The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-07-12
The 1905 and the End of
the War.

The greatest war of modern history has en- |
ded in triumph. The country has demonstra-
ted the vastness of its power. WE knew it |
was great; NOW all the world knows it. Our
neighbors across the water who said our We |
ry greatness was our weakness--that we
should never hold together--that we must
fall to pieces, and very small pieces at that
now take off their hats and beg to assure us
of their s.most distinguished consideration"
Verify! young nation that can raise two
millions of fighting men and two thousand
millions of money, just for the asking, is
worthy of being "considered." They told us
we could not carry on the war six months
without beggidg for loans in the European
markets. We did carry on such war as
they never dreamed of, for four years, and
never asked for dollar; and they now wish
to buy our bonds at an advance of fifty per
cent. over last years prices. Government
stocks are quoted as brisk and in demand, and
well they may be- for the time will soon COM
when more will be offered. The natioua
expenses will soon be down to a peace foot.
ing, and instead of Treasury budget Of MIN
hundred millions, Secretary McCulloch viii
ask US for about third of that sum. An6
how much easier it will be to raise this il
peace than in warl The millions of soldiers
who have sc long made it business to de-
stroy life and property will return to pursuits
of industry, and the now ravaged fields will
whiten with new harvests. Instead of read
ling every morning that so many miles OF
railroad have been destroyed. il will be that
$50 many new avenues to material wealth
have been opened" The South itself will
be compelled to bear it's share of the bur6 en-
it imposed on the country, and its cotton so
much greater than gold, and still SO much
less than king will have attribute of roy
atty but what it pays into the revenue.
tax on Southern cotton will be quite as easi
ly collected as on Northern petroleum or
manufactures, and besides the article must be
had; the world wants it.
1t would take but fraction of our operty
to pay our national debt now; but if we do
not pay dollar of the principal in ten years,
that fraction will be reduced half, by the
development of the national resources. We
shall doubtless wind up the war and square
all accounts with national debt of less than
three thousand millions on about Is per cent.
of the present national wealth; but according
to its rate of increase (l27 per cent? from
1850 to 1850, in 1875 this debt will be less
than nine per cent. But our ability to pay
the national debt needs no demonstration;
but as some of us have looked upon the darh
side, we may as well have glance at the sun
shine.
The national loans will soon be out of the
Market but for a short time the Government
will need money to pay off the army and set
tie up the expenses of the war. Only about
two hundred millions more of the second Sc
ries of the 80 loan remain to be taken, and
when it is finally withdrawn, there is no
doubt that it will rise to handsome premium
and at the rate it is now growing, some time
within the next sixty days will see the last
!, of this series: Mr.. jay Cooke, the subscrip-
tion agent, announced in February "that the
first two hundred millions Oft 30's will prob
ably lie taken in at par from three to foui
months"-but they were taken in less than
two So that parties who desire to invest al
par'in the U. S. Loan, bearing seven and
three-tents annual interest, and in three veal
convertible into $40 six per cent. gold in
terest bond should make their preparations
accordingly. Many of the best financial au
thorities believe that the Government will be
able to fund snoh portions of its debt, as il
may not be ready to pay as it falls due, at 4!
per cent.