Year: 1864

our people are throwing so completely
aside the restraints Of that wholesome
economy which so hopefully marked
the earlier periods Of the war, that the
secular press on all sides, is raising o
timely note Of vigorous alarm.


The following from the N. Y. Times,
puts the whole matter in clear and for.
chile light. If after such warnings
we rush into inevitable ruin, we do it
with our eyes wide open.


Diamonds, pearls, watches and orna.
ments, bronzes and carpets, silks and
satins, expensive furniture and paint
ings, wines and costly dinner-war
are continually sold, and are ornament
ing our wealthy houses. Then in the
classes Of more modest means, similar
habits on similar scale everywhere
prevail. The wives and daughters of
shop-keepers and upper mechanics, of
teachers and preachers of country
lawyers and doctors, still buy their
silks, and carpets, and pianoes, as if
they were as well off as they ever
were.


The nation docs not seem to recog-
nize that it is at war, or that its habits
of economy have any thing to do
with its ability to pay the public debt.
Some one else seems to be spending
for the war, while we spend for foreign
luxuries. Money is plenty, and why
should we not have the benefit of
it?' "The Government may be in debt,
but we have plenty of means. such
is the universal thought on this matter
if not the expression of it, and it is full
time that the press and and the pulpit
should expose its fallacy, and teach
some of the first principles Of political
economy.


1t must be remembered that we are
all in debt for the expenditures of this
War--every individual man, woman
and child of the whole community. 1t
snot the Government which is paying,
but We, the people. For every dollar
or in other words, for every days
labor-diverted to this war, and, in
great part, wasted, in an economical
point Of view, we mast each of us pay
in full, or at least pay its interest, if
we lay it on the future. We cannot
escape this. All the Treasurers in the
world cannot make money. If Mr..
CHASE possessed all the financial ge-
MUS ever granted to man, he could
not create means for the nation to pay
its debts with, any farther than he
creates labor. He may indeed borrow
from the labor of posterity, but he
must pay interest from tho labor of to-
day. In so far as the money he sends
forth exceeds the labor it is designed
to represent, it loses in value and pur-
chases less of commodities. 1t is just as
impossible for the nation to expend its
income for the war, and at the same
time to buy foreign luxuries, as il
would be for an individual. We have
each ofus, aad collectively, only just
80 much which we can spend if we
go beyond, We fall in debt and may
eventually be bankrupt. 1t is clearly
possible for this nation to spend so much
on this war, that neither the labor Of
the present nor the mortgaged labor Of
the future could repay it, National
bankruptcy is an event-improbable
as it may bc-which is within the lin.
it Of things that can happen. If il
should come, no words could paint the
disgrace and the calamity which would
overtake our country.


But there is not the smallest reason
to fear or to anticipate this, provided
the people will only apply their con
science and their common sense to tn,
whole question. This nation coulC
bear debt of five thousand million,
of dollars, and eventually, with oul
enormous production, sweep it off, pro
vided we acted under it, as We should
if it were an individual debt-that is
if we enconomizcd in the utmost dc
gree.


! What we pay for foreign luxuriel
diminishes the capital of the country
and our ability to meet our public OBJ
legations. Our imports of ofluxuries are
so much lost to us; they also tend t.
raise the price of gold, and, of course
in SO far to add to the total expenses
of both Government and people. 1t i,
the plain and manifest duty at thi


time of every man and woman to bring
down their expenditures. 1t Is an OBJ
legation we owe to the country not t
buy foreign silks and satins, and jew


elry, and wines, or costly furnitur,
from abroad. Every person shoulc
. feel that for himself he is bound to saw,
all that is possible. Old clothes shoult


be worn, old furniture used, luxurie


be dispensed with, to meet this terri
BILE crisis. We have no right to buy
useless indulgences while we arc lay


ing up a great debt for the future. l
is not honorable; it is not patriotic
nor even prudent. No people can b.
spending d thousand millions on q gi
gantic war, and at the same time b.
holding carnaval of extravaganc
and gluttony. Somebody MUST pa,
for it all. Our apparent superfuity o
J money should either be invested il
permanent investments, or should g,
to cure the sad ills of war. Our grea
success financially, in the beginning


of this struggle, resulted from the uni
versal economy of the people. w


saved enough then to pay the curren
expenses Of the war. This has al
passed by. Every one is now spend