The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1865-06-13
The Loan Of the People.

we can scarceiy Imagine tnaJ MI.
Wendell Philips seriously contempla-
ted a repudiation of the National Debt
in his recent Boston speech. That debt
has become an institution, and must be
managed with consumate prudence and
craftsmanship. The idea that it can
be paid off in the manner customary to
actors and persons who live by testi-
monials benefits, is impirical. Some
philosophers consider large debt an
advantage; others an injury. We do
not discuss that, but call attention to
what we consider the most sensible
plan for paying the National Debt
Subscribe for The great National Loan.
1t probably would be grand spectacle
to see our rich men stepping up and
paying the debt by subscription
But is it not grandcr to see the poor
man contributing the hard-earned sa-
wings of years to the support of the
Government, and carrying home prec-
iously, tenderly, proudly, in his toll
hardened hand, the bright and modest
7.3O and its nest of coupons. We are
disposed to regard the charity of the
widow, who threw her mite into the
Lords treasury as of a higher order
than that of the wealthy Pharisees
who gave their shekels with ostenta-
tious liberality. If we desire to see
the debt paid, let us begin by assum-
ing It. We do not want English or
German loans; we do not care to par
ade our credit in London, Paris and
Hamburg, and offer it to the highest
bidder. 1t is ours, and is as dear as
our flag. We, the people who have
fought these bloody and desolating
wars we, the people who have once
more established peace and domestic
tranquility; we, the people who have
slain Slavery and treason, propose to
take this debt and keep it and wait for
the patience, enterprise and progress
of the Government to pay it.
Therefore, we say again, if it is real
ly desired to pay the Nations Debt,
subscribe to the Nations Loan-the
great 100 loan--the last issue Of
which is now before the people,
Every 7.3O bond makes its holder a
friend of the Government. Adam
Smith, we believe, bases his great book
upon the theory that all men are con-
trolled by their interests. Every poor
man who holds 7.3O is, to the value
of that bond, above all political man.
agement. When the Copperhead poll
ticians bids him beware of men in pow.
er, for they are false and contemplate
reputation, he looks at his bond and
coupons and remembers that he is thus
placed rs mortgagee over this vast
country, and that every gun, and ship,
and dwelling is pledged to their re.
demption. In managing the loan we
see that Mr. Jay Cooke is carrying out
this idea with energy. His object is
to have the loan taken, and at the same
time have ii taken By the people. He is
counting subscriptions of one and two
hundred dollars, for he knows that il
every one of his bonds can be made to
represent ballot, that ballot will be
freer and more intelligent. The citizen
who votes with 7.3O in his pocket
will be above the influences of Slavery
and corruption. To reach this class a
system Of night agencies now exists in
Philadelphia, and meets with great sue
cess. Offices have been opened In the
various wards and districts during the
early hours of the evening, and the
working man has an opportunity of &C
quainting himself with the character
of the loan and subscribing to it. The
same plan is about to be introduced in
to New York by some of Mr.. Cookies
agents, and the indications are that i
will be very successful. The enter
prise is noble and patriotic, and will bc
Of great advantage to the people a.
well as to the Government,