Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-04-28
Stability of the National Credit.


| fine has shown that the Frencl
Government made an unfortunat,
mistake when, in 1865, it refused ouI
invitation to invest in u. S. bonds
and choose to subscribe its 500. 900.
900 to The Italian loan in preference
Those bonds cost her seventy, anC
are now in the market at forty Eve
while our bonds, which might have
been bought at forty-fivc have gone
up to seventy-eight, or eighty, with
a prospect of their being eventually
par in gold. The truth is, that
| United States securities have aequir-
ed such popular confidence, both at
home and abroad, that even the most
| alarming symptoms of political tur,
moil fail to shake their stability
Political squabbles, in Congress or
out of it, have lost their great signifi
canoe, and cease materially to effect
the market; for experience has taught
that buster and vaporing are char
aoteristic OF our representative men,
and that fierce conflict OF opinion does
not necessarily contain the seeds of
serious results.
The most serious source Of danger
to the public credit lies in the spirit
of Reputation, which is insidiously
taking hold of the popular mind. and
WI eh willy politicians OF both parties
take pains to foster, in view OF the
approaching Presidential canvass
Il is certain that the element of dis
content is small as yet, and that the
popular sentiment OF the country IS
largely opposed to republication
Thousands Of WELL meaning unro-
fiecting persons favor the pay ment
OF the Five-twenty interest in curren
cy who would scorn the thought Of
reputation. They do not see the
seductive proposition in that light
But bow long will the Industrial and
ma teriaI inter ests OF the country sus
rain lhe agitation Of equivocai schems
for waiting hones> Obligations? How
long will Government bonds main
ain Their lr scnt 3 landing III The
" llds market under the increasing
pressure? The London Times says
that holders of American securities
are already beginning to be alarmed
by the debates about consolidation
of The debt, or the payment Of It in
paper currency. 1t is natural they
should be. Ourown people are scarce>
~ less approhensive. The market
for Governments showed more weak
ness under the announcement OF
Senator Sherman's new Funding
Scheme than it did under the pros
pect Of impeaching the President
There ought. perhaps. to be no seri-
Gus apprehension that any such meas.
ure can be legalized by Congress;
but the excitement which the bare
suggestion creates in commercial cir
cles, and the perceptible growth of
the elements Of discomfort at the
West, make it apparent that the s.a
bility OF the public credit is more like
ly to be shaken by impolitical fnan-
eial measures than by mere political
agitation,
There IS less occasion now than ev-
er before to listen to the special pleas
OF Tue would-be regulators, and less
reason ever for resorting to any such
expedients as Senator Sherman's.-
We need no compromise measures"
with those who are disposed to be
be dishonest A great deal has been
done, since the war closed, to extri-
cate the country from its financial
embarrassment. The February
statement of the Secretary of the
Treasury shows that the aggre gate
net debt Of the United States at that
date was 81 527-315, 1873, Of which 81,
935, 900, 600 has been funded The
March statement shows still further
decrease in the debt of 81, 485, 358.-
The unfounded debt has been reduc,
ed TO about ZIG, 600, 900, the whole
Of which, with the exception of the
greenbacks, fractional currency, and
gold certificates, are SO arranged as
to be readily funded audit is believ.
ed that in scarcely any possible cons
tingency can any part of this inbound
ed debt cause embarrassment to the
Treasury. This encouraging result
has been obtained by arduouS labor
and great ingenuity. In the face of
this remarkable display of recupera-
tive force, and in view OF the present
political aggitation. the moment is
singularly chosen for institnting at
tacks on The public credit. The eff
feet ofthese Western wild cat sche mes
can not be otherwise than extremely
miscellaneous in their mere suggestion
aud discussion, aud if enacted by law,
must result in national bankruptcy.
Hatper'S Weekty.