The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-10-09
Cur Public Securities.


daole enainy opposed to them, the conserva-
tive press Of the North should change its tao
tics, Timber up, advance its batteries to the
front, and ponr into the ranks Of radicalism
incessant rounds Of canister and grape They
must cease the defensive, to which like the
military policy Of the late Confederaey, they
have too closely adhered, and assume the of
fsnsive mode Of warfare.
They must adopt the tactics of Mayor
Hoffman and carry the war into tho ranks of
the enemy. This leader Of conservatism, in
resent speech at Buffalo, has set an example
which ii would be we'll for the Northern con.
servative press to initiate. They must not be
content with bare resistance in merely res
pending to the arguments of radicalism
They must in turn attack and give blow for
blow. II they expect to make Roadway against
the assaults of the enemy.
IN bis recent speech at Buffalo Mayor
Eofuan propoundsd question of the utmost
slGninoance. He said-"Imagine 7had Ste
7ens as President, Parson Brownlow as Secre-
tary of War, Butler Secretary of the Treas
ny,Henry J. Raymond as Secretary of State,
James Gordon Bennett as Minister to Eng
land. and tie travelling troupe who are pre-
rambulating the country as members of Con-
gress. With such leaders sohas sooaid aouy
SectHtHes es SeoTFh Z In response to this
pregnant interrogatory, voice said, Batter
would steal all" And in his ready and pop
ular style Mayor Hoffm an is reported to have
replied-"you hear what my friend in the
audience says. I make it point never to
contradict sensible remark" We have no
doubt however that he elaborated his own
query and in his illustrations and arguments
exposed the ruinous effects which would fol-
low in the event of the accomplishment of his
significant hypothesis
Some days ago We had occasion to notice
comment in a leading radical journal upon
the fact that our securities in Europe were at
seventy-aye cents in the dollar, which the
writer considered as an unaecountable as we'll
as dissraceful state Of things, in view of what
he regarded as our prosperous financial con-
dillon. We attributed the fact, however, to
what we view as natural result of the agi-
tation kept up by the radicals, which caused
capitalists abroad to hesitate to risk their
money in government securities, while so
much uncertainty and unfxedness existed at
home in our political status This condition
Is beyond doubt one of the permanent causes
that these securities are 50 much below par at
Aone and abroad. and it ia condition which
may fairly be laid to the charge ofradicalsn
And so long as this agitation Is prolonged, so
long will CUR securities remain at thirty per
cent. below par in London
Taxing the latest quotations as the basis of
our calculations, we find that the fve-twen-
ties of 1852 are worth in New York 1881
in specie, and those Of 1894 are worth at the
Garns great commercial centre S7372 These
identical bonds are quoted in London
at the Latest dates at S70.26. The
freight and insurance to be incurred in trans
uniting these bonds to Europe are probably
at least per cent. which reduces their value
in London to still lower figure, and more in
favor Of the New York market. Besides this,
the Exchange on London is small fraction
below par, No, it does not require Butler
to steal them all
These facts should be dwelt upon, and the
causes OF their existence pressed home upon
the radicals as the work of their own hands.
They are warning to capitalists, and largely
enter into the deplorable effects which the
radical tactics have already produced upon
our public securities. This vii! be demon
strasea 80 soon as the political warfare now
waging against the South shall cease, and
when, if ever, agitation SHALL give way to
comparative political calm, and the policy of
the President Of the United States shall tri-
-lmph over the unconstitutional, and extra
constitutional, measures which have been
foisted upon the country, and are now pro-
pounded to the legislative action Of the South
ern States in the shape of the constitutional
amendment
Let the South be admitted to her rghtfu
participation in the government; let her be
placed in the position essential to her quiet
and settled pursuit of the peaceful vooations
cflife let her in peace, quetness, and restor-
ed position enter fully upon the production
Of those rich staples peculiar to her Climatic
position, and by which she has contributed so
vastly to the wealth and prosperity of the
country. and then and then only, will our
public securities advance to the par standard
at home and abroad, by and through full
restoration of confidence to capitalists in the
stability Of Our institutions. -