Year: 1865

Paying the National Debt.


A plan for paying of the National debt
BY the lst Of July. or not many days
thereafter. has been promulgated in the
N. Y. Herald, and as reference is made
in the telegraph reports. this morning. to
subscriptions made for this purpose by
several leading men. we give the plan in
sfull % Q financial curiosity. Here 1t is:


We have beaten the armies Of the so
called Con federats States, and the rebel
lion is at an end. We have borrowed
from the people two thousand Eve hundred
millions Of dollars, and the people from
whom the money is borrowed have more
money than previous to the lending. We
have put between two and three millions
of men in the field within the past four
years, one.hsif of whom are dead or dis
abled, and we have more men to-day than
at the commencement of the war. We
are richer than We were on the lst OF
Nav, 1861, notwithstanding q large
amount of the property in hand consists
of debt owed by the Nation to the people
and the people compose the Nation.


individuals have made fortunes out Of
the war. and the war has made individ-
uals. Leading men in finance have made


money BY borrowing it from the people,


and the people have become rich by lend


ing to the Government. We have pass


ed through period ofprosperity in war


such as no Nation ever enjoyed IN peace.


Peace has come. and making money by


the war is at an end. Now the debt is


made, we want some Jay Cooke to put MS


in the way Of making as much more by


paying the debt. How is this to be done?


Simply by making it the interest Of par


ties having money to pay it. and that can


be done by allowing liberal commits


sion.


Jay Cooke and his agents receive one


half of one per cent. for their services in


negotiating the loan. And the loan goes


off at the rate OF from FIVE to fifteen mil.


lions per day. Now it would appear


that if by paying one-half of one per cent.


such great results can be produced in bor-


rowing money, what might we expect


from the same parties if we allowd to


them one per cent. on the amount Of debt


cancelled each dsy7


Suppose the debt be all sold-three


thousand millions. And suppose that
one hundred and fifty thousand persons
contribute each to this ,ohj,ct twenty
thousand dollars. This will make in the
aggregate sum sufficient to pay the en-.
tire dett. Now. in order to accomplish
/ this, it must be shown that the parties
contributing are to make largely, or they
will not part with their money.


Paying the debt must be based upor
the life insurance principle, parties con.
, tributing to receive yearly dividends
> while living. and their estates to be free
from liability to the Government at death
, This can be done only by an annual saw
, ing-saving from taxation in price of al
3 articles of consumption, saving from tax
alton on property and from taxation or
income.


3 We will suppose that each person con
g tributiug the sum of $50. 900 contribute.
: his actual income for that year. tine inter
est of which. at seven per cent, is ont
8 thousand four hundred dollars, and by
} paying the twenty thousand he saves or
his income alone two thousand dollar.
d each year, and in price of articles con
; sumed in his family one Thousand dollars
making saving in these two items alon'
three thousand dollars; taking therefron
tbs interest on the twenty Thousand dol
> lars-fourteen hundred dollars-snd yor
; have an actual saving Of sixteen hundred
dollars annually. which. if compounded


will pay the principal in less than four
teen years. Here is not only safe in
. vesfment, but a splendid speculation
What spectacle for country to carry


on war for four years, in magnitude
. such as the world never saw, max,
money by the war, and make money BY
paying the debt! Please not mention thi


to our inanciers, lest they take the hin
, and monopolize the profit. 1t is Nation
al matter, and no one set Of men should
be allowed privileges over others. l .hav,
no objections to parties making money
legitimately. and by their own industry
and skill, bat in matter of such mag
nitude as paying the National dett ant
relieving thirty millions of people from
taxation, all should have an equal chance
f Who among the one hundred and fifty
, Thousand will set the ball in motion?