The Washington union., 1857-09-29
From the Boston rOl
OUR COUNTRY ANp THE roEpos 4. TINES. r.I

government IL not like European systems Of government
extortioner vioator Of personal rights trembling at
each heaying Of the popular wave and liable In mo-
men 70 be unable TO society from that Of con
ditons, anarchy but that under the republican system
their well made investents In town oty State and
national stocks ID udicious mortgages as In sound
corporations, the hills There can be no
such feeling Of security Of The United States ON the
face OF the earth not in England for even there
Is written as with prophetic pen that privilege has got
further to let go its ungbteOrs onopoes or the rising
popular tide VIII sweep away privilege and all its works
There can be there such paa feeling Of security s
exists In these United States
Now is time to dwell Oh this business view of our re-
publican po5 TO try TO think up to it's value to let
Il stimulate and all To action corresponding with it,
Yesterdays telegraph from abroad brought article
from the London Times American securities worth
looking Al They held In England TO the amount it
says OF $50 900 900 to flD0 600 900 steringsay five
hundred millions outside and the Times believes that
band Of New York spectators leagued for the pu
pose of 'deprecating national credit The Times says
The majority leading spectators in New York de-
voted to the task OF depecating national credit Whether
this arises from the extent to which American liabilities
held by foreigners need not be discussed large
body of active persons known TO be associated for the
purpose.
In most instances proceedings are so notorious and
the xity Of management complete and long oontin-
ued that English investors they had any rational
agent on the spot could not fail to be warned But
there is no London committee OF American stockholders
and, apparently, possibility OF forming one Yet,
something should be done possible to remedy the
evil Some persons win say the best remedy would be
found by avoidance of American investments alto
gether but this although it likely enough to be
brought about unless the respectable portion of the
American mercantile community contrive to influ-
ence public opinion not result that any one anxious
for the Of the best interests of both
tries would wish to take place No field for the
poymcnt OF capital is superior to that of the United
States and the syrpathes Of business beget universal
disposition here to seek and trust to it, Under such
circumstances it is deplorable that owing TO of
concerted action among the honest portions of the two
communities, deprnved minority should command all
channels OF enterprise and render confidence impossible
We have no data on which TO form opinion as to
the precise character of these securities The Times
the term national credit - and this strictly relates to
United States stock Now, if John is alarmed about
security, let him forthwith propose to sell it at once
reasonably dear to Hon Howell Cobb the Secretary of
the Treasury and do it quick before these ugly
ted New York spectators possibly carry out their
plans Why, patriotic Secretary would almost Jump
out of his boots to get chance 10 buy up cheap every
dollar John viii sell Of government notes He will pay
for it, too Ii specie and not squeeze the banks bit
do it with not 60 to their vaults at all do it, Yes
government would discharge all the national debt owes
to john with interest and not make additional
ripple the surface of the business world In doing it,
SO gloriousy able TO stand alone the only republican
government in the wide world Why, John Bull could
pay of the principal and interest of has national
debt than he could make the give up its dead and
the London Times ought to know that Heading specula
tors" in New York 'tdepreciate national
credit than they depreciate the suns warmth on
the earths capacity This remark win apply the real
value of all town. city State and national stocks This
pf he
responsblethe people divided into maorities OF mi
nores and of course the only open the TmeHs
ecturing such Now this rock like soldy of United
States stock is owing to the mastery craftsmanship of
the very majority, the democratic party to which the
London Times never has begun to mete out q single
of justice but upon which it chooses pour
continuous stream of downright misrepresentation and
falsehood.
The London Times specifics companies and corpora
tons and to point to this order of securities
it really these then it is lacking in discrimination
Does it that the failure of few of these where
there has been deplorabc fraud be allowed to affect
national character! to be allowed to make against
individual credit to be allowed to weigh down our
mercantile honor! We might put against these nsolvent
hundreds and thousands of other corporations
of the country solid the Bank of England But the
failure of these insovent companies has nothing TO do
with national credit has to do with the general
credit of American communities, whether viewed in q
town. city, State Or national capacity, than have the sim
liar jointstock of England to do with its
tional credit. Suppose, taking the Tfmess test,
should launch forth into trades against British national
credit whatever way the term is used because of the
citations OF almost unparalleled pecuniay corruption with
which the columns Of the Times for months has been
Literally filed: who would not say it not simply
just but senseessH Would it not be shallow nonsense
say to cotton merchantsfor cotton is the
breath of life to vital element in England prosperity
the laxy in the management of British joint stock
panies is great and notorious-the number of Brit
ish forgeies cpermousthe revelations of fraud
startling of British swindling
30 well authenticated--the are SO vast-that 1t
though the honest portions of the British com
all channels of enterprise and rendered con-
6dence impossible Would there not be about much
and discrimination in this strain there is in the
talk of the London Times
We repeat the thought with which we commenced
and in the words of the London Times field for the
employment Of capaal superior 10 na Of te United STATES
and capital is nowhere But here enterprise
is apt to be iljudgedhere, in England, the III udg
ed investments suffering and there is other
for those who go into them but to struggle through
them and it may be- to suffer for them But this can
Let it be that five hundred millions Of foreign securities
are held in England. Why, of States, Ohio
little than fifty years old could pay the whole of the
securities and have five hundred millions left Let the
retired American capitalist think of such facts these