New-York daily tribune., 1866-01-08
OUR CREDIT ABROAD.

The general tenor of our European adviceS
by the Moravian is very gratifying. President
Johnson's Message has been received on the
Continent with decided satisfaction and ap.
proval and the growing confidence in our po'
! litical and financial future is evidenced in on
eager market for and steady appreciation OF
the securities representing our National Debt.
Throughout Germany, they have long been 70.
vOrites; but in London, where they were
hawked from counter to counter q year or so
age at 40 to a., with rarely reluctant and du-
bious buyer, they have steadily appreciated till
they sell at G6i. In other words, tho promise
Of our Government to pay 800 in gold some
five TO eighteen years hence is actually selling
for almost two-thirds of its face The Ma.
tiOnal Debts Of the United States and
Great Britain respectively are not far from
'equal-the principal Of the British Debt being
the larger, but the curont interest thereon con.
siderably less than that on ours; for, while an
American sir per cent. sells in London at G6,G
tGs, British three per cents are current there az
e's s0S7b, more than go per cent. higher. And.
even at the disgraceiul, ruinous rate above
quoted We are constantly sending million after
million Of our National Debt to pay for foreign
gewgaws and fripperies which "perish in the
using" while the Debt will remain to be paid
by the toll and sweat Of future generations.
We call the attention Of Congress- especially
of its Finance Committees, and of all advocates
Of non-Resumption Tor if you choose, of re-
mote Resumption) TO these startling facts:
While Cotton is selling at Old. TO 23d. in Liver
pool, equal to 40 cents in gold at New-York, We
are holding back $50,000,O00 Of it for higher
prices and exporting instead our National obi
cations, payable principle and interest at six
per cent. in gold, and selling them FOR two
thirds Of their face And, while we are holding
back at least Fifty Millions worth Of PORK
Hams, Lard, Flour aud Wheat that We ought
to have exported and sold ere this, we are send.
ing instead promises for our children TO pay
and selling them at 35 per cent. off to make up
the balances against Us created by our eltray.
sgance and luxury!
How long must this 20 ont How long can
itl
. Probably 500, 900, 900 of our National Debt
has already gone abroad, and been sold for
between S2j0O0O,00O and $500, 200, 900. We
do not especially blame those who sent il, still
less those who bought it. Every dollar Of it
must he sacredly paid TO the last farthing
principal and interest. 1t is just a. righteousy
due as though it had never been sold under par.
But No most earnestly protest against the
sending Of more; and We ask our people, one
and all, to unite in stopping the export BY
reducing their consumption Of foreign products
and investing every cent they can possibly spare
! in our National obligations. These would not 20
abroad if they were held at their true value hcre.
In time Of War; We he'd to raise money as va
could; now, We ought, Rs nation, to make our
own terms. And we can, whenever our people
shall very generally prize an obligation Of their
Government, payable principal and interest in
gold, above the like obligation Of an individual
the former being first mortgage OF all the
property in the country: the latter subsequent
mortgage on an infinitesimal portion Of il.
! Men and brethren let US resolve and combine
10 stop the effiux Of our National securities.
Better export $40, ,000 900 Of gold than SO 600.
0e0 Of these.