The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-06

ndn ee1 W. 10 attain that undesirable eninence Con-.
steering now IN our own case, the CHIP Of the gaherer
shou need hoy now and then fron tSS lsasto ~S
Of the day TO nom the perilous aiements M
borrowing. but the Americans must indeed be prone 10
this weakness II, with their extraordinary facilities for
raising legitimate revenue, they already require 70
be warned of the practice OF loans Mr.. Blu
an urgency and emphasis sufciently indicative Of his ap
prehensioDs, and he strikes, perhaps n responsive
order to dssuade them from increasing the national debt
in time Of peace he reminds them that such 81 stem viii
impair their energies In time Of war.
In one particular the report before a. oOuba1 popu.
lar error and expresses principles very inter-
estpg subject The Americans, appears, ase In some
quarters considerably dsconcerted a the large exports Of
tcularly to Great Britain The alarmsts conceive that
they losing something more than marketable
commodity and that the country il deprived az product
generally ertlzing than common article OF
MERGE This idea Mr. Cobb truly remarks, y altogether
aeiason Gold and silver are simple commodities 70 DO
taung the actual metallic currency OF country export
60 arrangement Of trade WILL OF ensue but where
dard and the precious metals represent only the
Excess OF production above this point the trac In them
sSAs"as 70 traffic II .n S ss:
had retained within her limits the flO0 O0CO0 worth
gold produced by her snce 1913 would have been RICH
OF or more prosperous than she herself
exporting TO other countries the chief part OF this
and receiving useful commodities return9 The answer
OF course, plain. Gold is the staple OF California al
cotton OF Georgia, and would not be absurd for
Georgia to keep its cotton at home than for caiorns 70
keep it's gold. WAX
OF the financial affairs Of the United States we may say
in general that Americans share all propensies but
have been hitherto exempt from our obligations We
have for 100 years 10 the course they are only
just commencing indeed, should be justified in saying
that we have arrived II period Of msgving and repen
lance which they have yet reach. Their advantage
consists IN thsthat they have ter ally the world before
them With almost unbOunded territory most produc-
i've soil vast population and resources scarcely yet en-
they can add lavishy to their before
they will begin to feel them. Apart from The violation
OF economical principles, the addition the customs
duties which Mr. Buchanan contsmplates would
be scarcely perceptible by the great body of the
American people. Their outlay Is rapidly increas-
ing, but their margin wide that the goes
hte They are less economical than are, but they
more fortunately situated We look with natural anx-
ety to Mr. Gadstones forthcoming exposition because
we know that ougongs must be balanced by income and
that income can only be obtained by burdens which,
though we can hardly support them, would fam be
rid The Americans experience such socitude They
laid under contribution, indeed by their Iegis
lstures, ard are clipped amd shovn By their ~.ipal 9ov
eyets TO ere5a If ohich hare lile idso, but the
public budget they receive with tolerable upconcern
and Mr. Cobbs persp,cuous report will perhaps be moro
curiousy studied in this country than among Americans
themselves.