The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-11-15
COLUMBIA.
ThursdayEMorning Nov. Is, 1865.
American Credit Abroad.

selling in London at twenty below
British three per cents that is, the
American six per cents. are selling at
sixty-nine, while the others are sold
at eighty-nine. Suppose the credit
of the two countries to be equally
good-if the principal and interest
of the United States obligations will
certainly be paid, then, at the rates
Of interest on the two securities, the
Americans ought to be selling at
just twice eighty-nine, OF 179.
The Herald jumps to the conclusion,
that considering the extraordinary
resources of the country and Govern
r ent, that the low state of our credit
broad must be attributable to some
thing radically wrong in the admins
tration Of our financial affairs, or
that there must be profound igno-
rance among capitalists of our condi-
ton and means. That the first-men-
toned cause cannot exist, the article
of the Herald itself proves. At pre-
sent, this country has superabund-
ant reveuue-a revenue of over
s600,000,000 year, without the ordi-
nary interest of the country feeling
the burden of taxation. We have had
a surplus revenue in the last year to
pay off nearly 5000, 600, oOC of the
public debt, and il the present fiscal
laws are kept in operation, the whole
immense debt of this country could
be paid off in ten years. The Herald,
then, is evidel " mistaken as to any
mismanagen 1t in the financial de-
partment of the Government.
AS to the resources Of the country,
they are immense and immeasurable,
so much so that exhaustion can never
reach them. The wealth of a continent.
IN all the resources that could possibly
contribute to the strength and great.
ness of any country on the face of
the earth, is the standing security for
all the obligations the United States
may ever choose or find necessary to
issue; so that, even were the people
of the United States disposed to re-
pudiate their debt, there would not
be the slightest excuse for them to do
so, and they would stand before the
world as nation of swindlers.
But, Notwithstanding these we'll
known facts-well-known, not only
in this country, but in Europe-the
other fact stands prominently out,
that American credit is only half as
good as British in the money markets
of Europe. What, then, is the cause?
Without arrogating for the Ph9nir
the wisdom or financial ability which
are daily manifested in the columns
of the New York Herald, we think we
can point unerringly to the cause of
the existing condition of affairs in
respect to the subject under consi-
deration, and that is the very cause
which the Herald utterly ignores, or
very sIghtingly alludes to, viz: the
political difficulties in which this
country is now involved. Had we a
Government, even Republican in
form, as stable as that of Great Bri-
tain, there can be no question but
that its credit would vastly improve
ID foreign markets; for as we have
shown, this country, with its illimita-
BILE resources, ought, in the nature of
things, to become the depository of
all the surplus capital seeking invest
ment, In any market in the world.
But the timidity Of capital shrinks
from the uncertain future of this
great republic.
This solves the mystery. No capi-
talist, with the acts and raving threats
Of the radical party ever before him,
and knowing that this faction is
likely to remain in power until they
'estroy this country, and crush out
n their madness all her industry and
untold resources, will risk its safety
IN the expected universal crash Tf