The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1865-06-21
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 ve-
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 smost distinguished consideration"
Verilyl 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 a 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
we'll they may be- for the time will soon CONF
when no more viii be offered. The national
expenses will soon be down to peace foot
| ing, and instead of a Treasury budget Of nine
hundred millions, Secretary McCulloch will
ask us for about third of that sum. And
how much easier it will be to raise this in
peace than in war; The millions of soldiers
who have SO long made it a business to de-
stroy life and ndproperty 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 no attribute of roy
atty but what it pays into the revenue. A
tax ON Southern cotton will be quite as east
/ 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 property
to pay our national debt now; but if we do
not pay dollar of the principal in ten years
that fraction will be reduced one 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 lSper cent
of the present national wealth; but according
to its rate of increase (127 per cent? from
1850 to 1860, in 1875 this debt will be less
than nine per cent. But our ability to pa.
the national debt needs no demonstration
but as some of us have looked upon the darl
side, we may as well have glance al the sun
shine.
The national loans will soon be out OF the
market, but for short time the Government
will need money to pay off the army and set
tie mp the expenses of the war. Only about
two hundred millions more of the second Sc
ries of the 7-30 loan remain to be taken, and
when it is finally withdrawn, there is nc
doubt that it will rise to handsome premium
and at the rate it is now growing, some time
within the next sixty days win see the last
of this series. Mr.. jay Cooke, the subscrip'
ton agent, announced in February ssthat the
first two hundred millions of z 30's will prob
ably lie taken in at par from three to foul
months"-but they were taken in less than
two. So that parties who desire to invest a.
par in the U. s. Loan, bearing seven anc
three-tents annual interest, and in three years
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 b.
able to.fund such portions of its debt, as i
may not be ready to pay as it falls due, at 4:
percent.