The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-06-17


1904 ls9 227A zl87s 2eO 2l1k 243
Al tho open board at ono o'clock there was q mode.
ra,ely active Market with general improvement Of
prices At the second regular board it dull and
lower Eric showed decline Of u from tho first board,
New York Central 1, Reading Michigan Southern e,
Northwestern y, Rock Island x, Fort Wayne y. Ceve-
land and Pttsbarg advanced u, Hudson River u. Gov
eminent securities hrmer. Coupon fve-twentes
higher. At the open board at half past three
there better Market with higher prices Now York
Central sold the call at 94, Erie 49, Hudson River
10s Reading 9ok, Michigan Southern e5'., Cleveland
and Pittsburg e9H Rock Island 99h, Fort Wayne 81,
Cumberland 42X.
Money has boon in somewhat greater demand to-day,
owing to tho increase Of speculative business. Call
loans have been made at sac per cent. First class
commercial paper has passed at a per cent.
Tho foreign exchange market has been quiet, but
steady. Leading drawers have asked 110A y for
their sixty days bills, and 1l0 Ill at short sight.
Those were however not fully maintained in all
cases the street. Mercantile bills are scarce at
10sk y.
Some doubt having arisen as to the intent Of the
Presidents proclamation with regard to its removal of
the twenty five per cent tax on cotton parties here
instituted inquiries which resulted in replies from
Washington the effect that the tax In question
removed by the proclamation. President Johnson's
procamatons with regard to the Southern trade would
have boon better had they boon more explicit.
Mr. Jay Cooke just caused to be written and pub
ished article which bears about the relation to
political economy that Baron Munchausens travels do to
vetablo narrative The article in question concludes
with this remarkable paragraph
MOI let us accept tho public debt public wealth, as
the bond of political and national unon the safeguard
OF industry the basis Of banking orphans
and widows fund The national debt, rightly managed,
will be the national blessing
needless TO say that there could DO no greater fall
Lacy than the belief that public debt public wealth. 1t
10 kindred to and equally false with the opposite doc
trine nculcatsd by q celebrated French revou-
Zionist that ''all property is robbery" There
have been mon, In monarchies Of uncertain dura-
hon, who have sought TO make believe that
q national debt is q national blessing, not TO the
poople however but to the rulers, whose dynastc
poweu endangered. SO far from national debt
being blessing, IL Ia curse to any people 1t ia .
mortgage upon their industry stumbling block In the
way Of enterprise, and clog upon the wheels Of both
national and individual advancement national debt,
70 DO permanent be enforced by power independ-
entity OF the will of the people, and all such coercion
oppressive The history Of every nation proves heavy
national debt TO have been drawback to II; and Is a
national debt any more likely be blessing to than
monarchical EuropcS Are the people Of the United
States any richer or better for the taxes they
are now payings Would not be conducive TO our
interests TO have pay only half quarter the taxes
we are now payipgf What taxpayer finds his taxes a
blessing, And does the fact that national debt will
soon be than three thousand millions brighten his
prospects all, The idea Of national debt being M
ionai blessing in any form originated in the assumption
that the holders Of would be arp In their loyalty to
their government. and that large debt involved an
equivalent political support Of it. But this power Of
stockholders to sustain government Is vastly
overated for their number must necessarily be insig
niacant in comparison with that Of the non
holders Of government securities In any country-ant
these last include the lowcS orders Of society," who
are always the most formidable In revolutionary move
meuts But In this country, where the government
stands by the will Of the people, national debt offers ne
support its institutions being merely an cncumbance
and nowhere In the yord may safely be predicted will
moro impotence OF the restraints OF permanent na
tons deb, be manifested than here for is anagonist
TO free spirit and the genius Of our institutions
When the writer of the article referred to tells that
zach Of the Eve great Powers OF the world have perma
mont national debt and points to them to sustain his
theory he false conclusions from the influence Of
their debt upon their history and falls into errors thai
arc positively ludicrous, witness the following
II not the industry perslstency and ffugay OF
The British peope was not their nsular position,
was not their Goals their iron soncthat gave them
supremacy on the ocean and in the money markets and
trading exchanges OF both hemsphefes Their insulai
position was against them. Their limited inland teri
tory was unavorable 10 empire Their want OF space
and their climate made them dependent upon other
countries for their bread. They became supreme as
tnerchants manufacturers and money lenders, simply
because their national debt added thousand millions
of capital TO their previously acquired wealth. and simply
because this vast infusion OF wealth. which had every
business virtue Of standard COIN spurred the industry
the island developed its mineral resources invented and
put In motion a vast mass Of machinery which spun
wovs and hammered for tho world, updersod the world
and world London 10 pay debt and 70 borrow
mia aunOor
not permanent American debt Of four thousand millions
give Now York;
30 England's greatness Is owing to her enormous ma
tionai debt and New York would he great city IL VI
only had debt equally argcl The writing Of this kin
f nonsense may help pay tho board BILLS Of the EN-