The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1865-06-02
The 1905 and the End of the War.

The greatest war Of modern history has
ended in triumph. The country has dem
onstrated the vastness Of its power. We
knew II was great; no,o all the world knows
II. Our neighbors across the water. who
said our very greatness was our weak
ness--that We should never hold togeth.
er--tbat we must fall to pieces, and yery
small pieces at that--no,o take off their
hats and beg to assure us of their "most
distinguished consideration" Verilyl g.
young nation that can raise two millions
oi lighting men and l-wo thousand mill.
ons OF money, just Tor the asking, is wor-
thy OF being considered" They told
us we could not carry on the war six
months without begging for loans iu Eu-
ropean markets. We did carry on such
war as they never dreamed of, for fony
gears, and never asked for dollar; and
they now wish to buy our bonds at an ad =
vance OF fifty per cent. over last years
prices. Government stocks are quoted
as brisk and in demand; and well they
may be, ior the time will soon come when
no more will be offered. The national
expenses will soon be down to a peace
footing, and instead Of Treasury budget
Of nine hundred millions, Secretary Nc.
CuIloch will ask us for about third Of
that sum. And how much easier it will
be to raise this in peace than in war!-
The millions Of soldiers who have so long
made it business 20 destroy life and
property will return 10 pursuits Of indus.
try, and the now ravaged fields will whit.
en- with new haryests. Instead Of read
ing each day that so many miles OF rail
road have been destroyed il will be that
$50 many new avenues 10 material wealth
have been opened" The South itself
will be compelled to bear its share OF the
burden it imposed on the country, and its
cottoh-so much greater than gold, and
Still so much less than kng-will have no
attribute Of royalty but what it pays into
the revenue. A tax on Southern cotton
will be quite as easily collected as on
Northern petroleum or manufactures, and
besides the article must be had-,he
world wants it.
1t would take but fraction OF our
property to pay our national debt now;
but ii we do not pay dollar of the prin.
cipal in ten years. that fraction will be
reduced one ha,f-by the development Of
the national resources. We shalt doubt.
less wind up the war snd square all ac-
counts with national debt OF less than
three thousand millions on about 10 per
cent. OF the present national wealth, but,
according to its rate OF increase (I27 per
cent. from 1850 10 l860,-in 1875 this
debt will be less than nine rer cent. But
our ability to pay the national debt needs
TO demonstraiion; but as some of US have
looked upon the dark side, we may as
well have glance at the sunshine.
The national loans will soon be out OF
the market--but for short time the Gov.
eminent will need money to pay off the
army and settle up the expenses of the
war. Only about two hurdred millions
more of the second series Of the 80 loan
remain 10 be taken, and when it is finally
Withdrawn, there is no doubt that it will
rise to handsome premium, and a. the
rate 1t is now going. some time within the
next sixty days will see the last of this
series. Mr.. Jay Cooke. the subscription
agent, announced in February "that the
first two hundred millions of 1905 will
probably be taken in at par from three to
four months"-but they acre taken in
less than two. So tha. parties who de.
sire to invest at par in the u. s. Loan,
bearing seven and three-tenths annual in
terest, and in three years convertible in
TO SEQ six per cent. gold interest bond
should make their preparations accord
ingly. Many of the best financial author.
tiles believe that the Government will be
able to furd such portions OF its debt, as
it may not be ready 10 pay as it falls
due, at a. per cent.
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Arrest of Southern Governors.