The Sun.
London, England, 1866-10-22 00:00:00

AMERICAN GOVERNMENT SECURITIES

(From Glenn and Co.'s Circular.)
LONDON, Oct., 1866,

Given a nation of ample resources, inhabited by a thrifty,
growing, and industrious population, and the Bonds of that
nation, which aro a first mortgage on its entire wealth,
have ever been regarded by Englishmen as a most desirable
investment. On the principle that the whole is greater
than any of its parts, Government Bonds are usually pre-
ferred by capitalists to Railway Shares, Bank Shares, or
Financial companies of any sort, the best of which repre-
sent but a small portion of the wealth of a country.
Besides, a Government that keeps faith with its creditors,
neither accident nor any disastrous event can impair its
obligations. For these reasons English Consols stand so
deservedly high with prudent people, and are so largely
held by the solid men of this country. But the high and
constantly advancing price of living renders it necessary
for persons who are not possessed of largo fortunes to
seek investments which yield a larger income than the
3 per Cents. After the severe lessons taught by the recent
panic, which carried ruin and misery into so many homes,
all over the land, cautious people naturally are no longer
tempted by the glitter of speculative companies.
We believe, in offering you an American Guaranteed
Bond which pays just double the interest that Consols do
thisawtlaief
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any
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eattlitivt lrneegtshes
ewg clan;things
eleideeodni6todeptrievveed ftrhoem
comparativethe same
t speculate,m nt, butif
cheapness of these Bonds, we have only to state that the
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and for
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purchasers
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t

But will not America some dlimyidpeople. Werens repudiate her debts? is a
question sometimes asked by
decidedly No, and for the following
Ame-
rica owes nine-tenths of her debt to herso : —First,
o
no nation in history has ever repudiatedpeople, and
underlly such cir-
cumstances. Property is so much more equally divided
in America than in most other countries, that from the
highest to the lowest in the social scale there is scarcely a
man who is not in some way a creditor of his Government.
And considering that "the entire currency of the country,etas well as every bank in the United States (underthe new
law), is based on Government Securf ties, repudiation would
be madness on the part of a people who would suffer so
greatly by it. And here it is important to observe, that
the late seceding States have recently, both in State and
National Conventions, unanimously and enthusiastically
pledged their honour and- property to the support of the
Federal Government, and to the payment of all its finan-
cial obligations.
Secondly—Taxation in America, though at present
heavy, is not complained of nor considered extremely
burdensome by thirty-three million people, possessed of
almost immeasurable resources. Besides the present Con-
gress has recently reduced the taxation considerably on
many articles, and yet the revenue constantly increases;
as in this country the revenue has iot been diminished
by the repeal of heavy duties on many leading articles. It
is expected that from this time forward tariffs and inland
duties will gradually be reduced, and as emigrants from
Europe are now pouring into New York at the rate of ono
thousand per clay, and wealth is so rapidly increasing in
all parts
a very large ofthecoaune revenue.try,that
i
Tin a few years light taxes will
p
i
Thirdly—The American Republic, though it has been
engaged
In three expensive wars, has never repudiated a
single shilling of indebtedness in the ninety years of its
existence.deht, In the late war, which lasted four years, her
.£500,(
lawpsordztainoytnronaosofddt time, increased at the rate of
foreign obligations oinbloi yet not one penny of her home or
due. And euvrenlifsehtoimuledisAmemfeariilestosgameinetdrwifhteionttohaeyeibveilcawmaer
like
teunlikely) does any one sup-
pose it would be anything as expensive or of as Tong
duration as the last ? or that the Government and the credit
of the Government would not be maintained ? If any one
does so suppose, he knows littleoof the patriotism and
rule America, men of
ule
financial integrity of the mere wh
the same blood and race as those wh
richest and most powerful nation in themwadoerlc7l.ngland the
(ow, one word about State repudiation, which is so often