The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-22
The Herald Plan the Right One.

The idea of paying off the national debt presented in
the columns Of your paper and great one, and
can IL some proper plan is devised be carried out The
capitalists and business Of the country should FIRST
be made TO that s for their interest TO have this
great eech shaken of the nations industry. Then, by
combining with the government, means will be found
the desire is fairly awakened-to achieve the end
Allow me to show, by very simple calculation, how
wise is to have this incubus resting the energies Of
the nation devouring and renewing itself by interest
every few years Let that the interest the
national debt amounts to seven per cent It amounts
to more, II We include the expenses connected
with the Treasury Department necessary to look
after the pr ncipal collect the revenue and pay the
interest The capital and industry Of the country
pay probably from two hundred and ten TO two hundred
and fifty millions year as interest the debt II they
could retain this sum they could add yearly seven
eight per cent to the wealth Of the country which
30 much additional loss The offer Is the II the
people paid compound interest Now by simple calcu-
iation we know that any given sum OF money loaned
and reoaned every six months at seven per cent
doubles itself in ten years In twenty years 1t quadpes
ITSELF In thirty years octupes itself augments eight
fold In other words the people in ten years will pay
sum equal to the entire debt and yet will have the prin
cipal resting their shoulders before In twenty
years they will have paid four times the entire debt
or twelve thousand millions, and yet like horrible
In thirty years they win have paid the debt eight times
and nearly half over, more than twenty five thou
sand millions Of dollars At eight per cent they will,
In twenty years, have paid 1t five times over, and in
thirty years eleven and half times over. In fifty
year-suppOsing before that the reproductive power
Of the capital paid interest Is equivalent to interest
the samethey will have absolutely paid the debt fifty
nine times over; that lie, they will have paid one
debt OF three thousand millions, and still the ulcer
left TO eat away as before may be raid that II the
whole debt were paid and at that these produc
tive powcr Of the capital would be lost which would DO
equivalent 10 paying the interest answer that large
sums are less productive, less probably managed than
small ones and BESIDES DO found not
withdraw the capital from active business operations
To sum up the country will IN ten years have paid the
debt twice over supposng interest aud expenses Of col
lectng TO amount TO eight cent and will then have
10 recommence paying anew. Now, common sense die
tates that IL any possible be found should
get rid Of this consuming burden AT and forever
If the Secretary of the Treasury could unite with all
the State governments and the latter with the counties
and employ all resources that can be devised II commu
tatons could be made with taxpayer; II public pro-
perty could IN part DO applied 10 the end II share Of
oil mines reserved FOR the purpose IL the govern
ment itself would become miner and employ twenty
thousand Of ts soldiers in the work. looking after the In
dams at the same time II national feeling aroused
and crusade nauguraed against the parasite,
giving rise TO great fairs and public donations all through
the land; II life annutes would be issued which would
pay the principal at the end OF certain time II these
and Of other which men Of thought could
devise brought TO bear the national debt could BE-
wiped out II Secretary McCuoch would take the thing
In hand and accomplish II he would, besides the real
good he would do, have the qualification Of descending
to posteriy the greatest nancer the world has pro
duced. II Is worth trying for
Some individuals may that the national debt is
blessing II Is simply idotic to make any such state
ment. Every person knows that in private matters a
debt hanging ones head is the greatest OF burdens
and OF curses What true Of the individual is true OF
the nation. A. b.