The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-15
The British Press ON the American Del
and Credit.


The British press appears to be greatly con-
cerned about the financial condition and credit
of this country, and the Associated Press
managers think this 80 important that they
send us kilograms Of what such and such
journal says. We are told that one Of the
journals, specializing upon the views Of politi-
cal parties here with regard to paying the
national debt in paper or specie, argues that
it should be paid in paper the credit of thief
country would be so deeply injured that for
all future loans the United States would be
obliged to pay higher rate Of interest than
six per cent, so that they would lose in the
end and their economical objects be defeated.
This sort Of argument is all very we'll for the
British holders of American securities for If
paid in gold their property would be enhanced
in value from twenty five to thirty per cent;
but it is different with the taxpayers OF this
country. If, in the natural course OF things,
we reach specie payments before any or much
OF the debt be paid, the British as well as our
bondholders at home will in due time be paid
in coin. That will come, no doubt, and then
there will be no question as to how the debt
should be paid. But the people of this coun-
try are opposed to forcing specie payments and
plunging themselves into financial difficulties
or general bankruptcy for the sake OF the
bondholders and to increase their wealth thirty
per cent, while all other property would be
deprecated. What is urged now is that the
government should take advantage Of the
present depreciation and its enormous income to
reduce the debt as much as possible before we
come to gold basis. As to our wanting
| loans from abroad, we should be better without
| them and better off If all our securities were
| held at home and the large drain of specie to
| pay the interest were kept among ourselves.
England did not lend us money during the
! war. The enormous amount needed was all
raised here, and we can always raise as much
as we want without foreign assistance. The
British press need not trouble itself about the
credit of this country, for that will remain
n ,od whether we pay portion of the debt in
g. tenders or wait till specie payments be
iegaAs nd pay all in gold. We got along
restorsu . :. trying circumstances that ever
under me MOI, 4 in without foreign loans,
nations was place. necessary
and can do so again h -
-- -Y.-The repub-
ANorHlw CHANCE FOR Fois>. .hoIa~;.
licans have. secured i'm ennsylvsSs~ e.
lature, whici.is to elect,a United States Sela~>
in the place Of BucIsalew, democrat. FC<ney,
who has for long time bSen looking to the
Senate, will now have smother chance; but
we fear there are, several ether candidates
ahead Of him, and chat the result will be an
other set back to the. obliging Forneys.
HRNDRIeKs.- Hendricks, Of In
diana, as q candidate for the Presidency was
defeated by Seymour in Tammany Hall as a
candidate for Governor he was defeated by
Baker, and as a candidate for reelection to
the Senate he will doubtless be defeated by
somebody else. Let him bring in his bill
against Seymour and Tammany Hail.
THE GAME OF LUFF.-Pierrepont planks
down twenty thousand dollars for the cause
of Grant and Colfax. Helmbold covers II and
goes twenty thousand better for Seymour and
Blair Who comes next?
Brooks ExpLANATIoN-Th these October |
elections have been carried by the money of |
the bloated bondholders. Brooks, we sus- |
pect, In not member in good standing in the |
Manhattan Club.
KNOCKED INTo PI--The famous arithme- |
tician of the Barlow organ Of the bonded de-
mocracy on tho night of the Pennsylvania |
election. He was completely upset.
ALL THREE GONE UNpER--Seymour, Pen
dleton and vallandigham.
MoRRIssEY WTNs-IIis bets on the Pennsyl-
vania election. What does he care for Sey- |
mourn
A Vrcropv ron ANny JouNaoN-Tbc olac-