The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-02-22


4 coin; to provide for the payment OF the na-
tional debt. These are named in the order
| Of their urgency and importance, but it is ex
tremely desirable that some comprehensive
legislation may be adopted that shall accom-
plish them all together.
1t Is to be regretted that the responsibility
OF doing or neslecting acts so imperatively
demanded by our disastrous situation rests
With the present Congress. They could have
| been done better two years ago, when the
people were more patient, more prosperous,
and before there was any considerable in
terest invested ~in bad methods. But the
present is better than any time in the future.
| Every month of the present condition keeps
business depressed, disco,rsges enterprise,
wastes public and private capital, hinders the
national growth, forces trade into foreign
channels, discourages the people burdened
| with taxes and high costs of living, begets
that feeling Of desperation out of which crimes
| grow. dulls the fine sense of public and pri
yate honor, lessons confidence in the form of
! our government and paves the way for anar-
chy and revolution. s..
The thoughtful observer Of the proceedings
OF Congress does not find much to encourage
him to expect that any eficacious scheme of
ieilef can be agreed upon by the members of
| the present national Legislature. Some Of
them seem TO think, that a mere promise TO
pay, with no means of enforcing payment by
| the creditor, and no ability, ,or even dispos-
ton to pay by the debtorgis money, or can be
made money by law, good enough for circu-
| lating medium, and an honest equivalent for
all private debts, and even for the solemn
sealed bonds Of the government he'd by its
creditors at home and abroad. Some depre-
cate payment OF the government notes accord
ing to their tenor, as a calamity ou. of which
public and private disaster are sure to flow
Some wish to cure the depreciation, into
which these notes have fallen on account of
the Inability to pay them, by the issue of more.
Others, it is to be hoped, hold to opposite
theories. Financial and politico-economical
questions are SO fascinating, and can be ar
gued SO plausibly upon opposite sides, that de-
bate. instead of tending to reconcile differ
ences, is more likely to confirm each school
in its theories or vagaries. FIJI
But il il were possible for the differences.
to be reconciled, it is doubtful, if. Congress
will be courageous enough to adopt any,
measures, the Immediate effects of which
will be to depsess trade or lessen present values
While it is obvious that we cam OF return to
honest prices without infiic ting losses upon
those who have purchased at excessive
rates, no party and few men are willing to
bear the reproache3 and accusations OF the
| few, whose losses win measure the gains of
the people at large. 1t is the eve of a pres
idential election, and every measure will be
canvassed first of all in reference to its effect
upon the election ofthe candidates upon one
side or the other. II salutary and neces-
sary relolm cannot command the support
| OF State or section, whose aid is necessary
to carry the election, it will be rejected or
postponed. Most indications are for the
time disagreeable, and with patient sicken-
ing towards death, but yet too irritable and
too unreasonable to submit to "a painful oper-
alton, or take any medicine that is not pala-
table, the chances ofrecoyery seem anything
but hopefil.iofi bszsYo99z taa3nP 3.ul
TO ESTABLISH THE NATIONAL CREDIT.
That the percent. bonds of the United
States viii command but "a per cent in the
| great money markets of the old world, while
| the 3 per cent. consolidated loan OF Great Brit
ain is eagerly sought for at "a per cent. is
most unmistakable index of the low estimate
in which the credit of the United States is
held abroad. These quotations control our
own stock-markets; the price of United
States stocks in New York never being sensi-
bly, differentfrom their price in London with
| gold premiums and exchange added. Indeed
when We consider that the entire loan to the
United States by its own people was furnish
ed in paper money, which passed at an aver
age depreciation of 80 per can't. and thus that
in the generosity of patriotism we were un-
willing to loan our own government our sur
plus wealth, but with the promise, that tor
every dollar paid we should receive in gold
or its equivalent dollar and hall, and half
| yearly interest, which should be per cent
not ofwhat we loaned, but of what we ex-
| pected to receive, it is plain that our nation
al credit has never sunk so low abroad as at
home. Eou
This estimate of the solyency and good
faith of the United States is as unreasonable
as it is humiliating. A United States loan at
per cent ought TO be worth just as much
more than British loan at three per cent.
as the difference in interest would make it,
Whether we consider disposition or ability to
pay, the credit of the United States ought to
stand higher than that of Great Britain. The
national debt of Great Britain is so vast that
it is not expected that within any definite
time it can be paid. Its magnitude and hope
| lessness have been made among those, who
! for generations have borne it's burdens. pop-
ular jest. The United States have in eighty
| years paid TO the last dollar, two national
debts growing out of great wars and before
they had fairly emerged from still greater
war, in the midst of disasters and disrupted
| Union, have made such strides towards the
payment Of thild national debt as to as
tonish the world.
Great Britain, France, Prussia and Russia
all cherish within them the seeds of reyolu-
ton in the spirit of democracy more or less
developed, which Mr.. Carlyle predicts is sure
to assert itself in the attempt to establish pop
| uar in the place of monarchical institutions.
| England advances sensibly and boldly to-
wards republicanism. In France the spirit of
democracy abides the demise of one strong
willed and abe sovereign, while all Europe
waits the signal from these two leading ma
tions to displace every vestige of despotism
and feudasm. The United States have pass
ed through this crisis, and now that they have
successfully solved the great problem of sla-
very and eliminated from their system relic
| of barbaIism, which threatened revolution,
sectional strife and separation, their enemies
have ceased to predict for them anarchy or
military despotisni.
Every government in Europe is liable to be
the victim of the balance Of power system, by
which that Continent has been scourged and
dominated for more than century. The ex-
igencies OF reigning family or priesthood,
an imperial policy OF national aspiration,
may require the absorption OF Spain or the
sequestration of Austria, or the removal of
Turkey, just as they have required the dis
memberment OF Poland, the creation of Italy,
and the blottng out of Naples and Saxony.
The United States, with no rival on the con
tinent which waits for its mastery, disentan-
olod from the fatal wah i'm which 70 ,hla do