, 1865-06-20
Jay Cooke on the National d bit.
CHICAGO, june ~, 1855.

Editors Chicago Tribune:
In your paper OF this date I find an a.tic1,
nehoeo 'ny eooAe on tae asuohAl Deot, !
| In which you attempt to prove that Mr.
| Cookies theory. that the public debt or III.
United STATES, OF three thousand millions O.
dcl.arf, Is an addition to thu wealth of III.
nation Of ;u,t that amnnnt !. an ,,,.,r.d
one, or, as you state 1t, "a monstsous delu
sion ~ Ar von r,.ht IN rour ,pd,ma,ts ,
.,..1,. -. ~ - e. ss.;.. 49, 3.1s
thank mol, Ill on the contrary, bslleyc tha!
M1. Cooke has simply stated IN absolute
fact, patent to ony one who will take The
trouble TO be'toW few moments thought on
The matter.
Mr. Cooke says: "The funded debt Of the
United States Is the addition of three thou
tand millions OF dollars to the previously
realized wealth OF the nation. It Is three
tlonsa1d millions OF dollars acdsd to it.
available active car pata'." You proceed to de.
moAsu 'a1s 1oea ~ one or Two questions,
eho t0en g''o W you1 W." On Lne SUBJECT
Lei Us SEC you are altose1ner E9a In your
1ns"e1s ~ yoa. qeesaons' ano II tne concla
"Is1 ~" 80, ~" ,aoa,.s, no su Is H,1 -ou
we'll 10 70 cn adding 70 the wrslth Of the mi nst,on On
ey e simple and easy ploee.a ~ adding to the
son. oY rev gealih ~ borrn1ine th.3 snanant % u,
monty, md ntinR It OF u The tcbels, Why not
~ !; .so e. i.h, oss sod ns It
1,chest neonle in The w:,rId ~ EaoSs III w w
hspe ADMIT thst ine non. lead, horses wa9ons
pork, aour, cloth, &c, for which the Go4ernmunt
crd III boz ts and treasury notes. were s1so
Sp.sll NOV: II the dept which tho Govs1nmanl
aG3.,a - ness Asss. laeH IN
heenmn Of iha Cher caniislSthe isnn A"s i.sd -
horses, prorttions etc! IL our 7iew thst cspitai
has Been eznneulshed. To our .Iew that was The
To sI1 this It seem, to me- neces.ary tomska
Int one answer. and that fa-that the .,ron
,.ax h..s.. -s-oa. na.,. aa..- -. w, ,toa'
,eAo, Ao, "-so1et ~ uoA' eto'A, Auo
In place OF "ttc.' Wal put the use OF men
as soldiers, which the Government has been
for the past four years purchasing in such
~. auasNes' m1 w" ~ tne ,esul. OF laoof,
A!a3 vescoAe eapata4 "nsn 1ne Government
gives In exchange for the aaue It's greenbacks
or It bonds. Let the result Of this labor ha
extipeuIshcd rs you s.y. its renresrn,at,va
r.n.in, ~ +ho fo,-n ~ a a,.-aa..sr. 0 s".,",'s.,
4ea'ne - ~ ~. Aol. ~. y, pe4manent lnoeotea-
ness, and out 'or that representative this
iron, lead. ETC.. could have bad no existence
IN . form of anv v,1r. Va all tnow +h.t ".
-. ,s.e., ~ ~ e"o" tAa' tne
aemAnos unoe eJ tne 0oFernment upon
the labor Of the country, ard for which 1t
has Fald !ts Indebtedness In one form or
aco,ha, I. ,n,.n;r In .ta,.;o- ~ ~ a-,,s ~
@.1 3 - 1.1 ~, .ou ~ tne oIu!u-
ay calis made upon LABOR o5 me wants Of the
nauon u g, e,Te ot pace. Uatlng the var
'aoo5 y ~ hlnu8 uas nten aesfse, and has
ssce.veu .9a, ~ s3enanee lor lts results, fuller
comIeneaaaon ao tnsn s'eF oelole: NOT at all
musl cou nnsu = uoss ensassa ID Inc m1nu-
Ioetof'ne or pf9oue'ng OF atticles required by
Gosei nment. Every branch has fe!t the ef.
!ec1 81 me cxcessise oemauds, and the end Of
J! az ~ money pom! q FloW ~ sim Ply Just
wbAt ~. Cooke statsa II 10 be. l. e.. that We
as naiaon nave naa @hree thousand millions
o. n0n1!s .s1 ot actave SEP Saplsai 4, added to our
wealth since the year 1851. Shall SHOW you
the. edect OF lhts additional wealth The
second National bank OF tois city has sold to
The citizens Of the NoIthWsst. in abautfive
months time, some Sl5,t00,o00 Of the popu-