The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-08
THE AMERICAN DEBT.
The Republican Reputation Plan as Seen In
England.
[Frona tha I.nndnn Times. 0ct 2a

England.
From the London Times, Oct 2el
The recent discussion in the United States upon
posai made by Leading republican, which had ten.
dency towards reputation, ought not dismissed a.
chance occurrence Of the hour 1t helps US 10 under
stand the thoughts and intentions Of the people with
gard 10 the yment OF their debt and il defines with
precision the particular type politician who ID
ready TO seek for popularity BY recommending
if the national Thus far the only pressing
advocate Of shoety is 10 tc fund IN The radical ranks
member Of The democratic party who was UNDER
stood 10 favor similar idea having long ago pained
that he meant something totally different The people
indebted 10 leader IN the party OF progress" for
the latest blow aimed at their national credit II has
been repeatedly stated ia America and contra
dicted that Mr. Thaddeus stevens iavors somo scheme
by which tho national creditors would be defrauded Mr.
Butter, however is the only champion OF policy
which borders reputation who has hitherto
defended and supported his opinions by letters 70
the public journals and who still processes TO be unable
70 perceive anything unworthy OF the American people
in the plan which he recommends. republican 10
identified With the humiating proposal, but the party,
organizron has from the first discouraged by
every in It's power. The democratic party not
less earnest in insisting upon the obligation which rests
upon the nation OF paying debs in full WHAT then,
the prospects Of reputation? We believe there
ample resources al our command for deciding this
non, and for estimating with some cerIainy the recep-
ton which Mr. Buffers advice Will meet with through
out the United States
In the drst place, 1t is important to remember that
the Union Among the records in the Treasury
Department Washington are materials for forming
own the debt Il is possible that full register is NOT
accessible, but the official documents comprehep-
sve enough 10 enaDo the authorities TO UNDERSTANDS
among what sort Of persons the bonds are distributed
There doub. that since the Inclusion the was
the rac tue national securities has been extending
among persons OF limited means, among the poor but
thrifty Glass; rather than 10 The wealthy portion or the
community Farmers tradesmen have bought bonds
with their savings instead OF laying the money aside In
banks and the result is that the bulk OF the debt
this moment divided among the frugal classes OF the
United States, who hold in small quantities. and
gard secure source Of investment This statement
IS sustained BY tie fact hath total amount of bonds held
Europe represents than sur HUNDRED illon dol-
lars. that tpo thousand millions above ,s sum Is re-
tind in inc United Sdes. and although rich individuals
corporations bed heavily still the tendency has
BEEN and still IS thai which is above Observation-Disclosures.
ly the absorption OF the securities by people OF average
MEANS and consequently Of tho greatest numbers in Inc
10 talk, then, OF Americans repudiatnr their debt n
TO assume that they have made mp their minds 70 rob
by reputation upon bonds held abroad Is traction COM
pared with what they would lose upon bonds which thew
have purchased with their money. II s true shcs
the majority the citizens Of the United States az
not hold portion Of the debt bat large proper.
zion have taken up to render reputation possible TO
say nothing OF higher sderaons the debt the debt
OF the American nation, and repudation would beggar
them, while y would only slightly affect European
creditors. We have . right to assume that people
which has lent itself money will not depy the
debt render IL lawful in any to decline coEtribu
ing towards It's discharge IT. indeed all the debt We're
held IN Europe there would bs a temptation-Iayine
aside for moment considerations OF honor-to refuse
them from the path which radical member Of conyrss
solicits them to take.
The CONVICTION that the Americans will assuredv nav
their debt 10 further fortified by the decisive fact
that even now, when elections OF the highest mo-
rnent are pending and politicians would be wiI-
section of parry, no newspaper no man Of
decent repute IN the country daring TO breathe the
word Repatriation IN the ears Of the people The
democrats earnest and eager their asseyers
tons that the policy OF the party Is and always must DO
70 meet every bond ever issued honestly and fairly No
one affects TO doubt their professions The republicans
win Two or three known exceptions are resolutelv il
favor OF paying the debt Who then repudate III
a totally new party will spring nio existence on the
platform" Of Butler aud his associatesf No one can
say positively that such will never happen buS
We can see for ourselves that all the indications OF pub
lie feeling are strongly opposed to IL, and that the
have yet 70 appear Butler has been unan,mousIy con-
demned In almost every quarter and yet his proposition
went no further in terms than to pay OF certain issue
Of nve-twenty bonds IN paper instead OF gold. He al
eges that The government did not specify the currency
in which the principal should be paid and IS some
question whether be is not techn caly correct BUTT
urged with justice that the people bought these bonds
upon the faith that they would be redeemed In gold,
and has been shown that agents usraliy employed by
the government issued the certificates with that assu
rance Thus We find proof OF disposition universally
prevailing the very opposite from that which like
rhe last strong PROBABILITY which we shall mention
against the adoption Of reputation il the spirit which
testing IN reference 10 the subject They reasonably
proud OF the position which they occupy In the family
would sacrifice il completely and disnonor themselves
~ never great nation was dshonored before " they
lcted upon the counses Of an INSCRIPTIONS deagosus
md GeiTauded the whole Of their crcdtora They can
voc as well as we In Europe that Reputation would b
m eternal disgrace TO them, would ruin their COM
ncrcisi relations with every people, and would
encer their name by-word In the world. TIE
hame and indignation wifh whtch they scout
uggestIous like Buters unanswersble evidence Of
heir anxiety meet all tho claims upon them without
deductions or evasions They have endured enormous
a1ation In order 10 accomplish shs purpose they have
settled plan for the gradual liquidation OF
be debt, and Il Is more than likely thar they would
TO stll heavier taxation rather than have Their
alton al name dragged In the dirt Until then they
how signs Of being influenced BY different spirit they
enllsd TO expect as 10 believe that they will pay
hair debt and paw full and In gold III thsir in
!ons are any time misunderstood they have to
ank their countrymcn for the injury and among
no wrong doors there 10 one man who possesses
usasr influence than the Ex-Governor Of New Orleans