The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-23
"a NATIONAL DEBT A MA TIONAL L
BLESSING"

posed plan for the resuming OF specie PAYMENTS mas
revived the very silly custom on the part of portion
OF The press OF atrbung to that gentleman the bald
unqualified declaration that "a national debt is d
national blessing" Mr.. Cooke never made such
declaration, and the eminent service he rendered our
country at time when financial ability, energy and
foresight were quite as essential to the nations pre-
servation as good generalshp, entities him at least
to immunity from persistent Misrepresentation al the
hands OF reputable journals.
During the four years Of the war Mr.. Cooke, as
fiscal agent OF the Government, negotiated the fol-
lowing oans:-
First twenty-five loan n..............S5 S513 600 900
Seven-thirty loan. Observation-Disclosures. s30,O00000
OIner lOdus 5OU,U0O00O
Total 6t3 900 600
The Government had failed utterly to popularize its
own loans, its treasury was empty, and Mr. Cooke
mnistration and not at his own solicitation. The
compensation he received was not one-fourth as
much as European governments pay their financial
agents for similar services with less risk. Mr. Cookies
principal reward came in the shape Of that financial
prestige and reputation, both here and in Europe,
which have placed his firm at the head OF the moneyed
interest on TINS continent and poured into his New
York, Philadelphia, and Washington banking houses
volume OF unsolicited business which could not
fail to result in a great accumulation of wealth,
The National Blessing pamphlet was one of a
series issued by Mr.. Cooke in the interest of the
had treated OF GLOW to Organize National Bank"
and "How Our Debt may be Paid" and the one in
question was entitled, "Ho,c our National Debt may
be National Blessing" 1t was written by Mr. SAM
uel Wilkeson, formerly OF the New York Tribune,
and published with the approval of Mr.. Cooke The
pamphlet was issued for definite end, and it ac-
compshed its purpose perfectly 1t was in the win
ter of '64-5; the debt had reached prodigous
was at low ebb; the dsloyal press all over the
land was indulging in the most doeful prognostica-
gage upon us and our Children" etc. so nearly
universal universe was sor, this cry that the most
drooped: e'S a@ost Impossible e to Odns Ss
pose Of the bonds or maintain their stand
ing in the market, and financial crOakers
dependency at home depressed the spirits OF our
troops in the field, and the means to carry on the
war daily became harder to obtain. Under these
circumstances it was necessity that some one
should present the bright side Of the financial situa
ton and turn attention to the incidental benefits of
that growing debt which was represented to be an
unmiXed curse and an intolerabe burden. To do
this in the only effective way was OF course ncon-
sstent with the traditional and helpless dignity Of
great government, and Mr. Cooke, as the Govern
ments agent, with the quick eye of sensible bus-
his famous pamphlet, that they Were more scared
than hurt by the national debt. He knew
title and present the subject in popular
manner in order to make any impression the pre-
lish critical essay on political economy, did he
profess to treat the matter judically giving equal
prominence to the dark and the bright features of
the debt question. He spoke an advocate, his
purpose being to aid the Government in selling its
It was not his business to hold up the gloomy side:
He presented the cheerful part OF the picture, and
pnrposeIy eit the unpleasant portion untouched
of teaching otherwise, that, as a general PROPOSE
ton, debt or the individual or OF the nation Is
evil, but having the debt upon us, he sought to
show that, 'if rightly managed its burden would
be light d its benefits many
would have been, SIN What Particulars a National
| Debt may be National Blessing"-much as one
might with perfect propriety write an essay 'the
blessings OF labor although the necessity for manual
toll is popularity regarded as an evil 1t is not dill
cult to conroyert some of the minor arguments of
the pamphlet referred to, Just fallacies may be
found in the financial writings of professed political
lint nnnD tinu
mate OF the advantages to accrue from the national
debt partially oflsetng its hardshps the paper was
| substantially correct and sound.
Mr.. Cooke, in issuing his pamphlet, expected to
encounter storm of criticism aud abuse from Jour-
nails of the New York Herald school, and politicians
like Brick Pomeroy, and he was not disappointed; ;
| but his object was accomplished, and he could
afford to pay the price: tl'ke Copperhead press
| abandoned their assaults upon the public credit
and engaged in a fierce onslaught on the Cooke
pamphlet. All the resources OF denunciation and
| rdicue were exhausted in dcmolshing the doctrine
that "a national debt is national blesslng"a doc
| trine Mr.. Cooke never advanced aud hence man OF
| straw. More than million copies of the pamphlet
were circulated and read among the people, and the
effect of the widespread discussion was to aid ma
terally in lifting the public mind out of the dumas
in giving a new impetus to the sale of bonds, and in
restoring confidence in the ability OF the nation to
| stand erect under its load.
The leading positions taking by the writer OF the
''Natonal Blessing" pamphlet were these :-t) With
our resources the debt can be easily and certainly
paid; (2) the Government securities furnish widely
ditiused and easily available cash capital ready at
all times for the uses of business enterprise (3)
| tneSe SECURITIES DcsG possible savings
bank for workingmen, widows ana orphans: (4) tile
debt furnishes the only sound basis for system of
uniform national currency; (5) the annual savings
| to the people by such national currency based on
the debt will nearly pay the interest ON the debit (
the public debt, diifused throughout all the States
and among all political parties, will serve as bond
OF union and check to partisan violence; "a this
generation should not be required to pay the whole
| OF the debt; (S) revenue system should be ma
| terially modified we should cease counting the
peoples teaspoons and collect our internal tax froIn
few articles, spirits, wine, and tobacco being the
leading ones; (9 increased population and increased
| manufactures viii constantly tighten the debt bur-
den by di1using it; QO we should make Europe con-
tribute to our revenue by leyying excise tax on
| exported cotton and petroleum.
| From this outline OF the doctrines presented in the
pamphlet and this explanation Of the occasion OF its
issue the reader can Judge of the fairness OF those
who improve every opportunity to refer TO jay Cooke
as the author OF the doctrine that national debt ls
| a national blessing q. w. NJ.
| Chicago, Nov 10, 1862