The Portland daily press., 1865-06-26
Mr. Jay Cooke on the National Dsbt.


Mr.. Cookies recent pamphlet. shown.
SLOW our National Bsbs Nzs Be- i,sssss.s De.
undoubtedly been misunderstood in many
quarters. The design of that pamphlet was
entirely within the scope OF his duties as
agent for the sale Of United States securities,
and was limited to the bare proof that the
debt can be paid" within TWENTY-FIVE years,
II the people SO ordain; and consequently,
That the investments which it is his Office ID
promote, are, beyond the shadow OF doubt,
thoroughly safe. In word, the pamphlet
was part and parcel Of Mr.. Cookies admirable
system Of dnanciering.
AS the pamphlet was by many supposed to
nave been published with intent to urge the
necessity or advantage OF an early payment
OF the principal Of the debt, Mr.. Go Ike has
since caused an article to be prepared, exhib-
lung the advantages OF permanent national
debt. The views therein set forth. he fully
adopts. From this article, too long for entire
republication In our columns, we give else
where copious extracts. In this place, we
proceed to give an abstract Of the entire arti-
Gle. S stt 10y i
Uader the title "Our National Debt Ma
"tional Blessing" Mr.. Cooke lays down his
general proposition, which is, that ''made per-
"manent and rightly managed" the national
debt may indeed become blessing. He pre-
ceeds to show under nine heads, why it should
be made permanent and how il may be rightly
managed.
]. The funded debt oft1e United States Ia
the addition of So o00, 0C0 900 to their svaila-
bic active capital. To pay this debt, would be
to extlnguish this capital and to lose this
wealth.
2. AS political tie, the debt will impart to
copartnership between 100000 Of people
the unity Of feeling arising from community
OF interest in copartnership capital of
$1,000, 100000. 5a s
s. A permanent debt viii necessitate per-
manent revenue tariff, which thus steadied
and ballasted, will be wall of protection for
domestic manufactures. a q Ri
4. A system Of national banking must rest
upon basis of national debt, and within
twenty years, 1t is safe to say, our national
banknote circulation will reach $1,000 ,OOe,-.
900.
D. Inc debt should be retained, as nations,
wings bank, faithful national trustee for the
FsVerty Of all those who are inexperienced In
anSs', and who desire to be safe from loss.
nee ssu care. and relieved OF the expense Of
CEMENT and the cost and risk OF agency.
Q. A permanent national debt would intro
duce into the politics Of the country the great
ly desirable element Of public economy.
7. Payment of the interest only, would
avoid the Injustice Of calling upon this gene
ration to discharge an obligation contracted
In the interest of the nation for all time. Is
8. The burden of the debt will be yearly di.
minished, by diffusing it over larger popula.
ton, by wise modification of the internal rev.
enue system, by constructing such tariff and
SO organizing immigration, as ~ give us
greater production, increased wealth and in
creasing incomes.
.. Immediate payment is impractcable.-
Inc money cannot be raised instantly, by SUBJ
scriptlon Or otherwise; and even il the money
we're now In the Treasury, holders of bonds
VIII not surrender their lawful claim TO inter
est, until the contract, extending for one class
OF securities to 1874, shall have been fuIalsa
U these nine arguments. four are we,obtv
1t lis for the Ameaican people to decide wbetb.
er they are weighty enough to prove that an
everlasting debt would be national bless;no
The first seems fallacious. The capital in.
vested in United States securities comes main.
ly from our own people. II by payment it