The New York herald., 1865-07-18

per rel % Gnn.Yl %
Francs. 1855 80 s isssssssS ''s ''''''"
Austria 1884 a.... ,2es aOS,SS 5s'I00S@ S@ :
fs,sS 1855 s;s Iss$SS 1ss ~, "a "a
Our ability to pay war debt has been demonstrated
BY exhibit of tho of the nation The best
satsts connected with the financial department Of the
government have shown that the customs Of
the United States the excise and internal taxes our
mineral regions scarcely yet opened two millions Of
acres Of petroleum weathour unsold public lands and
the certain growth Of the country in population and the
equally certain increase Of It's manufactures, will be SUM-
Gent to discharge this debt to the last dollar within
the people ordan. Its payment its retention
paid Is matter for tho people TO decide. is their
debt to discharge, If 1t be burden Is their debt TO
We lay down the proposition that our national debt,
made permanent and rightly managed, will be national
blessing
In studying these permanent debts and discussing the
policy of maintaining them, dschargng them by pay
ment the mind should free itself from the tyranny Of
Britain does indeed, owe Great Britain four thousand
millions Of dollars The burden Of the debt crushes the
mind In contemplation of it, But its vastness Is not the
measure of the obgaton-for there is no engagement
the part OF the debtor kingdom to pay the principal
Of the debt and little any expectation and less desire
The principal of the debt being thus removed from our
educated idea of legal burden and Of the necessity to
scharse pecuniary obligation, ceases to represent the
burfen
The interest of the debt only becomes the Of
It's burden Great Grsin does owe to Great Britain con-
and harmonious arrangement, Great Britain owes to
Great Britain only s127 900 900 year And that is
ssWorkshop of the World TO TO each other Its
distrbutive burden Is but $129 33 head which s not
assessed on pay day per capio but Is justly apporoned
and the smaller and smallest the artisans and labor
This practically and financially, Is fair statement
OF the nature and burden Of the much talked OF British
debt.
such too, should be the regard Of our debt. The
Un.ed sta.es % ss5 @ yos The he BURDEN is nom
nay $50 72 upon every citizen and less than that Of the
British debt and, unlike that OF Great Britain Will every
year rapidly diminish by the rapid tncrease OF our popu-
laton by immigration and natural growth, and by the
rapid augmentation OF wealth. For, among the
Of the Workshop Of the World from England to Ame-
rica
The Englishman who has f2o, 900 in three per cent
consos his bankers and only ten guineas in his pocket
and who gives assent to proposal made TO him to 20
ne for coal yancouvers Island has got f20 600 In
The world knows it, British consols cash capital
This be conroverted And the 81 900 600 VI
Brit sh debt Is national cash capital 70 the industry ana
seemingly and nomnaly huge and burdensome dcb has
served To vtaze the manufacturing and trading genius
Of the English people, and, money has enabled the
British 10 do for that long time the marine carrying for
the world and 10 make for the world CLOTH ron Steel
tin and hardware. This enormous mass OF capital In
fused into tho business of England tho close Of hr
years Of with the French republic and
empire-almost always OF par with godIconyerIioio
daily and hourly gold-accepted ~ gold In all trans
actions the Of that prodigous development
OF mechanical industry and accumulation OF wealth
which suddenly bore upward the English after the
finances of the globe
1t was not the industry, pcrsistoncy and frugaty of
the British peoplc- not their insuar poston-it
their Goals their iron stone-hat gave them
supr macy the ocean and in the money markets aid
trading exchanges of both hemspheres Their insular
position was against them Their limited inland territory
unfavorabie To empire. Their want OF space and
or tSsr Thew supreme as merchants
manufacturers and money lenders simply because their
national debt added four thousand millions OF capital TO
their previously acquired wealth. and simply because this
infusion OF wealth. which had every business virtue
ofsandard coln spurred the industry OF the island de
yeoped its mineral resources invented and put In motion
a vast mass of machinery which spun, and ham
mercd for the world undersod the world and sent the
world to London to pay debt and borrow money. what
place among the cities o. the world would not perma
American debt Of four thousand millions give New
York;
each and all upon every noblemans estate, and every
sp nning Jenny In Great Baitainupon every coal mine
and every slipa mortgage of record uIon cvsy mug
of beer held the fist Of workngman throughout the
Kingdoms mortgage signed, sealed, acknowledged and
delivered the whole life, aye the death and burial
of the people Of all England II Is the nationality OF
this promise to pay backed up by the most vglant dis
rustful and thorough system OF taxaton for the en-
forccment Of which the whole power Of the government,
the equivalent, practically Of British gulncas-thnt
makes the $4,000 900 Of British debt an addition Of
s. 600 money 10 the capital the Kingdom other
wise possessed at the beginning OF this century.
II Is precisely with tho war debt OF the United states
Seven thtes available Tor any enterprise 10 wnicn
unoccupied land undevcloped mines unostabshcd arts
unseized invite Amer They arc cash
capital literally, absolutely and without figure OF speech
Practically they ash IN bank and cash In the pocket
The artificial measures Of their valrc which stock ex-
chances have succeeded In insiitutng ut times nomnaly
gave uctuaon to their worth they lie in the bureau
drawers o. farmers But in reality the depreciation OF
Wall street does not whitte OF the thousandth part oil
hairs breadth from that worth Those farmers KNOW
that they first bond and mortgage upon all the
United States and all the people In tho United States
and upon their children and their chdrcns children;
above par holders Of this war debt Of three thousand
million dollars any day and any hour, from San
Francisco TO New York, and from Portland 10 New Or
The funded debt OF tho United States is the addition Of
o. 900 the previously realized wealth OF the
nation II Is So 0oo 900 900 added 10 It's available active
capital To pay this debt would be to extngush this
capital and 70 lose this wealth. To extinguish this capt
tai lose this wealth would be an inooncevsby great
This our national war debt sho~ld be held forever in
place the political tie OF the states and the bond for
interest in the Union that nothing else give II will
impart TO q copartnership between thirty i've million
Of people the unity Of feeling arising rom & community
million dollars Tied to the Union by the Union debt,
nor western States nor Southern Satcssates beyond
States that plant nor states thas that mine
nor States that sme and hammercan ever ind induce
in sectional interests 70 draw asunder from each
other.
States in tho national debt will be sufficient forever 70
insure the pTOmpt StampinB vus % hv
tics that may dare second experiment In dsruptng the
United States Of America. Had we possessed hug.
Union dcbt In 1s00 and had AZ much OF peen duuseo
among the and planters Of South Carolina
a. Il now held in Rhode Island, much In Alabama ~
nov indiana much In Georgia a. now IN Minnesota
as much In Virginia ~ In Connecticut, the war for
slavery had never have been waged While holding the
Union bonds the South would never have made
nj theee bonds and taken them out Of the South and
them here or 10 Europe 70 DO cashod 80 az 20 have
brought the nghtng Of the slave States 70 willing
the payment Of the bonds depended And for the future
there be better gauge and pledge for the hamon
and of the restored Union than the
national diiuson Of the national debt The bond u
interest Is the bond Of concord We already feel IL
contracting prc6nre from Tennessee, Louisiana, Ala
hama, South Carolina North Carolina and Virginia,
where the sale Of the seven-thrty loan has been
established
Our national debt should be held firmly In place the
foundation Of system Of diversified national industry
which shall relieve from dependence upon Europe
ole M. bpvne mari cad n