Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-06-24
From re Wee fo-k Bs-aid.i
Our National Debts &c q National
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national blessing. To Mr. Cooke the debt NAV
be = blessing. since il gives him good income
from per cottages 90 the sale of nited States
bonds and IL is quite natural, therefore. that be
should object 10 having il paid of oy subscrip
ton The Bohemian who wrote the article
may also be in favor of debts, both personal and
national, and, doubtless If bis tailor. landlady or
washer-oman could be consulted. we should dis
cover that. like all other Bohe nians, be had
made practical application OF nis peculiar hnan-
:ial We've. But people who pay they debts. aud
who are heavily taxed 10 pay the large annual
interest upon the nationAl deot. take quite diff
fereut view OF the subject. and would be very
much pleased-Mr jay Cooke TO the contrary
noswithstanding-to have the vast debt OF the
country removed At once.
Mr. Jaw Cooke and bis bohemian assure us
that lit was not the industry. persistency and
frugality of the British peOpie-it not their
Goals nor their iron st0ne-that gave them SUI
premacy on the ocesn and in the money markets
and trading exchanges of both hemisphere" but
il was their immense national debt If this be
true. il is astonishing how any country can pros
per without snch benihcent burden Every
body thought that Pfudhomme said a pretty bold
thing when he declared that property is rob
berry" bot Mr.. Jay Cooke aud his Bohemian
throw Prudhomme into the shade by asserting
that debt is wealth. debt is success debt is better
than industry. debt is preferable to frugality,
debt is great blessing. Evidently the memory
of Ben Franklin has been lost in Philadel phia
We are no longer 10 thrive by industry we are
to thrive by running in debt. We are no longer
10 save the pence and the pounds will take care
of themselves; but We are to let both pence and
pounds slip through our fingers, and get rich by
getting in debt. The man who lived upon the
interest OF what he owed is no longer mere
figure of speech. He is adapted by Mr.. Jay
Cooke. and his example is earnestly recon
mended to Uncle Sam.
But we are further told that the national debt
of England Is /" a mortgage upon every noble
mans estate and every spinning jenny IN Great
Brtain-upon every coal niue aud every ship
upon every mug Of beer held 10 the fist of
workingman-a mortgage. signed, sealed,
kno sledged and delivered on the whole life; aye,
on the death and burial OF the people of ali Eng
land:" aud that this mortgage Is +" backed up By
the most vglant. distrustiul and thorough sys
tenn of tax ltion, for the enforcement OF which
the whole power of the government. military and
civil, is pledged" The Bohemian, who has no
thing to mortgage aud pays no tax. may admire
this cheerful picture OF the pleasant effects OF
national debt upon Great Britain, aud Mr.. Jay
Cooke, with single eye to his little per cent
ages, may wish TO see the same system estab-
lished here; but we would like 10 hear the opin
ion OF the workingmen, the farmers and the bust
u01o mttA va Abic GUILTY. HpOu tbie QNSSI hiuu vi
a blessing One hnisdred and sixty five millions
of dollars year are to be taken out OF the peck
cts of the people to pay the interest upon our
deot Cal we convince them that it is better to
pay out this MONEY than 10 keep itl Who will
go TO a iabO:ing man ana tell him that he is
richer because be has just paid his ten, twenty
or one hundred dOlurs in taxesl Who will as
sure a landowner that be is really weather. be
cause the Government has taxed IN lrtgage
upon every foot of his land, aud de.
mands the yearly interest upon that mort
gage in the form OF a taxi Mr. Jay Cooke
and his Bohemian volunteer to co this; and we
wish them ell the success they deserve
Next we are informed that national debt will
he tie TO hold the States together in the Union
bit our merchants and 6nahciers will answer,
That debts, either ate or personal, did not hold
the Southern States in the I ai0n, and th Il
bsyonets were much more tffi:acious. Perhaps.
Nc. Jay COOde and his Bohem milan believe that
We possessed a national debt We should have had
no civil war, and that our national debt really
saved the Uuion. We should like to be informed
then why the Southern Confederacy did not sue
ceedf That had a national debt before it be
came nation. Ii debt be such blessing-bet
ter than industry, commerce, wealth or manu-
factures-why did il not help the rebellionI
Surely the rebels carried out Mr. Jay Cookies
theory to the utmost Let him explain how they
came 10 fail That will be more difficult, we
presume, chan his explanation OF the proposition
that national debt will sustain national indus
try--as if we could not have a protective tariff
without debtor his revival of the old argu-
ments in favor of United States Bank. under
the new name of uniform national banking
currency" Undoubtedly, MIR. Jay Cookies
Bohemian says, a national debt will ''change the
politics of the country" all changes are not
improvements, however; and the creation of
countless number of new officials, is not 10 be re-
garded with complacency. Already a swarm of
revenue assessors and collectors have settled
down upon the land like locusts, and make
living by prying into other folks business. and
consume one fonrth of the taxes they collect.
Mr. Jay Cooke and his Bohemian may pray that
this nuisance be perpetuated and extended; but
the majority OF the petitions are upon the other
side, and we hope that Providence will 90 with
the majority, as He goes. according TO Napoleon,
with the heaviest artillery.
But why waste all this space, all this paper,
all this ink and all this argument? Mr. Jay
Cooke and bis Bohemian wind up their article by
declaring not only that the National Debt ought
not to be paid. but that it could be paid. be
cause il is not possible" and that nobody would
take the money if we offered to pay it, There
Is not on this continent says Dir. Jay Cookies
Bohemian. "a holder OF a seven thirty note, man
or woman, which wraps up the savings of labor,
who would consent 10 its present pa ment, or its
ayment ever" The grammar of this quotation
IS not so clear as its nearing. which is further
reinforced by splendid sketch, descriptive of
commissioner rolling u barrel OF gopds across the
continent aud offering to pay off the National
Debt without finding anybody who will take his
money. Ii this he true, there Is an end of the
matter but let Mr.. Jay Cooke open M flee in
this CITY and advertise that he will redeem the
National bonds in gold at par and he will soon
see how true bis picture ia The article which
he has hired Bohemian TO write, aud persuaded
the Tribune to publish may suit the revenus
officials. and may not be dispeasing to the paper
millionares. the stock lobbing aristocracy, and
the men who dive four, SIX. or ten horses IN the
Park, and build private operas in the hayloits
over their stable where the perfume from below
mnges with the perfumes of the toilet; but 10
the intelligent masses OF the people il will seem
the most arrsnt nonsense aud rubbish Mr Jaw
Cooke is smart broker, but he knows nothing
of the history aud philosophy OF finance The
National Debt of England cost that country fl
teen years OF debate. three commercial revul-
sions, the failure Of nine tenths OF the tradespeo
pie, ten or twelve riots, and an instruction which
the Duke of Wellington could scarcely quell
before British states men could get back TO those
sound iaaneial principles which Mr. jaw Cooke
now ignores ard rdicules and over the temporary
suppression of which in this country Mr. Jay
Cookies Bohemian, like q burlesque financial
Nero. makes merry and il glad.