Smyrna times., 1865-05-31
Paving off the Public Debt.

A proposition to pay off the National Debt
by voluntary subscription has been put on foot
by the New York Herald, which seems to
meet with some favor and causes general dis |
cussion among the journalistic fraternity. The !
plan is as follows: The Nation owes, it is esti- |
mated, Three Thousand Millions of Dollars; one
hundred and fifty thousand persons, by subscri-
bing $50, 900 each, would just pay this enor-
nous sum. But it is generally understood
that there are not that number of persons able
to subscribe $4,000, and it is proposed to let
those who cannot give $1,000 subscribe $l0,-
600, which, ofcourse, would take twice the num-
Der of subscribers. There are several thousand
individuals whose Government taxes amount
to nearly or quite the former sum every year,
and great many more who pay the latter
amount. To these persons great saving would
be affected were the plan to succeed.
The suggestion is meeting with much consld-
Grafton among leading financial and business
men throughout the country, and already
number have signifed their willingness to take
one or more shares" Between twenty and
thirty names are published, ComodOre Van
dcrbilt heading the list for $50O,0O0; James
Gordon Bennett, editor of the Herald, sub
scribes $4,000; g. w. Childs, Of the Phila
Ledger, $40, 900; Drexel Il Co., Phila., $780,
600, and so on.
Much of this debt, it is suggested, cannot be
Immediately paid off, because it will have to
run to maturity; several hundred millions are
held abroad The amount could be subscribed,
however, and he made to draw interest until
the bonds are payable, the interest thus accru-
ing to counter-baIance that accruing on the
, bonds,
1t is regarded as impracticaLlc by many
/ 1t is doubted whether there are more than
r fifty thousand persons who feel themselves
able to pay $4,000. The Tribune says that
the actual value Of all the property in the
country out of which this Three Thousand
Millions is to be paid is Fifteen Thousand Mil
lions "In other words, " it says, every ont
f must be willing to pay in cash onc-ffth Of the
! total value Of his estate in order to sweep of
our public debt" The Tribune further says
. 'Com. Vanderbilt is currently reputed wotl
so, 0,UO0.0O0; he is ready to give $500, 600, OF
0ne, ,f0rtieh of his estate, if he can thereby Sc
u cure the payment OF inc entlre natlOnal ueD
y "a perfectly safe and thrifty offer. Mr.. JAS
= Gordon Bennett can hardly be worth less thai
y 81 100000; he offers to give $4O,OOO, or one
Fl trentyftth of his estate-and so of others
We can find no name on the HcraIfS list of
man offering to give one-tcnh Of his property
. so the scheme is contessedly failure.
= 1t is also suggested that Congress, in thi
: connection, should authorize all who ar
: willing to do so to pay their share of the na
- tional debt at once, upon condition that sue
- persons or firms be exempted from paying GOV
~ ernment taxes on their manufactures or sales
y This, it is throught, would greatly aid tn
above plan.
:. If such plan could be successful it woul
: relive thirty millions of people of vast amour
~ of peeuniary obligation, and the governmer
= Of large number of assessors, collectors, &c