Year: 1865

4


Shall il be Allowed 10 Fail?
What has become of the proposition tc
pay our public debt of two billions by 9
public. subscription to that amount W.
have heard nothing Of it latteriy. We be
lieve the original proposition was to make
the gift in 10000 shares of $40 900 each
of which A. t. Stewart. William B. Astoy
and other 'heavy men" of New York
were to take fifty shares. making up at
least quarter of the whole amount in that
city. 1t was then proposed to amend this
proposition by throwing open the subscrip.
ton books to the people without respect OF
purses. 7f.. g~e


A wealthy gentleman of Pittsield, Mass,
Mr.. Thomas j. Allen by name, wrote his
approval of the project in the main to the
New York Journal Of Commerce, but thought
it would be necessary to hold out some Pc
cuniary indncement, and proposed that the
public lands be divided among the subs .ri.
bers at the rate of 5000 acres of land for
every $4,000 sLbscribed-a larger amount
for those who exceed that sum, and less
for smaller contributions Or, as the debt
may reach three thousand millions, the pro.
portion of land given may be fixed to suit the
actual Indebtedness of the country And
Mr.. Allen continues thus:


''For one, shoul d be willing to paw the
$4,000 if I could thus end the heavy taxa.
-tion to which am ot otherwise to be subjected
on account ,f this, war for the rest of nv
lfe.y And it is clearly the interest Of those
persons, firms or corporations now paving
Federal taxes exceeding the interest annual
ly on $4,000, to do likewise There are
many persons whose interest it would be,
for the same reason, to pay twice, thrice, or
even ten times that amount, and in the case
Of the wealthiest, it would be cheap if they
could commute f,r half o Million


This, we submit is sensible reasoning and
admirable argument. It IS reasoning neith-
er less interesting nor less effective for be.
ing addressed to what the m 'santhropes re.
gard as the most sensitive department of the
United States American-the pocket. But
we have no feeling ac leyity in the,premises
If the reasoning of Mr.. Allen is justified, we
are justified in regarding the debt ~ubscrip-
tions as of no more advantage to the indiv-
iduais who give them than to the Govern.
ment that receives them. The gentleman is
right; what is given in subscription will be
saved in taxation


The Boston Journal tells us there is
merchant prince in that citv who ahas re.
peatedly said he would cheerfnly give 5000,
600 towards wiping out the national debt !"
The Philadelphia journals affirm with an
air of authority that the solid men in their
midst are ready TO take their share of tine
shares in this patriotic liquidation fund.-
They are only waiting on New York, it is
said. Fudge Let there be no waiting on
New Y rk. II Philadclphia can lead off let
her. She will have renown if she does.


But what is the matter with the project
in hand? Is it no longer in hand because
it has never been in heartp Or have the
Merchant Princes" of Gotham who are
credited with its invention made up Il cir
minds in mischievous modesty not 10 let
:heir left hand know what their right hand
does in this noble and imposing enterprise?
Do they mediate a surprise party" at Mr.
Sao xakn .,
good luck for us, we suspect. We very
much fear that the splendid scheme is fast
asleep if not stone dead: Fl this be so, we
have missed magnificent opportunity
The consummation Of this project would be
grand without precedent, monument to
American patriotism more enduring and
more eloquent than ever was made out of
marble, of poesy or Of song. 1t would stand
forever and grow graader as it stood.


1t is related of a merchant in Venice that
he lived long life of selfish usury and
pinching prvation, in order to remove from
the Republic, of which he was citizen, a
heavy and embarrassing debt incurred by
disastrous and protracted war. And so the
Venetians learned to look with grateful rev.
rrence upon the man whom they had once
derided as the most selfish. penurious and
mean of men. The Venetian patriot sacri-
feed himself temporarily that he might
save the Stale eternally. The Republic of
the United States would embam with the
names Of the first and best of her sons those
OF them that had lifted from her aching back
her debt Of two billions.