New-York tribune., 1867-03-07
JOtal....-...S-i<' "a, ,VVv,'

! Does il become country with such a pros
meet To bolster itself up on printed lies
Now. if we are TO require extra credit IN
Europe, it must be for one (or both OF two
reasons: 1. To redeem (purchasc) portion OF
our present debt held there; or .. To pay for
goods henceforh purchased in excess OF our
exports. But we believe that no dime would
he required on the former. account, aud little
OF none on the latter.
Our existing debt 10 Europe amounts 10
about One Billion of Dollars. whereof somo
Six Hundred Millions is in the fom OF Gov.
ornrnont Bonds tho residue consists of tho
stocks and bonds of States, Railroads, &C.,
with some balances due 10 banlcr, and man
ufacturcrs on mercantile accounts. The Six
Hundred Millions of L. s. bonds have been
bought at prices running up from 80 10 80 per
cent Of their face. These can be sent hero
and sold now-gcncmlly, at t. profit. md so
they can be after our resumption. But they
will be far less likely to be- sent then than
now; because the naked fact OF our reauHIp-
ton will cyincc! strength aud courage on Our
part that will inevitably cxalt our credit and
increase the market value OF our promises TO
pay. The banker or retired capitalist who
bought our Fiyc-Twcntics az % or 90 per cent,
and has seen them advance pretty steadily to
IS or 50, is not likely to sell them because we
have resumed Specie Payment, or because
| their price has risen i'll consequence 70 80 OF
80. On the contrary, he will be apt TO say
Il" am getting my six per cent. regularly IN
" gold and my investment would sell to-day
for 80 per cent. more than it cost me, 10 more
than it was worth a year ago: ! guess I'll
hold on to it for these Yankees seem to be
getting on pretty well considering And he
tcould hold on, and probably buy little moie
with his. accrung interest.
Our State and Railroad stocks and bonds
held abroad would all be increased in value by
resumption, because the interest or dividends
thereon, now paid in grecnbacks, would
! thenceforth he paid In coin or its equivalent :
! hence the holders seeing their Investment rise
in value, would naturally cherish and increase
| it..
As to our mercantile balances, they are gener.
ally payable in gold now, and would DO so
payable after resumption. But creditors are
not apt to press debtors harder because they
arc becoming more solvent chan they were.
| Now as to Imports and Exports:
| Does any man really believe that Resumption
| would increase tho former or diminish the lat
| teri Certainly not All who know enough to cross
Broadway in tolerable safety must realize that
the expansion Of our Currency has so inflated
! the prices of products that this country has be-
come an excellent market to sell in and q bad
one to buy in-that, after reducing everything
to gold, prices are higher here in the average
than almost anywhere clse-that Labor Food,
Clothing Lodging &cp are relatively dear
among us--we say because of our expanded
| Currency; you may attribute 1t to whatever
cause you will. Shrewd, sharp dealers bring
merchandise here to sell in large amounts, but
~buy sparingly Of our products in return, unless
it be the products of our gold mines and Of
Mr. McCullQchs wholesale manufact0ry m
promises that are not lies-of promises to pay
principal and interest in coin. These, they can
buy in any quantity at 20 to 2J per cent dis
count; and thus our foreign debt is being
steadily increased But let us resume, and inn
ported goods would be less salablo and their
importation less profitable than now, because
fewer would be able to buy them, while do
mestic produce would also fall, because fewer
would be able to hold it, The operator in
stocks or produce who now makes $4,000 by
bold spec, doesn't grudge his wife Il 81 900
Cashmere shawl or brOcadc dress; but, when
he comes to sell at a loss, sho will be under
! tic disagrceable necessity of Tetrimming her
| old dresses and wearing her old shawls. and