New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-10-13
MR. JOHNsON'S POLICY AND THE AMERL
Can CREDIT ABROAD. -


The English papers call attenti'n to tie fict thst
American Spectators are actively engaged in buying
up the per cent cotton bonds Of the COnfederucy,
and selling U. S. Fiye-Twenties. They note the fact
that the latter have been sold to the extent Of millions
in Europe while the cotton bonds are bought az Oh
advance Of or per cent in London, Liverpool, and
Manchester. " Possibly" says & correspondent OF
The Morning Post when our keen cousins have OBJ
tanned sufficient amount, the iniquity Of repudiatne
loan made By foreigners the special hypothecs-
ton Of cotton will he yehementy asserted BY the
Yankees themselves as detrimental TO American
credit and the bondholders will obtain their rights,
the more especially as every man in the South, as
stated by General Lee in his evidence before the Com
mttee Of Congress, is DESTROYS of recognizing and
paving this loan" lie then attempts to explain the
selling Of the FiyeTwenty bonds, upon theory which,
however worthless in itself deserves the attention Of
tlo5e business men who think that CoppeTheai poll
tics are not the foes Of financial property. "Pres-
ident johnson describes the existing Radical Lecisa-
ture, which has usurped the power Of Congress, as
body called or which assumed 10 be- the Congress Of
the United States, but which is in feet Congress Of
only part Of those States Now, if this il the true
legal definition Of the present Congress, have 10
hesitation in saying that until tie Southern States are
restored 20 Congress- and recognize in Congress the
debts that Congress during their exclusion has con-
tracted that the Fire Trenfy bonds and az Other dbt'
raised By Tat Congress Legai according to the Con-
sttu;ioH Of the United States
1t is plain that this whole statement is advanced in
the interest of the English capitalists who invested
their money in the Rebel loans, and have not yet
abandoned the hope Of getting some Of it back from
the United States Treasury. We do not believe that
many Americans are stupid enough to buy the Rebel
cotton bonds and we know there is not one American
in hundred of respectable business Judgment, who
hos sold Five-Twenties from doubt Of therpermanent
value. We do know, however that since the close Of
the war the bankers and people Of England and Ger
many have steadily and largely bought them, and we
have deeply regretted that much Of our debt should
be allowed to pass into foreign hands.
But now it is ingeniousy insinuaed that the large
sales of United States securities in foreign markets is
not due to the eagerness of Europeans to purchase
but to the anxiety of Americans to SELF Precisely as
the Randall Convention caused an advance in Rebel
bonds, 40 the speeches Of Andrew Johnson have in
spired their holders with hope This is the true
point which the English papers make-that the Presi-
dent, by declaring Congress illegal and unconsti-
tutonal body has given spectators opportunity Of
shaking the credit of the United States They have
taken his words into the London Exchange and the
Bourse and traded upon them to the possible Jury
of our securities. They have used his policy as the
means Of advancing Rebel bonds. No one car deny
that the logic in the last paragraph we quoted is
sound however false the argument. If Congress is,
indeed. Illegal unconstitutional; if it had no right to
pass the Civil Rights BILL if its acts do not bind the
Rebel States, because they had no part in making
Them if the Representatives OF the loyal States
not CongesS-and all this Mr. johnson asserts-then
indeed our financial legislation is worthless, and the
value of United States bonds depends upon the in
dorsement of the Rebel States. Europeans who want
to get rid their Rebel bonds who woucbe glad to buy
Five.Twenes at low rate with the certainty of their
rise can find no better means to bear the market than
the policy of Andrew Johnson He has bitterly opposed
the Constitutional Amendment. of which the 4th sec
ton guarantees forever the validity Of the National
bonds, and perpetuay prohibits the payment OF the
Rebel debt. The passage Of this amendment would.
as all his followers know, end at once all these Rebel
and English schemes to depreciGte National securities;
but until the people have ratified it and slenced the
arocious calumny that Congress Is not legal body.
we may expect to be threatened with the whole Rebel
debt in addition to our own, and with pretended
doubts of the validity of United States bonds. Mr.
johnson is doing more to injure American credit
abroad than all the Rebels and spectators cOmbined
and there is not man, woman, or child, who holds
Five-Twenty or q Seven Thirty bond, who does not
directly profit by the recent trumphs at the polls. In
sustaining Congress and the Constitutional Amend
ment, the people have declared that the National
debt is to be paid to the last dollar while OF the Rebel
debt not one cent shall ever be redeemed.