xhausting War
springing from the only great element of National discord among us.
While it cannot be foreseen exactly how much one huge example of
Secession, breeding lesser ones indefinitely, would retard population,
civilization and prosperity, no one can doubt that the extent of it
would be very great and injurious.

"The proposed Emancipation would shorten the War, perpetuate Peace,
insure this increase of population, and proportionately the wealth of
the Country. With these, we should pay all the Emancipation would cost,
together with our other debt, easier than we should pay our other debt
without it.

"If we had allowed our old National debt to run at six per cent. per
annum, simple interest, from the end of our Revolutionary Struggle until
to-day, without paying anything on either principal or interest, each
man of us would owe less upon that debt now than each man owed upon it
then; and this because our increase of men through the whole period has
been greater than six per cent.; has run faster than the interest upon
the debt. Thus, time alone, relieves a debtor Nation, so long as its
population increases faster than unpaid interest accumulates on its
debt.

"This fact would be no excuse for delaying payment of what is justly
due, but it shows the great importance of time in this connection--the
great advantage of a policy by which we shall not have to pay until we
number a hundred millions, what, by a different policy, we would have to
pay now, when we number but thirty-one millions. In a word, it shows
that a dollar will be much harder to pay for the War, than will be a
dollar for Emancipation on the proposed plan. And then the latter will
cost no blood, no precious life. It will be a saving of both.

"As to the Second Article, I think it would be impracticable to return
to Bondage the class of Persons therein contemplated. Some of them,
doubtless, in the property sense, belong to loyal owners and hence
provision is made in this Article for compensating such.

"The Third Article relates to the future of the Freed people. It does
not oblige, but merely authorizes, Congress to aid in colonizing such as
may consent. This ought not to be regarded as objectionable on the one
hand or on the other, insomuch as it comes to nothing, unless by the
mutual consent of the people to be deported, and the American voters,
through their Representatives in Congress.

"I cannot make it better known than it alread