The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-14

England. Our credit stands less than fifty per
cent. below that Of Great Britain. There is no
cause for this difference. II is not real, but
artificial, and can only be Temporary. 1t arises
in great measure from the persistent efforts
of the British press, capitalists and stock
dealers to depreciate the character, standing,
and credit of the United States.
What are the facts with regard to the credit
of the United States--to the prospect Of paving
the debt and the means of paying itl How
does this country compare with Eogland and
the other countries of Europe in this respect
First we will remark that our debt, enormous
as IL is, was contracted at home; we did not
ask for money abroad; we obtained no loans
from foreign countries. Yet we raised more
money than any nation ever raised in the same
time, and carried on war unexam pied in
magnitude and cost to a successful issue. No
nation iD the world-nO, not even England, with
all her wealth-could have raised such vast
sum within the few years that the war lasted.
The effort would have broken down any other
country. Why were we able to do this 2 Be-
cause we had vast and rich continent, full of
wealth and natural resources, and thirty. five
millions of the most industrious aud enterprs-
ing people in the world. The debt is but a
small mortgage on the vast wealth aud uu-
equalled industry of the nation. We have not,
like England, reached the limit of production,
nor have we any reason to look glnomily on
the future, as Mr.. Gladstone does OF England,
when her coal mines and other resources must
give out. Stupendous as the development of
this country has been in wealth and popula-
ton, it is only the beginning OF mighty fu-
ture. There are not three millions of paupers
to eat up the earnings of industry or who can
not find employment. Every person is pro-
ducer; there is plenty of well. paid EN- ployment,
and room enough for ten times the present
population. There are now probably 40 600 900
of people in the United States, aud within the
next decade there will be over fifty millions.
And il must be remembered that this popula-
tiOn is equal in productive power to double
that of most other countries, on account of its
superior energy, invention and enterprise
1t is hardly necessary to mention here our un-
limited agricultural resources, including
almost everything that is grown elsewhere,
from the hardy cereals of the North to the
semi-tropical productions OF the South, or to
our boundless mineral wealth in iron coal,
copper, the precious metals and every other
kind of mineral. All this is we'll known.
Who will presume to say, then, that we
cannot pay the national debt, aud pay it, too
within the period OF the present generation if
we choose?
But tie foreign cavillers intimate that our
people may repudiate the debt and point to
party platforms and utterances of party poll
tcians as indicating that. Our political parties
and politicians say a great many things for
DuncOmoH, ana aOuSe eaca OLher Tor all sorts
OF bad doiDgs and intentions. In other coun-
tries larties and politicians do the same, if
they do not 60 quite so far as ours, There is
great deal of clap-trap in all this and it is so
unders ood by the people. But with regard to
the platforms of the Democrats and Repubi-
cans, which are much alike as to financial
questions there is nothing squirting even at
Reputation in hem. Both parties intend to
pay the debt honestly, and il either of them
did not it would be condemned by the peo Pile.
They do intend that the bondhoders shall he
taxed as all other property holders aud people
are taxed, aud the majority of both are in
favor of paying the debt according to law, in
legal tenders while they are the lawful money
of the cOdntry and where it is not stated the
bonds must be paid in coin. The majority of
both are for paying as much of the debt as
possible at the earliest period and in the easiest
manner within the meaning of the law. That
is all there is in the platforms, and is that not
just Is that repudiationP Does it not
rather show fixed and an honest purpose to
pay the debt We think our foreign creditors,
from whom we asked no loan and who have
voluntarily purchased our bonds, will soon see
that the credit of the United States stands as
high as that of any other country, and that
our securities will rise accordingly in the
markets of the world.