The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-26
Total 10 date....

II Is of course understood that none OF these
subscriptions are to be paid up until the whole
amount is subscribed for. II is no part Of the
plan to pay of . quarter or one-half OF the
debt, while capitalists who have withheld their
subscriptions profit by the liberality Of those
who subscribe There are enough rich men In
this country to pay the whole debt before the
LIST of January next, and It must be done.
Then Congress will at once abolish all taxa.
ton, and the Secretary Of the Treasury will
place the country In the financial position which
IT occupied Eve years ago. After all, these sub
scriptions are but paying our taxes in advance.
Commodore Vanderbilt subscribes Eve hun.
dred thousand dollars. In Eve years his taxes
would reach that amount II 10 better for the
rich men and better for the poor men to
abolish the debt and the taxation without de.
lay, ending the present cumbersome system OF
collecting revenue and the espionage upon our
incomes and our silver, and restoring the re-
public to the proud position Of nation which
owes no man dollar.
1t will be noticed that the six hundred and
forty thousand dollars already subscribed have
been taken by half dozen persons in half as
many days. Our Stewards, Taylors, Coopers.
Lennoxes and Astors we have yet to hear from;
and the rich men in Boston, Philadelphia, Bal
timore, Cincinnati, Chicago, ST. Louis and other
cities and towns have not yet responded. The
financial year ends in July, and before next
January we ought to have all the shares taken.
The understanding Is that no money is TO be
paid until they are all taken, and that cash
down is TO be the rule when the subscription is
filed. Congress and Secretary McCulloch
will arrange all the details for the receipt Of the
money and the discharge of the national debt
The debt Of England Is only four thousand
millions of dollars, and the English govern
ment considers itself happy II, once in while,
II can reduce the debt three millions year.
But we want to show the world that, after rails
ing the largest army in the world to suppress
the largest rebellion the world ever saw, we
can pay of the largest debt ever contracted in
SO short space of time without waiting for
the slow processes of taxation and gradual re.
duction.
We have had several offers, since the sub.
scription was opened, for ten thousand dollar
shares. One gentleman said that be would
be glad to have the government take ten
thousand dollars-one-tenth Of bis fortune.
This statement displayed the proper spirit
but We could not accept the offer because
the price of shares had already been fixed.
It will be easy, however, for two ten
thousand dollar customers TO club together
and take one share, and this process
can be continued indefinitely, 30 as TO
embrace Eve, three, two and one thousand
dollar subscribers. Or, when the twenty thou.
sand dollar shares fail to be taken. we may
invite smaller amounts. The former plan il,
however, the more speedy and practical.
There Ia no spectacle in history which can be
compared 10 that of nation like ours paying
Of such tremendous debt without any aid
from government machinery, and by sub.
scripton quite independent Of the government.
II stamps us as the greatest people on the face
Of the earth. II is better than giving horses
and carriages to high ofBcials, or presenting
silver plate to successful politicians II will
be monument which the whole world vii,
behold With astonishment: and which future
generations will wonderingIy admire. Who
are the next subscribersi