Dr. Price, the author Of Pitts Sinking Fund
System. indeed, between fifty and hundred
writers Of note, statesmen, historians, statistS,
editors, pamphleccrs, BANKERS aud scholars
gave earnest utleraace to their alarm, and con-
tributed to the common sentiment that the War
Debt Of England had ruined her, or was running
her, or would ruin her. Lord Macaully,
who, rs DR.. Elder says. "hnew the do
nestle history OF England from the gloomy
month of November to the mcrrest day
in May of every year throughout the period
OF her great struggle with the Republic and the
Empire of France, even to the minutest scraps
OF newspaper gossip" thu, SUMS up his picture
of these financial terors, and OF their entire
ncedlessneSs:
AT every stage ia the growth Of that debt it Las
been seriously asserted by wise men that bankruptcy
and ruin al hand At every stage of the growth
Of tna debt the nation has set M the same cry OF an-
| sush and despair. id siH M d,h rant ~ 9royiES
and siW bouIrxpcy and run, 'o,cS r'no, sefsr."
Making special mention of the Debt at the
time it reached the highest point he says:
1t was in truth gigantic. q fabulous debt; and we
hardly wonder that the cry OF despair should have
been louder than But again The cry was found to
have been rs unreasonable ever The bcPQdy,d me
bankrupt s0cc'y not oa prord able 70 P'd al ~ OBJ so'
uous j vtH, mating t.erg Rrep ricir and riesU %
fat that ne srovih eoaid almost he dscsred By the oye
What is the error honest alarmsts among us
have fallen into The same that the English
fell into. Macaulay exposed il clearly thus:
1 III, ,I.. Al
0gg b6en hc Of iHd,riddi a0 T. IN debt 10 a..
otLer in0cifpGi and n, # oc,y r.oh - ~ teb 70
par Of rssf. They were under an error not less Sc
rious touching the resources Of the country They
made no allowance for the effect produced hy the nccs
ssnt progress II every experimental science and ~ ne
iHr'ssali sg0ris Of sr6 nan 10 Se' on ~ h They saw
thai the debt srey and mrg jorT0f haf 0hsF h'sRs
greE usH a. ne dc5.'
Ifecononlists Of the school Of Adam Smith do
forget these manifest truths the People do not
See with what appreciation Of the Present, and
confidence in the Future. they pour their say
ines into the Scycn-Ihirty Loan.
But let us not be understood, in thus an
imadycriing upon the motives of those who
would cripple the Government by exciting the
fears of the people, a. the advocates Of a Public
Debt without limit. While We urge the people
to aid the Government with all the requisite
means to carry on an exhaustive war, NC at the
same time insist upon the most rigid economy
on the part Of the Government. While II relies
upon its credit and the patriotism of the people
il must not forget that dollar saved is a dollar
earned with nations as well a. with men
f. cannot be- TOO economical; and II
it wants 70 preserve public confidence
il must show that it deserves il, BY avoiding all
unnecessary expenditure, aud shutting off the
streams of extravaganza and waste which, in
some quarters. are allowed to flow unchecked
The people are ready to give IT money; every
loan il has asked for has been promptly and
generously responded 70. That which it l.
now seeking to obtain will be all the more
| easily got if il is made manifest that the Coy
crnment means to save money as well as borrow
il, and that it will never borrow more than is
absolutely necessary.
TuH RVRSTING OF GlNs