The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-09

Jaw Cooke the Financial Fillbustcr.
jaw Cooke The financial flbustsr of Phila-
delphia, still holds to his theory that the ma
tional debt is national blessing. He will not
oven admit that it il blessing in dlsguise-so
we'll disguised, in fact, that nc sensible person
can recognize it. He recently employed q Ete-
rary Bohemian, Dir. Sassafras Wcaklyninded,
to write long article in support OF bis theory.
These Bohemians are the most INSCRIPTIONS OF
humbugs. They viii prove that black Is white
for five dollars. They will write poems IN
praise of two rival candidates with tho same
pen. They will abuse their friends and puff
their enemies at so many cents a line. AS for
the national debt, you have only to give them
enough TO drink and they will make it any
thing you like Mr.. Sassafras Weaklymindcd
did his job, therefore, as well as
he knew how. Jay Cooke found thc
ideas, such as they were; the dictionary sup
piled the wOrds-lhe longest being prciarred-
and MIR. Wcallyminded did the ecribbiing
during chance interval OF relief from dellriunl
tremens. The result was the article which we
have before reviewed. and which we now lind
republished, with few notifications, IN
pamphlet form.
1t is but simple justice to state explicitly, az
we have often before limited, that the President
and the Secretary OF the Treasury entirely dis
approve OF the ideas upon finance advocated
by Jay Cooke and Sassafras Weaklyminded.
They regard Jay Cooke as clever broker, and
as nothing more Whom he drops calculations of
per centagcs and tries to launch OUT into the
vast ocean of financial philosophy he is sure to
be drowned. His Bohemian, instead Of acting
as life preserver, actually drags him
to the bottom, like lump of lead.
So far from regarding the national
debt as q blessing, the President and
Secretary McCulloch want to see the debt
liquidated as soon as possible. Probably the
Secretary will take important notice OF the
matter in his next report to Congress and re-
commend some means for tho immediate repay
ment of the pecuniary obligations which this
war has forced US to incur. Perhaps system
of Communication of taxes will be suggested by
the Secretary. This would be an excellent
idea, and would at once place large amount
Of money at the disposal Of the government
The numerous subscriptions which mere men
ton of this system in the HERALD drew fortf
from our wealthy men show beyond doub
that the scheme would be very popular. But
whether or not this plan be adopted, the I'D
| ministration is determined that the debt shall
be paid. The statements which Jay Cooke in
snuates to the contrary are entirely upon hi
own responsibility. Our financial representa-
| tive distinctly regulates them. Jay Cooke ha
no endorser except Sassafras Weaklyminded
and his opinion is only worth the few cents
costs.
We recur to this matter so persistently be
cause we feel it's Importance. The article ant
the pamphlet of Jay Cooke and his Bohemian
ore extensively circulated, and have already
done the credit of the government mucl
damage. The Secretary Of the Treasury need
funds, and the idea that the national debt is II
be perpetual stands in the way of subscription
to the seven-thirty loan. The people know
that debt is burden. not blessing, and the.
suspect that there must be some humbug con
| cealed beneath a loan advocated upon sucl
| spurious pleas as those set forth by the finan
| cial filibuster and his Sancho PanZa. The fall
ing off in the number Of subscriptions ma.
thus be readily accounted for. The harm
which Jay Cookies circular may do the nationa
credit abroad can scarcely be calculated
Before Europeans have recovered from thei
establishment at the news that we inten'
to nav off our debt at once, they ar
chilled by the apparently official information
that we never intend to pay it at all. Thus on
credit is shaken at the very moment that
should be strongest. The Secretary OF tn
Treasury has hard task before him. He mus
insist upon decided reduction in the expense
| of the government AS General Grant is RAP
idly placing the army upon peace footing, 8
Secretary Welles must cut down our navy, an
every other department Of the government
must be speedily retrenched. If we need tn
army and navy again we can fill them up a
rapidly as we did before, and with this advar
sage, that all our recruits will be veterans
But while Secretary McCulloch is thus pre-
pairing to discharge our liabilities and to aver
or at least tighten, the coming financial crisi
Il is shameful that Jay Cooke and his Bohemia
should thus hamper and cripple him. In GU
opinion the Secretary ought to discharge th
Philadelphia filibuster. His work con be be
ter done and his errors avoided by anotht
broker and wiser fnancier.
JEFF. DAVIS AND JOHN BRowS-WHAT
THE DIFFERENCE John Brown, an unhapp