Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1869-12-03


THE following statement, by friend Of
fair-play who Is, perfectly conversant with
the matter OF which he writes, Is a contri.
button to the financial history Of our war
period which deserves TO be put on re-
cord
To the Commercial Editor Of the Advance:
notice that the recent publication In
your columns of letter from Mr.. Jay
Cooke, approving your proposed plan for
resuming specie payments, has revived
the very silly custom on the part of n
portion of the press Of attributing 10 that
gentleman The bald, unqualified declaration
that a national debt Is a national bless.
ing" Mr.. Cooke never made such q
declaration, and the eminent service he
rendered our country at time when
financial ability, energy and foresight
were quite as essential to the nations
preservation as good generalship, entities
him at least to the immunity from per-
sistent Misrepresentation at the hand Of
reputable journals.
During the four years Of the war Mr..
Cooke, MS fiscal agent of the government,
negotiated the following loans:
First Fivetwonty loan n,...........S b13, 900 600
Seven Thirty loan. an.......,..,......n $4,000 200
Other loans. ............,,,.....,... 100000 600
Total.........................Si,Uia,OOO,OOO Total 81, ,Uia, ,OOO, 900
The government had failed utterly to
popularize its own loans, its treasury was
empty, and Mr.. Cooke entered upon his
great task at the request of the admins.
tration and not Mt his own solicitation
The compensation he received was not one
fourth as much as European governments
pay their financial agents for similar ser
vices with less risk. .sMr 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 monied interest on this con-
tinent and poured into his New York,
Philadelphia and Washington banking
houses volume of unsolicited business
which could not fail to result in great
accumulation of wealth
The National Blessing" pamphlet was
| one of series issued by MIR. Cooke in the
interest of the public credit aud the sale
of bonds Previous ones had treated of
Glow to organize National Bank and
| "Howsour debt may be paid, and the one
In question was entitled "HOtO our Ma
tional Debt may be National Blessing"
II was written by aMr. Samuel Wilkeson,
formerly OF the New York Tribune, and
| published with the approval of Mr.. Cooke.
| The pamphlet was issued for definite
end, aud it accomplished its purpose sper-
| iectly. 1t was in the winter OF '64--5
the debt had reached a prodgious figure
confidence in an early termination of the
war was at low cbb; the disloyal press
oil over tho land was indulging in the
most dolcful representations as to the
crushing debt" the lawful mortgage
upon us and our children" etc. So nearly
universal was this cry that the most cheer
full became despondent; the loans
dropped; il was almost impossible to dis
pose of the bonds or maintain their stand
ing in the market, and Financial croakerI
multiplied like the frogs IN Egypt. The
| prevalent dependency at home depressed
the spirits of our troops in the field, and
the means to carry on the war daily be
came harder TO obtain. Under these cir.
cumstancG it was necessity that some
one should present the bright side of the
| financial situation, and turn attention tC
the incidental benefits Of that growing
| debt which was represented to be an un-
mixed curse and an intolerable burden.
| To do this in the only effective way was
| of course inconsistent with the traditional
and helpless dignity of great govern
ment, and Mr.. Cooke rs the governments
agent, with sthe quick eye of sensible
| business man, undertook to show the
| people, through his famous pamphlet, that
they worelmore scared than hurt by the
national debt. He knew that his docu-
ment must have striking title and pre-
sent the subject in popular manner in
| order to make any impression ON the pre-
| occupied public mind. He did not pro-
pose to publish critical essay on political
economy nor did he profess to treat the
matter judicially, giving equal prominence
to the dark and the bright features of the
| debt question. He spoke as an advocate,
| his purpose being to aid the government
| In selling It's bonds to doubling and re.
luctant lenders Of money 1t was not his
business to hold up the gloomy side. lie
presented the cheerful part of the picture
and purposely left the unpleasant portion
untouched Mr.. Cooke was perfectly
aware, and never dreamed of teaching
otherwise, that rs n general proposition
debt OF the individul or of the nation is
an evil, but, hdCfng tie 6ebt upon as, he
sought to show that "it rightly managed
| its burdens would be comparatively light
and its benefits many. Perhaps a more
| tehcitous title for the paper, considering
| its scope and aim, would have been, "In
| What Particulars National Debt may be
n National Blessing, much as one might
with perfect propriety write an essay on
"the blessings of labor" although the ne,
cessity for manual toll is popularity re.
gardod as an evil. 1t is not difficult tc
oontrovert some of the minor arguments
OF the pamphlet referred to, just AS falla
cics may be found in the financial writings
Of protessed political economists, but in
its general enumeration and estimate oI
the advantages to accrue from the nation.
al debt, partially otlsetting its hardships,
the paper was substantially correct and
sound.
MIR, Cooke, in issuing his pamphlet, ex,
peoted to encounter storm of criticism
and abuse, and he was not disappointed
but his object was accomplished, and he
could afford TO pay the price. The Cop
pcrhoad press abandoned their assaults
upon the public credit, and engaged in a
fierce onslaught on the Cooke pamphlet.
All the resources of denunciation and rid.
icule were exhausted in demolishing the
] doctrine that "A national debt is n national
blessing "a doctrine Mr. Cooke never
advanced, and hence man of straw
More than million copies of the nam.
phlet were circulated and read among the
people, and the effect of the widespread
discussion was TO aid materially in lifting
the public mind out of the dumps, in civ.
ing 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 taken by the
writer of the National Blessing" pam.
phlet were these Q) With our resources
the debt can be easily and certainly paid
| (9) the government securities furnish a
widely dltlused and easily available cash
capital, ready at all times for the uses OF
business enterprise (3) these securities
constitute the best possible savings bank
for workingmen, widows and orphans
| N) the debt furnishes the only sound
basis for system Of uniform national
currency; (5) The annual savings tc
the people by such national currency
based ON the debt win nearly pay the in,
terest ON tho debt; (6l the public debt,
dtiused throughout all the States and
among all political parties, win serve as q
| bond OF union and 4 check TO partisan