Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-08-26
Prom the Cincinnati Gazette.
Our CredIt-The Situation.

! - w. AAaS Ndo L4e IOllOW
/. ing the surrender Of Lee, at Apponat
3 tox, and the assassination of Lincoln
! Since May, 1865, tbe government Of ihi
5 United States has reduced, the deb
. over two hundred millions, has neTe
I failed to pay the interest promptly
j has reduced the ordinary expenses 4
{ a peace standard has largely reduced
D the taxes, and still maintained the in
come at point that Will prevent any
: addition to the debt has lost over two
hundred millions through the corrup
: ton Of officials oF the y hisky ring
has finally, by wise legislat,gn, conquer
ed this gigantic combination OF thieves
has, in fine, done everything and dem.
onstrsted the possession of resources
calculated to inspire condolences in itz
solEency, its ability and its willingness
to meet its obligations. A merchant
correspondent glY situated, and exhibit
ing correspond resources, would be
10 hrst rate credit and would be able to
borrow money st the lowest market
rate. Yet SOS in London, to-day,
are selling at 7ls-Ik more than iu
May, 1866, and 4per cent less than at
a later period. -...-s. ... ..4- ..--
| Why is thisP Money in the London
market is a drug. Rates of interest
ara as low, on call loans, as 2 per cent
per annum three per cent consoIs are
selling at "a, and the bonds of rotten
and bankrupt European governments
are taken at full rates, while United
States securities, bearing six per cent
interest in gold, are quivering in the
scale Of uncertzinty Ist7lk; while gold
which sold at l30 in New York In the
summer of 1865 is now 147. Why is
this ne repeat.
The answer is simple. The rebel
party IN this country, having failed TO
destroy the government by the sword,
IS now seekieg 10 destroy its credit, and
20 large extent it has been successful.
The credit OF nations, like the credit
OF individuals. is delicate, and is liable
to be weakened by even the breath Of
suspicion. 1t is not surprising, there.
fore, that our crsdit has suffered abroad.
A combined movement has been made
against it. The cry of repudiation has
been raised. Dishonorable propositions
have been widely and boldly circulated.
Demagogues have sppeale, for political
effect, to the lowest passsins of men.
Schemes have been suggested, which, if
adopted, would PROSTATE the credit of
the country /; would cripple Commerce;
would bankrupt merchants and manu-
taeturers; and would cause q cry of dis
tress In every household.
The loyal people of the north, when
called to arms in defense Of the nation.
responded promptly, and fought hero
leally until the last rebel laid down his
arms; but they have not met with equal
patriotism In this second attack upon
the country. They have not iTsrded
OF, as they should have done. the blow
that Is aimed by rebel combinations at
the credit of the credit of the lGovern,
ment- This we attribute to the fact
that the poison is sugar r-coated-pur-
posely so. A Taxed proposition to re-
pudiate the debt would not for a mo- |
ment be entertained by the masses of
the American people, Hence the Dem.
ocratle party does not dare to make
such proposition openly. They broaeh
the subject under cover. and with NAL
Ice IN their hearts, they ask power in
order that they may strike down the
credit OF the government, and thus dis
grace the flag which was carried so Clio.
riously y through FIRE and food.
The cover Is the'greenback question
Now We need not discuss the moral or
legal point involved in this controyer.
sy. Whether the Government has or
mas not the right to pay the fiYe-twen-
ues IN greenbacks Is Of no practical
because it has not the
ability to pay the debt in greenbscks
without issuing the latter specially for
hat purpose. The disastrous effect Of {
'uch policy as this is SO apparent that
40 person dares to favor it. 1t can't ]
% found In the Democratic platform {
{ can't be found in the Republican {
1latform. No man of any character. l
'ither Democratic or Republican, ad-
'oeates II. Some men say they favor '
aging the debt in greenbacks, but do '
lot favor an imitation of the currency. {
mere being no greenbacks to pay the L
Ieot, and no party faVoring an issue of L
,aper money for that purpoee, what's E
he use of talking about it? Theefect v
to damage the credit of the nation. p
MS, too, Is the intention of the COP J
AS-A 61A ACDG4 DUzlLlCldQB. .
Now let Is see what this is costing 6
be people. But for the blow which Il
IT enemies haYe successfully struck C
the credit of the nation, our $50 q
onds would to-day be over par in Lon
on, and the capitalists of Europe 4
ould gladly receive 1 per cent bonds
par. Now, if We could substitute
|, l,eOO,OOO.OOO of 4 per cent bonds for
lat amount of skies, the saving 4 in
rest would be $4,000, 900 per wear. Ii
MS amount, therefore, is being paid t.
lnuslly to the "bloatsd bondhoIders, y 3
consequences of rebel assaults upon pl
II credit. 81
Besides, gold, which is now at a pre- A
ium of AZ, would, if our credit had sc
ot been assailed, be at 8 premium of dr
per cent. In May, 1865, when we of
I'd paper currency of nine hundred qI
lllion dollars, il was below l3O 10
ow, with paper volume of less tn an 81
ven hundred millions, it is I47. The FL
ference between ITO aud l47 is the te
easure of the depreciation of our E
edit. The people Of this country al
erefore, are taxed 81 per cent on ey- Dc
y imported article, because of the as 81
ults that have been made upon our th
edit. This tax directly, and Indirect wi
, Is not less than two hundred million th
r annum, and added to thirty-six of
illions lost in interest, the gold tax, or 81
ore properly speaking, the currency 20
preclatlon, Is costing the people of CO
Q United States double the interest to
the National Debt, and more than
e entire amount paid in taxes for the
ppoIt Of the National Government. =,
d for the payment of the interest on ", "
E public debt. - IN
Who bears this tremendous burden 20
ieHy the working people Of the I5i d
lntry, IN whose behalf political d
semi-repudiationists, and M
,els, profess to speak. re---.-a nc
The tea and coffee the poor man ere
nks, the clothes he wears, the tobac- an
be smokes, the coal he burns, the us us
use he lives in, are all taxed 81 per sns
It, because of the high premium on 80
d, which is the result OF sn inflated N% I1r
reucy, and the damaging effect of ~ a.
assaults upon the credit of the ns- -.
4. If the currency should be further T, 1eT,
ated, this tax would be increased al
, hundred per cent, and its crush "a:
weight would fall chiefly upon the sS,. 81.
sses of the people. sup
'hese facts we commend to the at. Ple'
ton Of those who profess to speak y,
he interests Of the people. y
- me
man recently sscended the col her