The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-11-15
Our National Credit Abroad.

OuI NhhOhdt OlCNhN AuEOuu
THE London Star, speaking of American
finances, says:-
''Tbere is nothing in the whole range of finan-
cial topics that challenges more interest at pre-.
sent than the remarkable manner in which the
United States people are graphing with the
burden of their debt. II It was rapidly accu.
mulated 1t bids fair to be also rapidly dimin-
lsned, and the policy of diminishing it to the
utmost OF their power has never been matter
OF political dispute. They have assumed it to
he DUTY resting on the present generation to
reduce their debt, just as they assumed the duty
oil lighting TO preserve their country from dis.
ruptlon. The interest-bearng debt has been
reduced by Sl38, ,309,574 during the six months
ending lst of October, fact entirely unexam-
pleo in the history of the world. The yearly
chalPe upon the revenues of the Treasury has
been reduced in the same period by So, ,549, 100.
II Is the expectation Of the tinanciers of the
Union that the existing debt of S2,240, 996, 1872
sum which, written in dollars, is so enor-
mously large as to tax the power of enumeration
to express twill be brought down to two
thousand millions of dollars by the LIST OF Janu-
airy, 1867, or at all events by the 1st OF July.
That ls, the Americans look calmly TO the pos
siblty OF paying oil within six months
S24O 900, 600. The gold values OF the import
entries make the expectation by no means
improbable. Up TO the 9th Of October the
amount of gold paid for import duties has been
S23S,979,3T, independent altogether of the
interior currency taxation. These facts are
well worth the study of British statesmen"
In view Of the tact that the foreign capi-
talists are beginning to exhibit that conf
dence in American securities which is fore
shadowed in the Star, it is well for us to look
first at what steps would tend to promote
our credit abroad, and then at the home effect
Of the rapid extinguishment of the debt. In
order to hasten proper appreciation OF the
advantages of our securities among the Euro
pean bankers, we hold it to be evidently
necessary that we have a uniform funded
debt. So long as the issues of the notes be of
four or five varieties, with abstruse names
and different maturities and rates of interest,
so long will the tinanciers of other lands have
a dIstrust OF our loan. 1t requires a careful
study for an American to discriminate be-
tween the varied bonds ofhis Government, and
to German or a Frenchman the Five-twen-
ties. Ien-fortes, and Seven-thrties must be
distraction. That the English also are igno-
rant of the meaning of our diverse denomi-
nations, is attested by the fact that the Nav
issue of Fiye-twenties is the only one bought
or in any way dealt in on the London
'Change, and that they are four per cent.
higher than their equals, the issue of June.
What we need, therefore, is one common
style Of security, OF a uniform design, with the
same tine before maturing, and with the rate
OF interest equal. When this is done, the
foreigner will become familiar with the ap-
pearance and value of the bonds, and we will
no longer see the absurd spectacle of the
acceptance of one and the rejection of another
note, all authorized by the same loan bill We
therefore hope that among the first acts of
Congress will be the adoption of such law
as that introduced by Senator Sherman last
spring. and then defeated by the adoption of
q valueless substitute. So far as the condi-
ton OF the finances at home is concerned
we see cause for the utmost financial sagacity.
We are rejoicing over the rapid extinguish-
pride at the ease with which we are paying
off what, to all the world, appears crushing
load. But let us see what will be the evident
effect this rapid extinction. The moneyWhich
has been invested in Government bonds is
thus thrown upon the market at the rate OF a
million a day, and must either lie idle or
else seek some local investments. The con-
sequences are alTeauy apparent IheIe is
dangerous demand for stocks and issues of
first-class character. Already the demand is
great, but it must go on increasing more and
more rapidly as capital, dslodged from its
national resting-place, seeks to be securely
placed elsewhere. What will be the effect
The prices OF good investments will continue to
rise, until they reach height which will cause
them to cease to be desirable. Then specu-
lations will be the order of the day, aud we
shOnld not be surprised to see an excitement
as mad as that OF oil succeed the repayment
OF large proportion of our national debt.
On this account, ii on no other, we urge the
adoption OF the funding plan, which will
enable the people to either accept the bonds
in exchange tor their temporarily held secu-
r,tles, or else which will enable them.
when they are paid by the Government. to-
have some means OF investment which will
not be precarious. Sound reason and discre-
tion, as well as principles of economy. demand
the immediate adoption of some form of
American "Consols"
Arrest Of Bishop Rosecrans' Assailant-A vouno,