New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-02
OUR NATIONAL FINANCES.


lead US back to a safe system Mr. Walker claims 20 be
heard this question not only as citizen, but because
the financial agent of the Government In Europe hg
personally instrumental in getting foreign capitalists
TO take our loans Referring TO his operations In Europe
he says:
/ published there numerous essays over my signature
showing the wealth and resources OF our country and
how untarnsed was our national faith ana honor These
essays In English French and German were sent 20 all
the European bankers through whose advice investments
made. They represented the certainty " tlc
punctual payment OF the principal and Interest o. our
fye-twenty per cent loans in eoh visited
nearly every city of Holland and Germany, giving ne
opportunity to discuss the question personally with these
made The TrsnIt was that I'm brief period the seooi ~
GcrmGny emphacaly the great masses Of hepeOpe took
several hundred millions OF our loan at The same rates
a period Of great apprehension 70 the result
Of our contest and that the credit OF our
greenbacks rested mainly ON these bODts In
which they could Dc funded and that the demand for
them 10 Germany. as well as here TO organize tbo ma
in the gathering msts OF depreciation. Oar greatest
peril was financial, and although the glorious deeds OF
our army and navy and their gallant leaders saved
the and the land yet the Secretary of The Treas
ury was the real generalssiino OF me contest IeSa
hyetwentles constituted, TO vast extent the 1e re
dg'eed 10 pay to enable TO maintain the Government
aud preserve the Union And, nov, sial we hesitate
about the payment Of such loans these But especially
can J, on whose representations so many hundred nil
being discussed ana TO be decided without
aburnng sense OF shame and dishonor remain longer
silent
BIr Walker then states the items OF public debt.
and forth his great point the policy OF borrowing
sOO0OOO OF gold IN Europe which. with that IN tho
Treasury would enable Us 90 retire The cgaerdcr notes
and resume specie payments This gold cannot be got
here at any reasonable Of interest il a, all Hes ays;
No this be foreign lOeD 20 rs % bring tho god
here TO create expansion not IN paper Dl M specie
and TO nfuse new lifeblood into al the chancs OF IN
qustIy II Is conigactoh "thoub i'ul .''e a
driving the country 20 the verge % Iepidiaton dho
threatening most disastrous consequences to the honor
and interests OF the nation The rules which Oct force
banks contract have bearing upon the operations OF
legal tenders is concerned, much more remote
from resumption than we were when the war closed
No thought Of population then, but ne idot nas
become widely difuscd, growing exclusively ont Oh
forced artificial, and unnecessary contraction OF tue
tolerabe system OF taxation say the contraction was
and is forced and unnecessary because we could by
a foreign loan. then have resumed specie payments:
and with proper change In rrcyenue system ana the
restoration OF the Union now DC IN eohalliul 0l u
bounded prosperity. No one before THE, has ever threat
ened stain the faith and honor OF the nation and but
for this system Of contraction and taxation me seSa
shade Of population would never have been evoked from
the dark abyss OF mfamy and crime contractor, Is ouiy
/ paymcnts But why contract and thus deprcss All our
industry, when we can Immediately resume ~ltn0M
conuactonl II we not to resume until the whole
! paper currency gradually taken in, how many years
with it take to accomplish It What Will be the con-
dition OF the country in the meantiuie w.ilc ,he
/ contraction is constantly going Oni Aud what
/ will 1t be when all our legal tenders shall have
/ been thus exhausted, together with the national
/ bank currency based upon theml Why our eOndion
would be growing worse and worse every day ana az the
close We would be let almost without any currency
whatever Why should our people be thus oppressed and
racEed and tortured by forced contraction OF tc cur
rency. which is the Ob0Od OF all our Industry WAY
this constant drainage OF all the veins ana arteries o.
our industrial syStem3 "a VIC Want .eee1oS hgy. asd
do we want continued from month 70 month, a9 fiol
by this sangrado pocyf But there two kinds of con
tractOn-the by the gradual exhaustion OF our paper
currency and the other by domestic loan draining
from the people all the available money Of the country
|, thcu am for foreign lOai 80 ~ ~ once 70 sHF tc
vacuum, to repensh our exhausted resources ana re-
snme specie payments with an s ncaiculaoe 'eHehS
| to faith, our credit and our industry
lie feels certain that resumption specie payments
the oaa of 100000 at per cent would be taken IL
| Germany at par, II not above, and then:
The golden current will rush westward, repleni:hng
the channels OF industry ~i.n specie cuircnoy, fvsf
our dropping business, and denOlishng the goldb0ad
3id cod-gamling In the only practicable way, namely,
by an immediate resumption or specie payments buth
tion hanging rs undecided we attempt loan at
home or abroad II VIII either De an entire a!nte. OF we
be sye mot fI Failed The Immense Importance
/ Of our national credit with such a nation.
credit II wealth, credit "a capital ana 20 iuy
has This been established in England that. while their
cent consos 81 g gold our per cent? are ~
20, thus compelling NJ to pay an interest very ncarY
three times ~ great as spGiaha hnH ~ isl.yS
chat Of England beingS per cent II each decade and
ours l2645 per cent? wealth. IN 0 would De largely
more than Quadruble that Of England II the English
principal or interest of tleir public debt There Is nc
rtaSo Tor this fgTcnce gSeept this, that any mombet
OF the British Parlamclf should propose, by evasion
or otherwise to repudate the princpa! or interest OF
his seat i'm the House OF Commons and because THEN
popular economy National credit a part of the
uonal wealth. especially with nation IN debt. or one
ever likely TO De Ia debt or engaged IN wag. 4t "a main
tng the credit OF TIE nation. we not only '.tunlts
honor but diminish he Interest upon lis public debt,
with corresponding decrease OF taxation While con.
tractiOn have seen Is death 10y slow ANA nger
ing process expansion OF depecated paper Is immediate
financial suicide II We cannot resume by contraction,
when deprecated Government currency E less than
sO0O0OeO how can we ever accomplish thc olJeci Mheh
- proposed by SOME shall reNSh tu,,H'A".oN' &C
coinpancd by eyasive and dsgraceful population The
only remedy is immediate resumption, t. DE accomplished
legal tenders and bank currency based upon them
equivalent TO specie ana raise bonds AZ home sra
mediate difference viii be shown hcreattcGl in the
liable credits. OF than sl.0oc00o@0. such an
enormous and immediate increase or oui active wealth.
accompanied by all it, inugorating tueuees uIoneyey
pursuit would the country 10 rsc 40 once
fu i depression. and commence new career ~ pros
perity and pro- ress
With rcgard 20 redemption Ot tho principal Ot "a" pup
Tic debt. Mr.. Walker says:
am opposed 10 any considerable payments a. present.
in eXtngushmeut OF the principal OF our pubic dept
Not because | regard pubic debt ~ blessing. Far
otherwise. But, when the debt IS incurred the great
question IS by what system and 40 what rate 81 pay
lneut will the public interest be best promoted To De
crease the principal Of our public debt by present. amman
payments OF $0OOO0oO 70 siO09OWo IS 20 lheielsf g
that extent the present burden Of taxation when ~
grinding the substance OF our people ana Immensely
retardg the progress OF our wealth Iha ~ y Vastly ~
furious now will DC denied, nor III posteriy HANK "
Tor We have thatat the rate OF progfesso sotu
lSm our wealth in 1901 would be Sie5 oj3io2C Now,
snnos NAT we should az that date. by this oppressive
proTess have eXtnguished our whole national M %
aOO0OOO According 10 every prlnePn oi pollica'
economy. such process, 50 Oppressive 10 our husti
aud rctardiug much the progress Oh Out N'i' H"
have diminished the aggregate, IN 1901 81 least Wpet
cent II would be much greater but at 10 per cent
the ininution i'm 1901 would DO Sl6s563is,2 Now, de
duet from this the whole debt then eNtnguShcd ana me
Ji1rrc would exhibit loss III national wealth In 1901,
cycee,lng Sl4OOO0O0,c0 as the result OF surh
ntrr ssiye Taxation Now, % p3y per cent Interest
Annually and reduce the principal OF such deo - outs
,frr Than 900 in % years, than England
ar any other country has ever been Ae to accomplish
nm ne same time. TO do tins would require an ahutmi
naNu,lt exclusive OF the iuteros OF over slHW"Woa
,...,r PM M nught - cNnlnlnle WIN