Year: 1865

Psyanu tAe ustaonaI Debt.


Some ten days ago we printed communiss-
lion proposing plan for the paynsnt Of tho
national debt, based on cslculatiou that one
hundred snd my thousand contritutions Of
twenty thousand dollars each would do q. We
have since then received large nun6er Of
communicstins on the subject Two hndred
and niaety-eight shares have been subscribed
Ior and suggestions have been made wia6o1t
lfmit-mny cf them excellent But ir the
meantime the public seem TO have lost sigIf Of
the original plan.


Our correspondent referred to the wonders
that JayCooEs had accomplished with govern
mont loans under the stimulus Of one-half Of
one per cent commission, and then suggested
that asome Jay Cooke be given one per cent,
commission for the organization and develop
ment of such plan to pay the national debt
as be sketchcd out His plan was simply
proposal to apply to the national debt the prin-
ciples that have made life insurance one of the
great successes Of the age. "Paying the debt"
he said, "must be based upon the lifainsurance
principleT parties contributing to receive yearly
dividends, and their estates to be free from La
bility TO- the governments at DEATH" This can be
done only by an annual saving-saving from
TAXATION in price Of all articles of consumption,
saving from taxation on property and from
taxation ON income. We will suppose that each
person contributing the sum of twenty thou
sand dollars contributes his actual income for
that year. The interest on this, at seven per
cent, is one thousand four hundred dollars. By
paying the twenty thousand he saves on his in
come alone two thousand dollars each year,
and in price of articles consumed in his family
one thousand dollars, making saving in these
two items alone ofthree thousand dollars; taking
therefrom the interest on the twenty thou.
sand-fourteen hundred dollars-and you have
an actual saving Of sixteen hundred dollars
annually, which, if compounded, will pay the
principle in less than fourteen years.


If the national debt were paid to-day we
would be as we were before the war. There
would be no income tax, and the prices of the
necessaries of life would not be 80 high as they
now are. It is estimated that this would make
difference OF three thousand dollars q year to
every man who has an income of twenty thou
Sauu uoAoiS your. nc WOuio e"vo oHo 'nVu-
sand year in the difference Of prices, and two
thousand by not having an income tax to pay.
If he invested twenty thousand dollars at seven
per cent he would get from il fourteen hundred
dollars year; and the difference between four
teen hundred and three thousand is conse-
quently the sum saved every year if there is no
national debt. That sSm en- the given number
of contributions, at compound interest, will
make, in the specified time, sum equal to the
national debt.


Such is the plan. II Is obvious that all that
is necessary to render it grand success is an
official character and such an organization and
development as good fnancier and business
man could give it, We are assured on every
hand tbat immense numbers of moneyed men
are ready to take hold of this so soon as they
are sure it will 60 on properly. Men fear to
have their names associated with a fzzle. But
it is foolish fear If 1t is good thing to pay
the public debt men should come out, take
hold bravely and do it. Il is grand public
duty-a duty to the country greater than has
ever been performed by any set Of men except
only those who have risked their lives in the
glorious battles that have made us free. Do not
wait for others to make this measure success.
Every name adds weight to it, and let every
mai with the nccey believe that his twenty
thousand is all that is wanted to render success
certain.