Jay Cooke, The Government

agont for the dispositioo. df the 7 30 notes, is responsi'ule for setting ailoat somo singular litcrature, iuoludiog tuc tract entitlod "IIow our National debt tnay ba made a Nationnl Blcssing," and other essays and artiules of losser mag nitudo. Froic ono of tbeso produoüons ve cxtraot the follovving sentence : " It is susceptible of the olearest proof, that tho gruat rnass of monoy borrowcd frrtrn our people, and expended in car'rying on the war still cxists as property in tho ahapo of funded debt and national corrency." Is riot that a deolaiation that will Diake financiers and fools stands aghast? The United States has borrowod during the war over 83,000,000,000. Thia monoy has boen expended for íbips of war, fort, guns, shells, powder, and other articlos of warfare, and in elothing and piyiag soldiers and sai'ors. Not a dollar of it has boen nvosted in productivo property, that ia in factorie, railroads, or óther improvemoats on which interest wil bo realiz.'d, but it has been burned up and destroyed, or puid lor the sorviean of armios. But it "slill existí as property," - the Italios aro not ours, - a-.id how ? "in the shape of funded debt and natioual eurroncy." To illustrsite. A. buya ahorse to-day and gives his note. To morrow tho horso dies, but it "7 existe as property" in tho shapo of the note the purchaser bas given. And is the position of the govornmor.t any different from that of the last oiTuer of the deceased norse, oxeopt that it draws upon the penple in tho shape of taxea to pay off tha loan, while the purohascr of tho horsa must pay from his owu purse. It is disgraeefal to pilt such . bosh in cireulation. Better sav at once that the cxpenditure was noeessary to save the Uniou, that the debt has been oreated for a worthy and noblo purpose, that, bowever .burdensome, it is preferabla to a divided Uuion, and will be paid ; and not that the rnonoy expended " still exists as property " And aueh "property" "a funded debt and national currenoy." A banker or merchant would certaialy enter tho investment under the head of "bilis payable" ins'ead bL "bilis reeeivable." S2T" What do you think of the policy of buying an annual average of $35,000,000 worth of silki, laces, and other finery from a nation that takes very lit Uo but c.oin in pnyment; or oí buying 825,000,000 worth of woolen goods, to be paid for in eorn at 15 cents per bushol, pnying 80 cent por imatvel to get it to the soiler of the fine cloths and pilks; or the policy of buyig from $20,000,000 to $30,000,000 worth of ron and steel to lay down over the gront coal fields and vaet iron miues of tho Ünitetl States? The above paragraprf we quote from the pampiilet of E. B. Vard, which is being circulated all over the land, in milroad cars, steaniboats, hotels, &c, &o. The writer no doubt Bappoaed it a question hard to answer, and that it was a " pettier." We can define in a few vTords what we "think of tho poüoy1' set fortli. If corn and vrheat can be carried across the Atlantic, and sold at tho enarket price, and siik, and laces, aud cottons, and iron, and steel, bought, paid for, imported, and sold in Michigan eheaper than Michigan manufacturera can or will produce the saine articles, it is for the intevest of Michigan farmers to buy foreign fabrica. The question is rrot how much it cosls to export tho bushei of corn or wheat, but how many yards or pounds of the imported article it will pay for. If t is good policy for tho United Stares to a tarifï lor tho simple purpose of protoction, Uien Michigan should proteet her manufacturera and mechanios against those of Massaohusett8. But it i folly, with the present national debi hanging ovor us, to write pamphlets in favor of protection or articles against it, for the most moderate reveuuo tariff is ltkefy. to be high enough, and, in all conserence, ought to give protection enough even to O most weak-kneed manufacturers. - Whe tho reverme duty is added to the cost of these fabries it ought certaiuly to give satïsfaetion to tho maker, and wo inay say will to tho consumar. fls" Tho Dund'erberg was suecessfully launched at tSe yard of W. II. Wkbb, Esq., foot of Sixth Street, New York, on Saturday last. TTiis ïs tho lnrgeet vessel of war ever built, being 380 feet long, 73 foet wide, with a depth oí main hold of 22 feet 7 iuchesj and registcring 5,900 tons: ohe will bo pr#pelled by two ongines having 100 inch cylindera and 45 inch stroko, and is countcd good for 15 milesnn hotir. Her armor is -ik incries think, sernweef on to eolid three feet wails, and' sho will carry twenty-ono 1.1 and 18 inch guns. She will Eie a sea goíng veusc!, and a mateii for all the navies now afloat. ii im ii JÜ3C llon. J. Knox Gavin, Prosecuting Attorney of Wayne connty, died at bis uwlence in Detroit, on Saturday last, nged 36 yenrs.