Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-02-22

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NzotNahssahdIng The eficss :, Of The oppo
,,,;on, q impair the crSdr. Of The Govern
meDt, by aprsdictiOas Of the most gloomy
nature, the people. manifest condolences
which q s onc55s surprising and Well-Sound-
Cd. The or..pOsisiOn press that from the
beginning Of the war have endeaEorsd 70
smbErraGs the Go4srnmant IN it, great
work Of, suT4ressing the REBELLION nov
predict thss if The FaT is PrOtFacted many
monthB hence va shsll bson the verge o.
BANKRUPTCY. They say We are "rsPloiy
rs.ebifba de vortex Of fearful whirlpool
Rut vet iin SSpTite y Of thsse mournful Proph-
eoiess tasoonadsncs of the peoples undi-
noinisSsaT iTHe loan now on the market u
BEING taken 81 the rste Of from three 70
four millions 3 day. ss-5+ sss5L
ItisFeFy drstreshings in view Of these
predictions Of bankruptcy GndH this great
condolences of the people, 70 be able to re-
vert to the experiences Of England in her
long and bloody contest with Napoleon.
There were ma1thsn who looked with con-
slant alarm upoa the increasing debt Of
England. Such rnan Is Adam Smith, Hume,
the historian; and DR.. Price the author Of
Pisss Sinking Fund, were smong them.
It e sAfd, Indeed, that IS many ss q
hundred writers Of note, Statesmen, hiIto-
rianr, ssstists, editors PamPhleteers, bank
en-, and scholars gave public warning Of
the prospective bankruptcy Of England,
but yet that bankruptcy did not come,
Lord MacaulEy, inreTieWing this period in
the financial history Of England says Of
these fnEaciAl terrors, and Of their entire
needlessness:
SAT every stage in the growth Of that
debt, It has been seriously asserted BY wise
men, thEt bankruptcy and ruin were at
hand Atevery stage Of the growth Of
thzt debt, the nation has sent up the same
cry of anguish and despair. Yet still the
debt went on, and stillbGBkrGptey and Ts'ia
SOsrs asTeBsOs< az SvST."
Making special mention Of the debt As
the time it reached the highest point, he
ssys: - .-fs5s-5 ID .sri
at was in truth a gigantic, a fabulous
debt; and we can hardly wonder that the
cry Of despair should have bean louder
than ever. But again the cry WAs found
to have been rs unreasonable IS ever. The
beggared, the bankrupt society not only
proved able to meet al It's Obligations, but
while meeting them grew richer and richer
90 fast that the growth could almost be dis
cerned by the eyer a 9 n-s
Whist Is the error honest alarmiats among
Us have fallen into7 The same that the
English fell into. Nacaulsy exposed it
clearly thus: r. 71 a t -
GFhey erronsously imagined that there
was an exact analogy between the case Of
sn individual who was IN debt TO another
individual, and the case Of society which
is in debt toa part Of ITSELF They were
under an error not less serious, touching
the resources Of the country. They made
no allowances for the effect produced by the
inees6ant progress Of every experimental
acianra1 4 by fha ificesaant afforts snf ov-
.oz.r a.sa1z 70 < - IA 1ifs They saw that
the debt grew and they forgot that other
things grew as we'll rs the debt ---7 'ss
The people feel the forcs Of all this.
They stand ready to support the Govern
mentsRith their loans, and win continue TO-
do SC. They only demand that rigid econ
Omy shalf be practiced in all departments,
50 that their free gifts in ita support may
be wisely used.
No better investment can be made 70
day than in Government loans. Seven
thlrtiss, which to-day can be bought ct
par, will ina few days stand at premium.