The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-11-26

t1o m48 ~ WWch - writes, u oontribu-'
don v she heehcial history q ~ wars
gscd which sss srs, = e Pa
notice that the recent publication In your
columns Of letter from Mr.. Jay Cooke, ap-
proving your proposed plan for rssumlng
specie payments, has revived the very ally
custom on the part Of portion Of the prsss
Of attributing TO that gentleman the bold,
unqualified declaration that Ca national
debt IL Q. national blesslng.n Mr.. Cooke
never made such q dcclafAsiou, ana the
eminent service he rendered our country At
q time when financial ability energy and
tons preservation as good generalship, en-
titles him at least TO immunity from persist
ent Misrepresentation At the hands Of repu-
table Journals. tHt I. -. o =.
During the four years Of the war Mr..
Cooke, as fiscal agent Of tho Government,
negotiated the following loans, ~
First Flye-rwenty loan............ esls, ooo, 90
Seven Thirty loan................. 90 100
Other ..................".... soo.oo.ooo
Northumberland. 81, oAs,ooo 900
The Government had fAilsd utterly 70 POP
ularixe Its own loans, Its Treasury was
empty, and Mr.. Cooke entered upon his great
task at the request Of the adininistrstiou,
and not at his own solicitation The com
pensation he received was not one fourth -
much as European governments pay tAsir
less risk. Mr.. Cookies principal reward
came In the shape Of that financial prestige
and reputation, both hero and In Europe,
which have placed his nrm at the head Of
the moneyed interest on this continent and
poured into his New York, Philadelphia and
Warrington banking houses volume of
unsolicited business which could not fail 10
result In great accumulation Of wealth.
The "Natlonal Blessing" pamphlet was
one Of q series issued BY Mr.. Cooke In the
interest Of the public credit and the sale Of
bonds. Previous ones had troatod OF Glow
TO organize o National Bank" and "How
our debt may DO paid" aud tho one In ques-
ton was entitled, "How our National Debt
may DO National Blessing" Il was writ
ten BY Mr.. Samuel Wllkeson, formerly Of
the New York Tribnns, and Published with
the approval Of Mr.. Cooke. The pamphlet
was issued for definite end, and Il accom-
plishcd Its purpose perfectly.
1t was In the winter Of '64-5; the debt had
reached prodigious figure; confidence In an
early termination Of tho war was at low
ebb; the disloyal press all over the land was
INDUCING In the most doleful prognostica-
lions as 70 the ..crushing debt, !" the "awful
mortgage uponeus aud our children" &c.
So nearly universal was this cry that the
most cheerful became respondent; the loans
dropped; Il was almost impossible 10 dispose
Of the bonds or maintain their standing In
the market, and financial croaken multi
piled like the frogs In Egypt. The prevalent
dependency at home depressed the spirits
Of our troops In the field, and tho means 10
carry on the war daily became harder 10 Oh
tain. Under these circumstances, Il was .
necessity that some one should present the
hrtpht ada IF thu Anapnial attuattnt "A
turn attention to tho incidental benefits OF
that growing debt which was represented TO
be an unmixed curse, and an intolerable
burden. To do this in the only effective way
was of course Inconsistent with the ira
ditional and helpless dignity OF O great Gov
eminent, and Mr.. Cooke, as the Govern
ment's agent, with the quick eye of seusi.
BILE business man, undertook to show the
people, through his famous pamphlet, that
they were more scared than hurt by the ma
tional debt. He knew that his document
must have striking title and present the
subject In popular manner In order Ia
mako any impression on the pre-occupied
| public mind.
He did not propose to publish q critical
essay on political economy, nor did he pro-
fess to treat the matter judlclally, giving
equal prominence to the dark and the bright
features Of the debt question. He spoke a.
an advocate, his purpose being to aid the
Government In selling It's bonds to. doubling
and reluctant lenders Of money. II was not
his business to hold up the gloomy side,
He presented the cheerful part Of the picture
and purposely len the unpleasant portion
untouched. Mr.. Cooke was perfectly aware,
aud never dreamed Of teaching otherwise,
that, as q general proposition, debt Of the
Individual or OF the nation 10 an evil, but
having the dsot upon ns, he sought to show
that II BRIGHTLY managed" It's burden would
be comparatively light and Its benentI
many. Perhaps a more fellcltous title FOL
the paper, considering Its scope and ainr
would have been, SIN what particulars .
national debt may be a national blessing"-
much as one might with perfect prophet,
write an essay on "The blessings 81 labor,
although the necessity for manual toll !
popularity regarded as an evil. 1t Is not din
cult to controyert some Of the minor argu
ments OF the pamphlet referred to, just q
fallacies may be found In the nnancla
writings Of professed political economists
but In Its general enumeration and estimat,
OF the advantages to accrue from the M
tional debt, partially offsetting Its hardships
the paper was substantially correct and
sound.
Mr.. Cooke, In issuing his pamphlet, eI
pected to encounter q storm Of criticism an,
abuse from journals Of the New Yorl
Herald school and politicians like Bricl
Pomcroy, and he was not disappointed; Blu
his object was accomplished, and he coul
afford to pay the price. The Copperhea
press abandoned their assaults upon th
public credit, and engaged In Q fierce on
slaught on the Cooke pamphlet. All th
resources OF denunciation and ridlcule wer
exhausted In demolishing the doctrine tina
"a national debt Is q national blessing"-
doctrine Mr.. Cooke never advanced, an,
hence man ofstraw. More than millio
copies Of the pamphlet were circulated an
read among the people, and the effect {
the widespread discussion was 10 add ms
terially In lifting the public mind out Of th
: dumps, In giving new impetus TO tho sal
ofbonds, and In restoring confidence In th
ability Of the nation to stand erect under II
load.
The leading positions taken by the write
: of the "Natlonal Blessing" pamphlet wei
these: /. With our resources. the debt ca
be easily and certainly paid; 2, the Cover
ment securities furnish q widely difuse
and easily available cash capital, ready Q
all times for the uses OF business enterprls,
3, these securities constitute the best poss
BILE savings bank for worklngmen, widow
and orphans; 4, the debt furnishes the onl
sound basis for system OF uniform nations
currency; 3, the annual savings TO the peopl
by such a national currency based on ID
debt will nearly pay the interest on the deb
G, the public debt, dlfused throughout q
the States and among all political partle
will serve as bond Of union and . check
q partisan violencei Z, this generation shou
not be required to pay the whole Of the dol
8, our revenue system should be material
: modified, we should cease counting the pc
pies teaspoons and collect our internal q
n from n few articles, spirits, wine and
;, bacco being the leading ones; 9, inereas
y, population and increased manufactures "
constantly tighten the debt burden by d
fusing 1t; 10, we should make Europe &C
% tribute to our revenue by levying an excl
ia tax on exported cotton and petroleum.
!. From this outline OF the doctrines pl
~ scented In the pamphlet and this explanatl
OF the occasion of Its issue, the reader C
Dr. judge Of the fairness Of those who impro
K every opportunity to refer 10 Jay Cooke
= the "author Of the doctrine that nation
10 debt Is a national blessing" @. W. NJ.
l. CHIC AGO, November 10. 1850.
o MARnIED.
d MANIFESTATIONS November 18Th. At