New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-06-05
OUR DEB l..

Debt of the United State, ut the close oil May
(say four DAYS ago) was t@,G35, pos. 1884, dis
eliminated as follows:
slIOsllasi2 drawing interest in coin. sGi feoi'e
1O53476.37l brewing Interest in fcper 10.l5'a55
ar $50 go drawing no interes; 81 AZ -----
Total interest per annum. sl2i, ga
sa 160 500 il tho sum total of illegal tenor;" whereof
IGo 143 go are compound interest notes Of ~.
% r67. 900 are fractional currency
900 are required pay outstanding req sition',
100000 is said 10 be tn amount In TIE Urea ary
We assume that the expenditures will, for
yerv few weeks longer, somewhat outrm the
receip.s from taxation and that the amount OF
unadiusled claims of all kim may possibly
carry the entire Debt up to Three Thousand Nil
lions Of Dollars and of Annual Interest mp 20
loie Hundred and Fifty Millions per annmn.
Let rs presume that the curren Annual TX
pendituros will for some years approach one
Hundred Millions, and that we shall see tit to
diminish the principal Of our Debt bya Sinking
Frnd of Fifty Millions (which would pay il oil
within forty years., and our total Annual Income
required would then be Three Hundred Mil
lions per annum. As the Annual Product OF
our National Industry cannot fall in value be-
low Two Thousand Millions Of Dollars, and
will soon exceed Three Thousand Millions, we
need not fear National insolvency. Until we
become bankrupt in honor and honesty, we
never can in the meous of paying our Debt.
And vet we hold that il becomes our people
10 make one grand, concerted eilor, to reduce the
principal Of that Debt by a voluntary gilt OF
One Thousand Millions Of Dollars to our Cow
eminent in attestatign Of our gratitude TO God
for the preservation of our Nationality. We
might contribute that magnificent sum-poy-
able in greenbacks or any other form Of No
tonrl indebtedne s-belore next December, and
thus enable our President and Secretary of the
Treasury to state in their forthcoming Message
and Report, that large third Of our gigantic
Debt had been wiped out b. the free git of the
People. and call on Congress to reduce the taxes
accor lingly. Then we might resume Specie
Payment and return again 70 Specie Prices for
every thing; when the remainder of our Debt
would seem a licht burden IN view OF the
heavier which we hall have checrfully borne.
Americans are We not sufficiently grateful
Tor the return Of Peace ana the preservation of
our National existence to give our Co try One
Thousand Millions 20 take her at oHcc out oi all
possibility Of financial embarrassment Lee us
Iiutelligonty resolve to do il, and il viii surely
be done!
We fear 700 little is said aud realized Of the
mischief and peril Of continuing the Irredcema-
bic Paper Currency which the gigantic expenLi-
lures of the Var rendered inevitable. We do
not propose 70 submit quietly to an indefinite
suspension Of the privilege Of ilabcas Corpus,
nor to nv other OF the necessary though Gisa-
grceable incidents OF a state Of gigantic, despe-
rate War; yet many talk Of a baaeless. balloon
like Currency as though it were o. good a. any
other. But no one ever magnes this when not
under he influence OF lis eXbIlaraiiLg gas,
which has been known to make the soberest
persons ight-headed. Such a Currency nay he
spor, 10 brokers, spectators, and mohey-
changers, but it is death TO tcc.y going hufi-
ness and industry. On this point, a.ieading Ger
man banker writes (Alay ~ to Jay Cooke as
follows:
Now woui1 persuade you 10 Use your influence
"a tie So Rotary Of The Treasury 60 81 N 10 tie pubic
prospect d tie resumption OF specie payments. This
need not be- now-out, p.Ihap, on the isi Of JmanIy
1866. In ny judgment lie could resume D.ncb earlier;
but a sudden resumption would entail no doub) many
caIqmitcs the merchants on yonr side b. ne op-H
;ae Of me mae yr0specf 81 -esgon oaif rit,
q IL. ~ q p. 0..
Gold and ne premium 'roal5 feH u o per c.t and
profanity lo-er and tie Public that co'' baby, would
nj last see that 1t had allowed tse 10 BE- fooled Ire
Dict aud yo NH Sec Haf He 4 nd Sates papa norey
riu Be at proq,ae 5,ofc ionQ II oah 70 b. Jor is
useGaness and ooiroiepce Tho sensible merchants
Will coon learn to appreciate IL. B,a viea Plao, q
fully restored Oh yopr sd. MeH uW Friag up sioh
speerloiiors as tie SorJd Aas Be
jou. AAd, Notwithstanding your enorm0us
wealth. it will be Of advantage to the United States
to have foreign capital invested Tor permauency in
then securities. Moreover, If wol.d allow Of sending
United States bonds over without loss and securing
thus the balance Of trade thcUnted States For.
long ms your Cotton docs not regularly market
in Europe the remittance Of these Bonds makes Goa.
siderable item il your sor and keeps exchange below
par, as T. is at present Tor Gold rates The Easish
who ar ebout the worst lnancers and bankers On the
Continental sense OF tie torn) know lof anywlerr.
without exactly seeing the danger for them. feel it
spontaneously and therefore docry your securities,
and the public here reiraius from buJ " them. But
that woud alter Il the prospect OF specie pay mens
was only at distmce certain. Then you would see
how Europeans would buy"
We do not want Europeans to buy any more
of our securities: Oh the contrary, We wish