The Sun.
London, England, 1868-04-02 00:00:00

PAINLESS DENTISTRY:

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GRERNBA CK REDEMPHON.

(From the Anglo-American Times.)

There is no country that manages to give a fuller
expression to opinions on any passing question than
the United States. But it is in the nature of such
expression to be in a measure delusive ; for those
most interested, even when a small minority, make
their voices most loudly heard. We are not able as
yet fully to realize the true strength of the current
now running in favour of "Greenback Redemption,"
and its corollary, " Expansion." The facts are that,
depression having followed as a consequence on the
inflation and waste of war, people feeling hurt, cry
aloud for relief. A tight money-market, stagnation
in trade, burdensome taxation to make good the
vast expenditure, press at the very time that old
channels of commerce have bean dried up. It need
not surprise, that men should try to shake off the
weight which bears most heavily, that crude and
unreflecting ideas of finance should be enunciated,
and mislead the ignorant and unscrupulous. In that
portion of the country where the stringency is
greatest, the origin of the agitation may lie looked for
and afterwards its strength. In the Eastern States
there is a glut of money, and interest rules lower
than has been known for many years ; but in the
West money is difficult to procure and commands
high terms. It was in the West, that the people
most benefited by the war inflation, and it is there
that the subsequent depression is most felt. Judg-
ing from conventions, from platform speeches, and
from the principles enunciated by the popular can-
didates, we might conclude that a vast majority of
the Western people are in favour of greenback re-
demption, and that the expansion theory, is only
held in alesser degree. SHERMAN'S bill is a proof that
leaders in the United States recognize the overwhelm-
ing strength of the torrent. In effect he says—" We re-
commend you, the bondholders, to divert the tide by
accepting a compromise; a square opposition will bring
its full force upon you, and you will be swept away
altogether. Sacrifice a little, and you may thus
save the great bulk of your investment." It is not
the reduction of the interest from 6 to 5 per cent.
with the guarantee on the face of the new Bond
that it will be paid in gold which alarms the cre-
ditors of the United States ; it is the broken faith
of those on whose honour they must wholly rely—
the beginning of the end—the crevasse in the em-
bankment ! The question is—Does the Govern-
ment offer any better security for the five per cent.
than for the six ?—that is, in surrendering a por-
tian of their claim, are the bondholders to get an
equivalent ? If not, the matter is not one, of com-
promise, but of coercion, for compromise is a settle-
ment by mutual concession. If it be coercion, who
can tell where that coercion is to stop ? We all
know that the man who can frighten another out
of a portion of his rights seldom rests content till
he has frightened his victim out of all—his suc-
cess being his incentive, and the very surrender on
4he part of the other that other's reason for a fur-
ther concession. 'What holds of individuals, holds
of corporations and of nations. The bondholders,
though not guaranteed repayment in gold on the
face of their Bonds when issued, which in the igno-
rance of Legal-Tender notes was then thought imma-
terial, were in all other ways thus guaranteed by the
authorized Ministers of the nation, by their agents,
as well as by the clear statements of the Represen-
tatives and Senators who introduced and supported
the loan bill. If advantage can be taken of an omis-
sion on which to ground a compromise forcing a
concession from the creditors under a threat of
using the omission against them, what is to prevent
similar action in the future? The Govern-
ment will have committed an act, which, to
say the least, is questionable ; those who lose
character as a rule desire to get an equivalent
for the loss, and the odds therefore are in
favour of a further attack'on the bondholders. They
can never afterwards consider themselves safe; for
any depression in trade will end in their being
mulcted. It is then advisable for the creditors to
make a strenuous stand against the first step, and
it is worth while considering what chances they
have of prevailing in such a struggle. In the first
place, they have the benefit of a moral right. Hear
what a former Chairman of the Committee of Ways
and Means publicly said on the floor of the House
at the finks of contracting the debt—" A dollar in
a miser's safe, unproductive, is a sore disturbance.
Where could they invest it ? In United States
loans at six per cent., redeemable in gold in twenty
years—the best and most valuable permanent in-
vestment that could be desired. . . But widows
and orphans are interested, and in tears lest their
estates should be badly invested. I pity no one
who has money invested in United States Bonds,
payable in gold in twenty years, with interest, and
pet:hi-annually," It dote not leo= the force of our

argument that this man should now be in favour of
greenback redemption. The loan was advertized
with the approval of the Government as repayable in
gold, and successive Treasury Ministers pronounced
the matter to be beyond controversy. The moral
right is so clear as to be almost indisputable, but
the real strength of the bondholders in opposition to
any tampering with the debt, lies in the consequences
likely to follow. Let us balance the probable gain
with the probable losses to the nation of enforcing
such a bill as Senator SHERMAN'S. One per cent.
would make an annual reduction in the interest of
two and a half millions a year, and that would be the
outside profit to the country. Now the question is,
at what price would this be purchased ? Credit is
the strength of a civilized nation ; in peace ,
enabling it to develope the national reeonrces ;
and in war, to uphold the national interest,
honour, and independence. Although a mere name
—it is the most potent influence. Without it, a
civil iz nation sinks into bankruptcy; alike powerless
to foster industry, or to protect its citizens. Money
is the sinews of modern warfare. On it, is built
and maintained the only efficient fleets, and they
cannot be built and maintained by any other means.
By money, armies are equipped and supported in
the field, and although the material may be supplied
by patriotism, trained and effective forces can only
be obtained by money. Without it a country can
have no fleet, and her armies must degenerate into
lawless mobs. Credit alone can supply the Govern-
ment with money when needed ; there is no other
means except forced contributions, the poor and
desperate resort of a degraded despotism, which
commences a struggle, by making enemies of its
own people. Au injury to credit, therefore, is the
most fatal a State can sustain, yet. it is the injury
the greatest of all countries, proposes to inflict on
itself. This is the first strong point of the credi-
tors. The next hits more directly at the people.
Suppose the bondholders refused to accept the re-
duction, the alternative then is payment in green-
backs at par. The market price in the United
States is now 10 premium ; and the immediate
effect must be to strike that off, and, in common
with the Five-Twenties, to depreciate all Govern-
ment securities. A loss would immediately be
sustained sufficient to produce a violent panic, and
dislocate the whole trade of the nation, and that
would be followed by consequences the reverse of
what these agitators intended. Western produce
" hogs and breadstuffs," instead of rising to infla-
tion prices, would become a drug, and among the
heaviest sufferers would be the West. Nor could the
Government redeem the Bonds except by a fresh
issue of greenbacks, which would be adding fuel
to the fire of the crisis, as well as to the national dis-
credit. This is the second point in favour of the
creditors. The United States is the greatest pro-
ducer of the precious metals. It is a palpable folly
for a producer systematically to depreciate his own
productions. Even were it possible to make the world
believe that paper was better than coin, the great Re-
public is the last country to lead in such a revolution.
The heavy losses to the United States from the
failure of Southern staples can alone be made good
by the increasing mining development of the Pacific
States. Having expended millions in destroying
the industries of the South, is the Republic simul-
taneously to impair its credit and lessen the value of
the exports, on which it must rely for repairing the
waste ? If the citizens of the Atlantic and Middle
States insist on depreciating the products of those
of the Pacific, they will generate an indignant
opposition which will go far to create a split.
California adheres to specie payments, and has
steadily set her face against paper theories. This
is the third strong point of the creditors. The
fourth is even more purely a domestic question.
Four-fifths of the Bonds being held in the
United States, almost the whole weight of any
measure of Repudiation falls on its citizens. If the
Government is coerced into robbing HARRY to give
Tom relief, it will merely rob the most industrious,
the most patriotic of its people, who helped the
country in its time of trial, to aid those who did
nob do so. It will reward loyalty with repudiation,
and a generous confidence with a barefaced robbery.
Why should the country do this ? A. certain
portion of its citizens would be mulcted for the
benefit of another portion, the national gain
by the one class being exactly balanced (minus the
portion held abroad) by the national loss to the
other class ; that is, Uncle SAM will take the money
out of one pocket and put itjnto the other, and call
that a fine financial operation. Putting aside such
considerations as Uncle SAM being thought a
cheat, and losing a large amount of his power of
financing in the future, this would be the only result.
But people are not ruined or heavily mulcted with
impunity. The benefit to the others will be so slight
as to be scarcely felt; the loss to the victims so
great and direct, as, when realized, to call forth a
loud cry of indignation and rage. Thus the bond-
holders being of the community, each man able to
make his neighbour feel, ought to lose no time in
doing so, that the neighbours, having a foretaste of
what they will get on repudiation, may know at least
one of its drawbacks before they are committed to
the measure. These are but the more obvious ob-
jections on which the bondholders may rely in
the struggle. If they gird up their loins in defence
they will soon see how strong is their position—one
only to be successfully carried, by a loss to the at-
tacking party, out of all proportion to his gain, and
an assault which no general in his senses would
make if he fully understood the sacrifices it would
entail. Therefore it is clearly the policy of the
bondholders to take every possible means of letting
the threatening force know that they will defend
their position to the fast, and at a cost to the be-
siegers, too heavy to be incurred, if in their senses,
and with their eyes open.

The course of exchange at New York on London for bills
at 60 days' sight is about 1091 per cent. At this rate there
is no profit on the importation of gold from the United
States.

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