Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1869-05-26
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sagacitv was Of opinion that The
prodivous expenditures Of that period
Of waste and destruction, would bc
followed by widespread financial die.
aster and distress Mr.. Bright IN his
speeches abroad, Mr.. Chase 10 his re-
ports NJ home--pcrsons as little dis.
posed 10 he croakcrs or alarmirts rs
ANYBODY in Europe OF America--
expressed .his opinion with great
positivcncss aud emphasis. We have
gone on four years since the close Of
the war. aud apparently their gloomy
predictions have been believed by the
event. The cost of living has indeed
been high; but there has been no
great revulsion in trade, no great stop.
page OF industry, no panic. We have
kept the wheels of business moving
with moro or less efficiency and
cess, until the country has concluded
that, although we have danced. it is,
after al, no very serious matter 10 pay
the fiddler. But abundant sigls begin
to thicken upon us that the predicted
evil day has not been averted, but
only postponed. At last, We are ap.
parenily on the eve OF paying the
heavy penalties of n gigantic war
By what means have the conse,
quences of our prodigal expenditures
been so long postponedY The answer
is not difficult; the evil day has been
put off by the ordinary resource Of
prodigals--borrowing. The process Of
borrowing has been disguised undcI
the delusive fallacy that IN exporting
bonds TO Europe TO meet our current
debts, we have been exporting rea
vulues--exporting property But il
is too obvious for argument that W.
have been merely exchanging one
form of Indebtedness for another
The bonds have got 10 be paid, jusl
as much as the heavy debts for i'm
ported goods would have to be paid /
the bonds had not been sent out Of ia.
country 10 adjust the balances. tn,
only difference is, that, by means o
the bonds, the time Of payment il
postponed Besides paying for oul
future importations, we have got 4
pay TO foreigners the semi-annual in
lerest on the exported bonds, and
sooner or later the principal s.
long as the prodigious glut of the bou'
market lasted, we seemed to 20 OF
: swimmingly. Bonds have been ex
ported 10 meet the balances OF ou
= foreign trade bonds have been ex
ported TO pay the interest on the bond
already 10 the hands Of foreigners
We have thus been accommodating deb
upon debt; paying old debts by tn
{ easy method Of ineurring new onei
+, IL ought to have been evident through
out this pleasant process, that il coul
, not last AS we had ceased to mang
I facture bonds. as the supply. enormou
5 as it was, was limited, this mode {
dodging present payment and Wlin
up future liabilities 10 Foreigners wa
5 destined to end. While it has laste'
n we have been borrowing OF Europe 3
a high rate of interest plus eXorbitan
;, ruinous "shdUeS." We must pay n,
q only the regular six per cent, br
p must pay full hundred dollars {,
{. every hundred dollar bond which "
n have sold TO foreigners for seventy {
eighty dollars And the current il
. terest is at u much higher rate tha
the nominal six per cent. When "
4 receive only sixty.six dollars for
Is hundred dollar six per cent bond, Il
, rate of interest which we really pa
is not six per cent. but nine, besid
q. the bonus OF thirty four dollars ut II
final settlement For the last f0l
10 years, we have been incnrring hcaS
lt debts 10 Europe on these ruinol
I. terms continuing TO export bonds
IN meet our current debts and to pay Il
IA accruiug interest on the heavy amour
Of bonds already exported.
u We are nearly at the end Of Of
c. tether in this career OF debt and G
l. trayagance. Now, when the supply
of bonds available Tor expectation is 70
:, tingexhauslcd, Mr.. Boutwell, comes ]
:e TO the market as a purchaser OF bond
II at the rate Of filly-two millions n yea
n He thus arrests the obbing export
III tion, sends up the price of gold, al
Il spreads anxiety and alarm throu,
!. business circles by raising the inquil
!, how. we are hereafter TO meet Il
VI claims ofour foreign creditors. Wb,
CO the expectation of bonds stops, VIII
are we to send abroad The sen
annual interest can then be no long
Of paid by the expectation Of other bono
st Then will come the gloomy dawnil
NJ of pay day. The interest on the G
ported bonds will have to be paid
y something. When the bonds, havil
n. risen TO par, are returned upon. o
ed market and sold, we must send ba
g. their value 10 something. What W
"a that something be Gold, while o
smal ! stock OF gold lasts but I'll
&c will soon be exhausted
of What then What then?
&C. We submit the question to thougl
4 ful men who have sufficient disceI
= ment Of the signs in the sky
= forecast the coming storm.
ili We submit it 10 the crazy tan
On men and infntionists who have r.
ce dered it impossible that we shor
"a manufacture anything to export.
submit it TO the revcngcinl Radi,
p" destructives who have Kept the Son
re disorganized these four years, a
an prevented the flow OF capital into III
section to revive the cultivation Of
great staples, which are our ch
Of articles OF export With regard
el this process Of paying foreign debts
/ the expectation OF bonds, we are ma
"' testify near "the beginning of the en-,
NJ What then! What then Y-N
a IVorid
III -