Smyrna times., 1865-06-07
TIE LOAN OF TnEPEopLE.

We can scarcely imagine that Mr.. Wendell Phil
lips seriously contemplated reputation OF the Ma
tic; al Debt in his recent Boston speech That debt
has lecome an institution, and must be managed
with consumulute prudence and craftsmanship. The
idea that i. can be paid OFT in the manner customary
to ctors and persons who live by testimonial bcne-
fits is empirical. Some philosophers consider u
large debt advantage others an injury. We do
not discuss that, but ctll attention to what we con
slider the most sensible plan for paying the National
Debt Subscribe for the great National Loan. 1t
probably would be grand spectacle to sec our rich
men stepping up and paying the debt by subscrp,
ticn. But is it not grandcr to see the poor man
contributing the hardearned savings of years TO the
SUI port Of the Government and carrying home pre-.
ciouSly, tendcry, proudly, the bright and modest
73O and It's nest Of coupons. We are disposed tC
regard the charity of the widow who threw her mite
into the Lords treasury Of higher order than
that of the wealthy Pharisees who gave their shekels
with ostentatous liberality. If we desire to the
debt paid, let us begin by assuming 1t. We do not
want English or German loans; we do not care TO
parade cur credit in London, Paris and Hamburg
and offer it to the highest bidder. Il is ours and is
as dear us our flag We the people who have fought
these bloody and desolatng wars; We, the people
who have slain Slavery and treason, propose to take
this debt and wait the patience, enterprise and pro
| grcSs Of the Government TO pay it,
Therefore, we cay again, it is really desired to pay
the Nations Debt, subscribe to the Nations Loan
/
before the people Every 7.30 bond makes its hold
er a friend of the Government. Adam Smith, We
believe bases his great book upon the theory that al
men are controlled by their interests. Every poo
man who holds 7.3O is, to the value of that bond
above all political management. When the Copper
Lead politician bids hun beware Of the men in pow
! cr for they false and contemplate reputation
he looks at his bond and coupons and remember
that he is thus placed as MORTGAGE over all thi
country, and that every gun, and ship, and dwelln!
is pledged TO their redemption. In managing th
loan see that Mr.. Jay Cooke is carrying out thi
idea with energy. His object is to have the loan ia
ken and at the time hare il taken By the people
lie is couring subscriptions of one and two hundre
dollars, for he knows that if every one of his bond
can be made to represent ballot that ballot will
more free and intelligent. The citizen who vote
with 730 in his pocket will be above the influence
Of Slavery and corruption. To reach this class
system OF night agencies now exists in Philadelphia
and meets with great success Offices have bee
opened in the various wards and districts during tn
early hours Of the evening, and the working man hu
an opportunity Of acquainting himself with the chaI
acter of the loan and subscribing to it. The sam
plan is about to be introduced into New York bl
some of Mr.. Cookies agents, aud the indications ar
that it will be very successful. The enterprise
noble and patriotic, and will be of great advantag
to the people well as TO the Government.