The Sun.
London, England, 1869-10-18 00:00:00

AMERICAN INVES2IIIEN7.

(Front the A)1310 Anwrican Times.)

The hostility of the London Times to the United
States often surprises Americans. As it is not
shoVen in abusive leading articles Englishmen are
unaware of its existence, yet no other piper has
striven so hard and done so much to injure the
Republic. A writer who intended to damage his
neighbour would show little discretion by attack-
ing on a point all saw to be strong, for people do
not like others to scream into their ears that a thing
is black which they plainly see is white. There is
no use in calling a man known to be handsome,
generous, and gentlemanly, an ugly, vulgar skin-
flint ; but although the man's exterior, which all
can see and judge for themselves, may be safe, hie
moral character presents a long and comparatively
d,fenceless line. A sanctimonious upturning of th 3
eye, accompanying the solemn whisper " Bad man ;
not a proper person to introduce to the family," and
an unpleasant impression is created, the receiver
finds difficult afterwards to get rid of. All the
slandered man does will thenceforth be regarded
with suspicion, his innocent acts misconstrued into
sinister designs, and the common habits of his life
misunderstood. Now this is the sort of attack the
Times directs against the Republic. It is vain to
say the nation is not great, growing, and very
powerful ; but it is easy to paint the people as
tainted with dishonesty and to damage the national
credit. From the outbreak of the war to the pre-
sent the Times has never lost an opportunity of
striking on this point, and the consequence has been
a considerable loss to American •taxpayers and an
opportunity missed by British investors. What any
unprejudiced person might have expe3ted turned out
to be the case; for the leading journal, writing up to
its dislike and shaping its reasonings and its predic-
tions under this influence, has been altogether in
error in its prognostications. But though a huge
blunder from beginning to end it still writes
in` the same strain when the chance is presented,
which American politicians and gamblers often
give. We have heard that the gentleman who
writes the long-winded sentences which appear in
the City Article was once hard hit by an Ame-
rican investment, and this has even a colouring to
that Solon's views of Anaftica. The faith of the
English in the 7. itnes i_s a marvel, for if they look
back and think of the profitable investments in
Five-Twer.ty and other American Bonds they pro-
habt, would have made had they not been scared
by the dismal prospects of their beloved organ,
they must see that there is little to thank it for in
that direction. Those of them who had invested, bat
were frightened into selling by the warnings of their
trusted guide have little to thank it for either. Yet the
imes is ready to begin again, careless as to what
class of its readers it hurts in hitting at American
credit. Any Englishman taking up the paper of
yesterday might fail to see anything in it which
justified these remarks, but nevertheless there is
the whisper of the " Bad man," the caution against
depositing fun is in such a Bank. Alluding to ad-
vices from Ft akkfort, the City editor says :
" Tho gold gambling in Now York has produced an un-
easy feeling with regard to all financial affairs in America,
and has caused the business in United States' bonds to be
much restricted. It is stated to be a matter of universal
surprise that Mr. Boutwell should think such a mo:nent
opportune to meditate a reduction of the interest of the
debt by free conversion."

It might be supposed from this that the Secretary of
the Treasury at Washington had waited till JAMES
junior, bad developed his schemes in the New
York Gold Room ere he decided on his course, and
when these results were achieved considered the
opportune moment had arrived for a reduction of
the interest. The coupling of l‘lr. BOUTWELL'S policy
with the gold gambling is like associating Mr. GLAD-
STONE, the then Chancellor. of the Exchequer, with
the Finance Swindles of England. The latter has
precisely the same connection as the former, and
the writer must have known that if he was not
trying to insinuate into an ignorant mind a feeling
prejudicial to American credit, he was penning mere
nonsense. Mr. BOUTWELL has openly proclaimed
his policy, ever since he entered on his official duties,
and it is much too simple to be misunderstood. lie
proposes to keep payingoff the debt, which he asserts
can be done at the rate of $100,000,000 a year
under the present system of taxation. As the
volume is reduced the credit of the country must ad-
vance, and he intends to avail himself of it to raise a
loan on a reduced interest. If the credit of the
country does not rise the taxation will be con-
tinued, and the debt paid off ; if it does rise the
debt will be reduced both is bulk and in interest,
and a portion at least may be permitted to remain.
In fact a small amount ought to be kept open, to
have the machinery in operation to meet any sud-
den demand for a loan. How can the Times asso-
ciate this simple, straightforward policy with the
'ate gambling transactions in Wall-street ? The
Frankfort correspondent, whose letter is then
quoted, appears to write up to the City Editor's
standard. He remarks
Everybody would accept Mr. BOUTWELL'S offer of re-
imbursement and return to the old investments in South
German stocks, now at 92 to 93 for the 4} per cents., which
were at 104 to 106 when American bonds were first intro-
duced into this country.' The debts of these South Ger-
man States in most cases scarcely exceed the capital they
have invested in remunerative railways, for the construc-
tion of which they have been issued. As long as gold is
not the standard currency of the United States any attempt
to reduce the interest of the bonds will, it is affirmed,
result in failure, as they are only held in such large quanti-
ties for their superior interest."

Now, it is a fact that from Frankfort came offers of
large loans to Washington at a reduced interest ;
therefore everybody would not accept the offer of
reimbursement ; but if everybody did, everybody
could not return to the South German Stocks,
as enough has not been created for the transfer,
even supposing that all the present holders would
sell. The last sentence is to us unintelligible.
W hat difference can it make to the holder of a
Bond, the interest on which is regularly paid,
and he feels assured will continue to be paid,
whether the standard currency of the United States
is gold or paper. Of course, higher interest is an
attraction, and it is usually given to cover insecu-
rity. The question resolves itself into one of con-
fidence, and Mr. BOUTWELL is justified in stating
that confidence in the capacity and honesty of the
United States is increasing throughout the world.
From the remarks of the Frankfort correspondent
it might be supposed that Five-Twenties had there
fallen, and it is with surprise, on reference to the
returns, that a rise is observable. But this is the
modus operandi of the Times, desirous of meeting
Mr. BOUTWELL'S encouraging statement at Phila-
delphia by the whisper—" Bad Man." On the one
hand, we have the telegraphic summary of Mr.
BOUTWELL'S speech ; behind that is the emphatic
sanction given to the Administration, in which he
holds the most responsible post, by the States of
Pennsylvania, Ohio, and lowa, in the elections just
announced. In Ohio, PENDLETON, in his own do-
main, failed—failed on that very plank of green-
back redemption. On the other hand, we have a
clique of conspirators combining to run-a-muck on
business in New York, backed (we refer the Times
to the American papers) by bank robberies and
burglaries ; and, weighing the one against the other,
our great contemporary sums up against the credit
of the United States. If a man who understood
the position, and wrote honestly, had been discuss-
ing it, he would have found much encouragement
to investors in the circumstances, and that the
people think so, notwithstanding the City Editor
and his correspondent, is shown by the fact that the
Bonds continue to rise. These gentlemen may de-
pend upon this, that they will obey the natural law
of increasing in value as they become scarcer; and
Mr. BoUTWELL has but to persevere in buying back
the Bonds to secure his object of reducing the in-
terest, no matter what may be the currency of the
United States.

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