, 1869-12-04
TIE -Four PER CENT" QuEsr1oN,

1HH SQth FEu GkN y AGLSAAQN%
The New York No1zI, Will, endorsing
cur viess relative to the "four per cent
aelus,ou," deems it necessary to ada, as It
il we're qualities ion OF these views, that
willie We cannot nor, in the presan. state
oi the credit Of the government, borrow
money at less than about ssven per cent,
We oaght, by pursuing q wise policy, to be
constantly drawing nearer the tine When
We can- We fully concur in this
view, and our former article ind,-
Gated the same view, as appears to
US, in it's closing statement, that as fast rs
our present bonds psss above par in gold,
provision shou1d lie made for funding them
at a lower rate OF interest, The delosion"
wc nssailed was the ever-recurring rumor
that uow, while the bonds oro at their pres
ent discount and while our actual rate Of
interest is seven per cent, the government
is besieeed by parties anxious to lend The
government all it wants at four per cont,
and that it is about to yieldto this generous
pzxssu1e. The fact that capitalists will
lend to Great Britain at n per cent fur
nishes ground for belief that our credit
tnay he SO enhanced that at some approach
i1g period that they will lend to rs ut i or
l, or even 81
But tbers are many circumstances which
create difference in favor of the English
consol as compared with our bonds. The
Encliah cousols have bean put on the
market slowly, ct intervals extending orcr
o long period, and nevet being g.ut On
the market, hare Fever sunk below their in
t1insic Ealne. Ours the revcrse,-our whale
debt having been created in four yeats, and
our bott;s Rlutting the market all the time.
The cousols have never been threatened
with zcpudiation. Nobody, during the past
forty years, has talked Of 'tpaying" them
with i1reaeemable PAPER. Our bonds, en-
tho other LaEa, suddenly Issued, in stu
pendoua amount, and one-half Of them
hIld abroad, have been threatened at home
bx repudiation and undsr-payment in vari.
Gus forms; tho very people to snbaue
whom they were issued are resuming thei,
13lace in our national councils and will soo1
have votes in Congress on all question:
affecting their value. Prominent Demo
cratic newspapers haye advocated in expres
terms total Reputation Other Dem
oc.atic journnls, like the Chicago T;nts, ad
socate the so-eailed payment Of the nations
bonds in deprecated paper currency.
is reasonable to believe that these advocate
OF total md partial Reputation have adde
from one 10 three per cent to the rates {
interest the government must now pa
COMPARED With the rate we would bay
been paying bsd they Kept silent. Tt
main question at issue in the last presideu
tial campaign wns between the nation
honor Oh the one hand and Reputation G
the other, although On this po,ns Gevernt
Seymour and the New York World were
conflict with the average drift and cu.1e1
Of their party.
Moreover, England has larger accum
lated capital thau we, and rates of lnte1e
there, on nl loans, are lower thnn hei
The1e the competition is between t
tonders. Hero it is between the bot1n
a1s. Again, upon the consol, the gove1
ment has received no privilege Of paJme
If it should want TO retire its debt.
would 20 lnio the market, a
buy it at the market phi
though il might ba above p
II the holder wants to collect bis princi
he goes into the market and sells it
sddition 10 security the lender has all
parmanency he chooses. The goSernn'
not having embarrassed the oonsol Is
nny option or privilege whhteyes, has !
posed no bar to its selling at the high
figure, and hence, the bond being IN
terms the most favorable possible for
lender, it oonmands the lowest 1nte of
tersst- Our bonds. on tho contrary,
encountered with OPTIONS. which enahlo
government to call them in IN
or ten years, and for these
pays in the form Of increased inta1
The length Of time that bond has to
jsAvezy Important element in isterni1
itH value.
The World will seey therefore, That "
for the mourning Gf the debt, i,Bsuddenn
md its yaxtuess, We arc indebted to De
cratic rebellion in the South, for
causes which ha7e led to our present
rates Of interest VIC ere equally indal
mainly to certain " ideas which have
stituted the principal stock in trade Of
Democratic party, since the questio
slavery was disposed Of.
We earnestly look and labor, however
Tie time when these dangerous tenets
no longer bs held By any portion OF
Democratic party. We are bound K
That on ali questions directly affecting
national credit tho influence of the
York World has uniformly been sonni
patriotic II the other journals o
party will borrow lis Judgment, vc
doubtless before great while ba al
borrow money as cheaply as any natl
tie Eurld.