The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-04-16
COMMERCIAL.
From our Commercial Correspondent.
NEW York, Thursday, 4 p, M,

April IS, 1917
The taking of the government loan favorable,
has impaired degree of satisfaction to the public mind
seldom witnessed. Ina national point Of view, it is i'm
portant apart from the financial operation is
other evidence that the country has advanced in national
character within the last two than in amy ten
preceding of existence. The writers, nancers,
and politicians of Europe have heretofore felt AN
conquerable reluctance TO admit this country to par
ticpaton of those honors which belong to the civ
ilized world and the great family of Christian COM
munities They have been unwilling that
North America has thrown off its colonial character and
still desire regard her, in diplomatic, military, and
financial point of vew dependant provinces of the CID
World. They have, however, been unable TO keep the
United States from their proper place and the events OF
the last few years have in rapid succession, conspred to
force upon the world, conviction of the fact 1t
that when 1872 the fleets of Europe swept from The
ocean, and the British jack was 'surmouned by broom,
Europe astonshcd the appearance of small navy
that asserted the " balance Of power the seas and
caused the British flag to go down in every conflict
The eyes of the civilized world were then fastened
upon America and AN efficient check on English
maritime power was recognised in orr little navy
STILL however, the model republic" was regarded
but an experiment; diplomacy was sneered mt as
one of expediency military derded as an inefficient
militia, and our finances as dependent on the bankers OF
Europe The events the last few yearswe might say
months-has changed all this The annexation of Texas
involved defeat of French and English ntrgues The
Oregon treaty England fall back from her peemptory
claim TO the Columbia river and the French press recog
Missed the triumph of American diplomacy The brilliant
progress of the American arms in the valley of the Rio
Crande crowned by the triumph Buena Vista, placed
the vaor and steaness of American volunteers foot
ing with the of Europe; and the mastery
reduction Of Vera Cruz resulting not from the acct
dent of bursting shell, but from engineering skill
and the appalling execution OF wel-served batteries,
has exceled France the of her triumph But
perhaps than these events, the fact that the United
States having, without European aid, borrowed lS000
OO0 hns within the year, obtained from its citizens
bids for $5S,000O0Q at par, when but $lSOoO00O
wanted is but calculated impress Europe with the
growth and power of the Union In the last war, loans
were with difficulty obtained at SS in money for 800 in
a six per stock. Nevertheless the debts then
aced were within twenty years. finally extngushed and
the high credit procured tempted the individual
States into contracting large debts in the abundant
markets of London. The folly, fraud, and Illegally
of many the transactions, resulted unfortunately in
failure. and the federal government underwent the hui
initiation 1871, of soliciting loans, and of being only
refused but scofed The antcommercal policy then
adopted checked confidence home, and the bad credit
the States destroyed the chance of loans abroad
was threatened that unless the State debts were paid,
the Union would be able borrow in slime OF war
Nevertheless war came and simultaneously the operation
of reduced tariff aud the accomplishment OF the indie
pendent treasury and in the midst OF these events,
the government the first time in its history, rejects
$40 OO0, 900 offered it by its citizens for six
per cent stock par BY these means the fact
is established that the federal government is not only
entirely independent of nd-mongers abroad but also oil
banks bankers and nanciers at home Its military pow
equal every emergency and its financial resources,
in the patriotism and ability of the people, equal to
national effort This marks in our history, and there
persons bound party that their hearts do not
beat in honest pride at the reflection,
1t singular that money has been so abundant when
appears that near sixty million dollars have been held in
nbevance for the bids The SOOoOOOO that were rendered
the government and refused, will now seek other employ
ment: and the satisfactory state of affairs IN Mexico Is
such as if not warrant tire convection oi n
speedy peace at least limit the expense and utl-
macly 10 relieve the country OF the burden OF the
occupaon There is doubt entertained but that
the financial plan adopted for the Mexican ports WIN BRING
the military outlay at within the ordinary expenditure;
and by so doing throw open and promising field Tor
commercial enterprise Notwithstanding the arrivals OF
snocic the rates for bills continue fall and here and al
New Orleans follows
New York. New Orleans.
Jondo, Al n prem Pa prem.