The New York herald., 1865-05-30

we continue 70 receive large umborg OF
communications on the proposal 10 pay the
national debt By individual contribution. Our
space, Of coarse. wiil not permit ~ 10 publish
al these. though ws give place 70 astsaa srb-
sOriptions. Many Of our cosrespondests asge,
the subject with great warmth and esrnestness
and some good Suggestions. One would have
the municipal authorities Of the various cities
throughout the country; put It properly before
those within their reach; another suggests that
the government devise Communication system
for the whole country 20 that eaob man may
know what proportion he ought TO pay; and
another suggests the good idea that each con.
tributer make his contribution in one govern
ment bond, to be stamped by the government
with cancel stamp, so that the bond may be
kept as an honorable heirloom in the contrib
utor's family.
All this indicates The excellent spirit in which
the people look at the subject It Is naturally
doubted by many whether 1t is possible to pay
the debt In this way, and some nice calculators
hear of the plan just as the old stage coach fel-
lows heard of projects for railroads and steam
boats It has been shown many thousand times
by admirable arguments that it was impossible
to put down the rebellion; but the people, not
understanding the arguments, went ahead and
did 1t; and 80 it Is still possible that great
enthusiasm spreading wherever q man owns q
thousand dollars may falsify much pretty arith-
metic. It is urged, for instance, that there is
not money enough for the purpose Of these con-
kvsI -, 1otsO md hat IN
1t would bankrupt the country. This is not .
brilliant argument. Our correspondent who
suggests the canoelling Of bonds has truer
idea. His proposition puts the matter in the
correct light, and shows that no money need be
withdrawn from circulation. The government
bond for twenty thousand dollars need not
change hands at all. The man keeps 1t and
frames il; but he has permitted the government
to stamp II with mark which takes from it its
former excbangeable value. He has the note
still; but he has agreed to extinguish its pur-
chasing power.
Nearly two and half millions are subscribed
for already, and we are assured that immense
numbers of men who have given no indication
al all stand ready to subscribe in proportion to
their wealth as soon as the matter shall take
Official shape Many will, at the same time,
double the amounts they have already agreed
to give. People want this to be rightly
organized, and they will do the rest. Let
il be organized on proper system and
successful issue is certain. But whether
this movement shall pay the debt or not,
it makes the government credit stronger, for
it shows that the people, who, in addition to
accepting the government paper for thousands
Of millions, gave also many millions Of volun-
tary contributions to send out regiments, are
now willing to contribute largely for the settle
ment Of the national obligations. Over two
millions are contributed within two or three
days, without tho government having touched
the matter, making good nucleus for action
when the government is ready. Where the
people will do this no national debt can be
dangerous burden. And thus this movement
has already shown to the world how safely and
easily we can bear our obligations.