The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-05-31
The 1905 and the End OF
Ell the War. ss -

The greatest war of modern history has en- |
ded iniriumph. The country has demonstra- |
ted the vastness of its power. WB,knew it
was great; NOW all the world knows it. Our |
ueighbors across the wafer, 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 of their hats and beg to assure as
of their "most distinguished consideration"
verilyi 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 aud in demand, and
we'll 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'nne
hundred millions, Secretary McCulloch will
ask US for about a third of that sum. And
how much easier il will be to raise this in
peace than in war; The millions OF soldiers
who have % long made it q 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 oad have been destroyed. i. will be thSt
$50 many new avenues TO material wealth
have been opened" The South itself will
be compelled TO bear its share of the burden
| it imposed on the country, and its cotton--so
much greater than gold, and still SO much
less than king Twill have no attribute of roy
atty but what it pays into the revenue, A
tax on Southern cotton will be quite as easi-
liy collected as on Northern petroleum
man ufa lures, and besides the article must be
had; the world wants it.
/ 1t would take but fraction of our pro pertv
to pay our national debt now; but if We do
not pay dollar of the principal in ten years,
that fraction will be reduced one half, by the
idevelopment of the national resources. We
shall doubtless wind up the war and square
all accounts with national debt of less than
three thousand millions on about ! S per cent.
of the present national wealth; but according
to its rate of increase ~ per cent? from
1850 to 1860, in 1875 this debt will bc less
than nine per cent. But our ability to pay
the national debt needs no demonstration;
but as some of US have looked upon the daih
side. We may as well have glance at the suli-
shine.
The national loans will soon be out Of the
market, but Tor short time the Government
will need money TO pay of the army and set
tie up the expenses of the war. Only about
two hundred millions more of the second Sc
ries OF the 80 loan remain to be taken, and
when it is finally Withdrawn, there is no
doubt that it will Use 10 q handsome premium
aud at the rate it is now growing, some tin g
within the next sixty days will see the last
of this series. MIR. Jay Cooke, tue subscfip-
ton agent, announced in February '.that the
first two hundred millions of 2 SOS will prob
ably lie taken in at par from three to four
months"-but they were taken in less than
two. So that parties who desire to invest al
par in the U. ). Loan. bearing seven and
thu iee-tents annual interest, and III three rea,s
iconvertible into $40 six per cent. gold in.
terest bond should make their preparations
accordingly Many of the best financial au
thorities believe that the Government will be
able to fund such portions of it's debt, as il
may not be ready to pay as it falls due, at 4!
DER cent.