The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-19
The American Loan in England--A Conn
plete Revolution.

We publish to-day remarkable article from
the London Times, in which that journal not
only recedes from it's former position about
the American loan, admitting now that it is q
good investment, but acknowledges that the
citizens of the new Union, though reduced to
twenty millions in number, might be taxed to
an extent hitherto unknown on the other side
of the Atlantic" Nothing would be easier,
the Times admits than to raise the federal re-
venue permanently to $200,0O0,000 The
Times admits that the soundness of the concu-
sion of our government, to borrow in the Anne
rcan market only, has been established by the
very first experiment The success of
the loan among our own people has
opened the eyes of the English stockholders.
A change has come over the spirit of their
dream, and their teeth now water for the large
interest out of which they have been cheated
by the misrepresentation of their organ, the
London Times, which now makes the amende
by admitting its error as far as could be expect
ed at first. 1t is evidently the beginning of q
revolution in the course of that journal, and in
the financial, commercial and political circles
which it represents. 1t is the inauguration of
revolution in the Times in the very teeth of the
statements of the special war correspondent of
that journal, DR.. Russell, whose trash no longer
passes current in England; for the people of
that country have begun to find out what every
body here always knew-that Russell is about
as ignorant of the country as he is of Japan.
The London Times is sure to come round at
hn ru in xvh oth <hax
are monetary, commercial or political. 1t did
so in 1882. Before that year the Times had
always been q strong tory journal. But the
formidable revolutionary movement of the
masses of the people, who demanded an extern
sion of the suffrage, and threatened London, if
not the throne itself, wrought sudden change
in Printing House Square, and one fine morning
our British cotemporary came out a wing jour-
nal and the advocate of popular rights. The
Reform bill was carried in Parliament by tho
pressure from without, and the sagacity of the
Times was established. 1t displays equal saga
city now in shifting its sails to the change of
wind in England.
The philosophy of this change is that the Eng
lish hold some five hundred millions worth of
our State stocks and old federal securities, and
they now discover that the present loan, bear
ing such high interest, is an excellent invest
ment, and that the American bankers and finan-
cers, who necessarily know more about its
worth than Englishman, have eagerly taken it.
So good indeed, is it that the government and
the monetary interest have kept it all on
this side of the Atlantic. The English holders
of our stocks thus see that we can carry on the
war to successful issue--that we can raise the
money to put down the Southern rebellion more
easily than England raised the finances to over
throw Napoleon and the French Revolution.
Hence they are alarmed lest they should lose
their stocks if they meddled with our internal
affairs and, besides they want a share
il the profits arising from the new loan,
now that they find it is SO capital an
investment This is the secret of the London
Times eating its own words, for it is the organ
Of the Rothsehilds and the moneyed interest.
1t is a question now Of stocks against cotton
and thcy fear that in quarrelling with us about
eot.... .4el LAY ls-c Le -.ocl-s. and, perhaps.