pittsburi t h 6tett4. it-IDD LE Qc 00.. ; =mai Azi4sorarrresa.' BATII4DAY MORNI110:::=NO . V. 7;1883 BEM:4S READING.—For an interesting opitomb of the Religious intelligence of the wiek, carefully ,prepared for the Gazarrs, lee fourth pogo. The Natbnial Debt. A. B. JOIINSON, Esq., of Utica, a retired banker, and a profound thinker, hu pub. lisped a pamphlet on the subject of the Na tional debt, in which he /aye down, and maintains by irrefutable arguments, the bold proposition that "Government loans in crease a nation': capital to the amount of its It seems at the first glance 'somewhat par adoxical, that the debt of a nation should add to its productive capital to an amount equal, or nearly so, to that debt; yet a little reflection will suffice to convince any one that the proposition is correct. The bonds of the nation, the interest on which is paid semi-annually in coin, are equivalent in value to coin itself. Their value in the market-nay be equal to that' of an equal amount of gold or silver, or, it may be, a trifle more or lees: it matters not. Be that as it may, they are, as a basis of currency, or in other words, banking capi tal, equivalent to gold, they being convert ible into gild, or money, at the pleasure of the holder. The national debt of the United States will, on the first of January next, be not far from fifteen hundred millions of dol lars. The cash value of that enormous amount of government stook will almost certainly be a little over par. These fifteen hundred millions of bonds are nearly all in the hands of our own citizens. They are not bandied about among stook jobbers, as are some kinds of fancy stocks, but are either held as permanent investments by individual; or are accumulating In masses of banking capitalbetter, by far, for that purpose than gold and silver; because, while acting as gold and silver as a basis, they pay to the stockholders ale per cent. interest, which specie, held by the banks as a basis for their circulation, does not. It is because national stock's, instead of floating on the surface of the money mar ket, settle down and form a solid basis or foundation upon which the whole monetary system of the nation rests, that a national debt becomes a national blessing—at once enlarging and steadying the supply of the productive capital of the country, and ren dering periodical inflations and contractions of the currency, to any disastrous erten impossible. Of the fifteen hundred millions of national stock, which will be in the /1411(19 of the people by the first of January next, one thotisand millions will probably be ab sorbed as banking eapitalln less than two years. Will this vast sum be, too much? Will it cause too great an expansion in the currency of the country? We think not. Unquestionably it will be very large; but that expansion being sound and wholesome, the foundation upon which it rests being as solid as the Government itself, it can not be followed by such collapses as that of 1837 and 1857; and that being so, the true industrial interests of the country will soon expand in an equal ratio, and profitably employ the whole of iL The saute thing followed the discovery of gold in California and Australia. Many theorists at that time dreaded the effects of the sudden addition of $150,000,000 annually to the then exist lag sources of supply of that metal; but the _business, the productive indast,vy, of the ' vVorld expanded naturally and beautifully, and absorbed the whole of it, .without any appreciable derangement in relative values. So will it be in respect to the vast increase of currency which will be given to the corm try by the national stocks. No man can estimate: the amount of money which can be legitimately, profitably and safely employed in developing the re sources of this new and widely extended country, and in its cultivation and adorn ment. Let the currency be kept sound, and it may be increased ten fold, yes, twenty fold, without any inflation; Air the demands of true and legitimate business will soon absord it AIL The introduction of labor-saving ma chinery, in every department of industry, agricultural, mechanical and manufactu ring, enabling one man to do the work of five, ten or twenty, and, to the same extent causing money to take Gurplace of men, will alone employ profitably countless millions of capital. To these useiof capital add the construction of railroads into every part of the country, and the thousands of other things essential to the comfort, convenience, and intellectual and moral well being of a great and rapidly increasing people, and we may dismiss as groundless all appre hensions of any dangerous expansion of the -national currency. It is fluctuation, and not expansion, that °eases mischief and trouble. But the national debt will be not only a source of prosperity and a guarantee of eta bility, but it will be our greatest tend of Union. Every man's Interest will be inter twined with that of his government; and in every step of his progress through life, he will habitually regard it as Megreatand beneficent patron and partner, and feel, that, second only to his God, it ii his glory and defence ; andas such he will maintain and defend it with all his .influence and strength. And again : To restore the desolations 'of war in the South, and plant there the in etitutions andapplianees of a high civilise than, in the place of the rode, barbaronsand brutal meal structure 'which this war is sweeping away, will req - ulte a vest amount of capital ; and ilia an astartishinginstance of the great la* of compensatio.n, that, to a large extent, tho means of repairing those desolations will grow out of the very ex penditure incurred by the nation in cruah ing the wicked rebellion which caused them. TitrilWollllllr Information from within Bragg's lines is to the *effect that kb army does not exceed seventy-live thousand men, mind et these all the Tennessee troop; would desert itt once were they not afraid that they world be exchanged as prisoners of- war and so fall again into the rebel plateh. Mrs:War Deatocrattattballortiwest 'hay* lasuodrii;:eaU,for_it'lluiratenoilito be hold at Chicago on tho 25thipat. AxEngUilt pivot lip: ' , Wei were taxed la 1820 g 45,000,000, mitt now £74,000.000, bad aro more raisin:es now than thee. The Karylipd E r cro f --Shall Traitor Maryland, although a loyal State, has .very many open - and avowed secessionists among - her population, who have labored hard from the beginning to take the State out of the Union. Yet these men claimed the right to vote at the late election; but Major General Scantg, by proclamation, and with the approbation of the President, forbade any man known to be a secession ist voting. He did right. Shall the life of a nation be jeopardized through a mawkish regard for the rights of traitors ? True to its instincts, the Post, of this city, sets up a loud howl, because its friends in Maryland, who prefer the Government of Jgrr. DAVIS to that of the Unioil, wore not allowed to vote. The New York Tribune, referring to the matter, says: The right of traitors to vote came sharply into question on Monday in Maryland. Gm Schenck issued an order that Provost Marshals should arrest all rebels offering to vote. Gov. Bradford saw fit to resent the order by a proclamation requiring the Judges of Election to conform to the laws of Maryland, and to them only, in receiving or refusing votes. General Schenck suppressed the proclamation, the Governor appealed to the President, and the Presidentveeponded in a letter which modi tied in terms one section of Gen. Schenck's order, but which expressly approved its principle, and left its operation, in fact, lit tle hindered. Whereupon Gov. Bradford proclaims agains the President, also, and Gen. Schenck was good natured enough—or Shall we say was mischievous enough ?—to permit the whole document to bo printed, accompanying it with a supplementary order of his own, and the President's letter. Gov. Bradford thinks Maryland a loyal State, and urges that as a reason why dis loyal citizens should be allowed to vote within her limits. All the candidates for Congress, but one, says the Governor, are loyal. Yes, responds Mr. Lincoln, but treason is catching, and "In this struggle for the nation's life I cannot so • confidently rely on those whose election may have de pended upon disloyal votes. Such men, when elected may prove true, but such votes are given them in the expectation that they will prove false." The answer is a sound one, and stated with the Presi dent's wonted perspicacity. So is the fol lowing ad hominea argument : "Nor do I think that to keep the peace at the polls, and to prevent the persistently disloyal from voting, ronstitutes just cause of of fense to Maryland. I think that she has her own example for it. If I mistake not, it is precisely what Gen. Dix did when your Exellency was elected Governor!" And we are left to suppose, what Mr. Lin coln is too polite expressly to urge, that on that occasion Gov. Bradford did not deem objectionable the policy which secured his own election. Oen. Schenck's order as modified by the President :directed; Provost Marshals and ' other military officers to prevent distur bances at the polls, to support the Judges of Election in requiring an oath of allegi ance to the United States as the test of citi zenship of persons challenged as disloyal, and to report at headquarters any Judge refusing to carry out the order. It was meant to confine the exercise of the right to vote to loyal men. It was issued at the urgent request of numerous loyal citizens, and upon representations not merely that open Rebels were intending to vote, but that in ceV ain parts of the State which are notoriously disloyal by a large majority, there woe reason to expect violence and in timidation to loyal men at the polls. It was not merely a question, therefore, whether Rebels should be forbiddes, but whether Unionists should be permitted to vote, and should be protected in voting. And with that question before him Gen. Schenck would have been remiss in duty if he hag neg lected to issue the order. Independently of that question the mat ter is equally plain. It is not neoessary to impeach the loyalty of Maryland ass State. Nobody doubts that the great majority of her present voters are on the side of the Union, nor is it material how large a par of her former population may be fighting in the Rebel Army. But she is a Border State, a Slave State, claimed as parcel of the Jeff. Davis Confederacy, and contains many active, able, zealous, and utterly un scrupulous traitors, who are still striving by all means to take the btate bodily out of the onion. Shall such men be allowed to try and cots her out of the Union? Gen. Babcock aid the President say no, and they are unquestionably right. Whether •the ef fort is more or less direct, open or covert it is not to the point. The principle which the President's letter decides, is simply that traitors shall not be permitted to vote, where their votes imperil the allegiance of a State to the Union. The safety of the 'Republic ie the supreme law, and it is well that an opportunity was offered for the President to declare himself thus unequiv ocally on a question that has always been serious, andamay yet become vital. It is a monstrous doctrine that traitors retain and must be allowed to exercise the civil privi leges which they voluntarily relinquished by their treason while of theatreason they are still unpurged. No Government can exist which will deliberately suffer its authority to be defied and Its power resisted, whether at the ballot-box or by armed treason in thi field. And this Government must crush treason, in whichever shape it shows itself, and by whatever means it seeks to destroy the life of the nation. The Prealdent and the Maryland E action. A letter is published from President LINCOLN in reply to a protest of Governor Bradford against an order of General Schenck directing troops to be stationed at the polls on election day. The President says: "WAR DIPLYITIMAT, WAIMINOTON, November 2, Ms& To Hie ImoMacy A. W. Bradford, Governer of Ifaildand : "Sea : rears of the Slat ultimo was received yesterday abad noon, and since then I have been giving moat earnest attention to the sub ject matter of It. At my call Gen. Schenck has attended, and he worm me it is almost certain that Violence 'wilt be used at some of the Toting pions on election day unless pre vented by his Provost Guards. He say. that at some of these places the Union Totem will not attend at all tie run a ticket =lass 'they have some assurance of protection. This makes the Missodri case of my action in re gard to which you- express- your Approval. The remaining point Of your letter is a pra ted Whist any person offering to Tote being put. to any test not found in the laws pf Mary land. This brings unto a difference -between Missouri and Maryland... With the seine rea son in both 'States,"Misiouri has by law pro vided a test for the - .voter with reference to the present rebellion; while Meryland has not. For esamplegfen. Trimble, captured fighting us at Gettysburg, is, without recanting his treason, a legal voter by the laws of Mary land. Even Gen. Schenek'sorder admitshim to vote, If he recants upon oath. • I think that is cheap enough. My order in Missouri, which you approve, end Gon-Schenek's eider here, reach precisely the tame end. , •Each as sures the right of voting to alldnyal mad, and whether a man is loyal each allows that man -to HE by his own oath. Your suggestion that nearly all the candidates are loyal, I do not think quite meets the Me. In this struggle for tke nation's life I annotate confidently rely on those whose election may have depended open disloyal votes. Saab men when' elected may pro/aims, but such votes are given them in the expectation that they will prove fal se . Nor do I think that to keep ,the peace at the polls, and toirevent thepersistently disloyal 'from voting constitutes just cause of diatom to Maryland. I think she has her own exam ple for it. If I mistake .nr?t, it is precisely whet General 5111 did when your Excellency was elected Governor. I revoke the first of Alm three propositions in General Schences General Order No. 52—not that it is wrong,in principle, but because the military being of necessity exclusive judges as to who shall be arrested, the provision is liable to abuse. For the revoked part I substitute the following: That all „bennet Mustuda and other military ofil condo prevent all disturbance or dolma et or about the polls, whetterr offered by snob persons as above described or by any other perisan or persons what- leaver. The other two propositions. of tbeArder I Wow to stand. General Bohan& Is tatty Ai termined, and has my atriot order besides, that ail loyal men may rots and rote for whom they please. Your obedient servant, A. Lticoce, President of the United States. The Public Debt. The following Is the latoet statement tondo of the public debt- The overage rate of in terest on the whole debt (3.81 per cent.) is less than that paid by the British or French Goy eimments, and shows