New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-29
AMERICtS CREDIT And THE LONDON
TidES.

The atten ion of American travellers on the
Continent has been specially attracted during the last
three months t. articles in The london Times in dis
paragement Of American credit These articles have in
dulged in systematic persistent and inordinae detrac
ton OF American Securities the pretense for which has
been the relation OF Fisk and Gould the Erie Railroad,
and the facility with which the New YOrs judges alleged
To be In their interest, have granted nnnctions to EN-
barrass the operations OF stockholders seeking to obtain
the rightul control " the road These matters
certainly, but whether they sufficient 70 impeach
the integrity impair the credit Of nation
may well be questioned. There are some OF
King Of EDgland-and member Of Parliament 70 boot
l09Dfd the WIDOWS anu ana s%I Ih .ne III
little financial eccentrcities laid 10 the charge Of
Sir Morton Pe;O hsailroad connections the shocking
windles OF the Life Assurance Companies Of Great Brit
ain have not entirely escaped our memories-and we
have not forgotten the astonishing revelations in the
case OF the OyerendGurney the technical
difficulties which the English Judiciary interPosed be
and the ends OF justice. II Dr. Thorn had been favored
with fair chance, instead of being systematically
suubbcd and thwarted by the BENCH the result Of that
trial might have been very different.
But joined with the shocking conduct Of Messrs. Fisk
& Co. and their judicial frends-cOnduct that has been
paraeed IN the Pons I Of Tines has APP
to the North Pacific Railroad, and in recent money ar
has denounced the bonds Of certain local corpora
10 Judgment the Supreme OF the United states,
which decides that the bonds must be paid principal and
every dollar Of their face Instead OF citing
tbat The Gdnrt f last which can hiring tbe mIitarS
power Of the United states necessary, Ia the ENFORCE
Of its decisions, would compel these local corpora
tions-which have more soul than Railroad. or Life
Assurance Banking do justice To their
credtOrs-The Times uses 1t as a text from winch 10
preach a financial hOmily To nsular and continental
CAPITALISTS and dssuade them from lending their money 10
these regulating Yankees So the revelations of senator
Thurman affecting the North Pacific securtes-et Us
look at them moment They disclose the fact that the
road which issues Them after having received grant of
land 50 enormous that 1t far exceeds anything before
heard Of was an applicant for stll larger grants and
that further seeking from Congress the power 10
mortgage these grants and every dollar OF Its property
real personal mixed to secure the creditors who
should furnish the money on its bonds Now these dis
closuref the grant Of land had been denied,
the power to mortgage had been refused-mght have
question the additional grant might have been
necessary to furnish an adequate and perfect security TO
it, creditors. IL that Congress, by large
majOes, has passed the very bill that the senator de
nounccd, and that President Grant has signed t-and
that this grdspug railroad corporation has all these add
them A. The basis of the security which OILERS TO the
capitalists Of Europe and the United states.
When these disclosures Of senator Thurman were
made-and even in anticipation OF them-The Times re
ceiyed "adyices from Frankfort" which called upon
the Government at Berlin TO Interfere anu prevent
the Frankfort bankers from lending money To americans
inadequate security The Times was equally prodgal
of it, good the late American waTtO the
advantage OF the German bankers VINO dd hOt follow ~
and the great detrment of all the unfortunate En-
g,hmen who did. While misguided believers In the
weekday bible OF John Bull were investing their spare
thousands in Confederate bonds the German mDeeyers
were absorbing the yeTwenties and TenFores that
Messrs. Jay Cooke a CO. We're delugng the World win
great disgust Of The Times Even 10 this day The
readers OF danger that will follow the probable reso
ration OF Democratic Administration.
of party in the United States that proposes
Repatriation IN any 9hape ana p Hse Road nronosed
offered in the same European markets. Dy the same
Law Cooke Co who negotiated for the United states in
tonal debt of Great Britain 1t Is suhcent 10 say That
they are the amount OF one hundred millions
OF dollars-by first and only mortgage upon 5O,O0OO0
acres Of land and upon the railroad TO be constructed
from NewYork to Pugets Sound, with It's telegraph line,
depots and ali s franchises. One-haf OF these bonds,
paying annua interest OF $40 per cent IN gold at the
offices Of the Company agents ~ the ptncpa Europeah
cities it is proposed 10 negotiate IN Europe-and IL is
mis- which occasions such alarm in The Times, and in
duces 1t 10 take the Frankfort bankers under It's guar
dianship for fear they should lose their money, ana tOI
fear that Messrs. Cooke & Co. may be able to get 1t
without the Intervention OF English brokers anu eapl
taists II Peru spain, or Egypt can oner any better
heart Of free America for loan OF twenty millions of
pounds sterling, then European capitalists VIII TAKE the
But what is the meaning OF all these founded and IL
liberal attacks American credit which our American
friends are called upon read they sip their morning
coffee Yeyey Geneva, or indulge IN their AFTERNOON
cigar at Dresden Vienna The Times follows them
everywhere and If their Fat English friend has taken
bodily possession OF it, II pages ana promised them 70
his insuar neghbor after ne has read them thoroughly
and all, American brethren can read
Trades at second hand IN bigger tyP IN the col
a over the srowines Of John Bull may say him
self-h looks AS II our London friends discoanting
The Inevitable and very remote future. 1t is not long
ago that American could not think Of visiting Europe
without landing at Bristol or Liverpool, ana travelling
through England to for his means Of living with
some ~ the leading mercantile or banking houses Of Lon
don. so 10 Is not many years since the OF New
York and Boston could not import cargo OF oranges from
Sicily Of tea from China without footing the bill IN
Spanish-nilled dollars In draft upon London IL
they shipped OF hemp from ST Petersburg Lon
merchants took their commission for placing the
sellers necessary funds. Every bottle OF winos
that drank the cafes OF Paris and every silk
that the traveller home to his Wifi sister paid
little thing the city the banks OF tho Thames.
II town IN New England wished ~ introduce water or
gas in precincts 10 aid railway that proposed 10
traverse il vicinity, L0mbard-st bound to levy iis
tax the transaction. From thls among other causes
London has become what Venice aud Amsterdam
were and causes now N operation that are To make
London, IN due time, what Venice and Amsterdam now
NewYork IS setting up for herself Citizens Of IT,
United States take he Continental credits Ut home. for
the Empire city she banks OF the Hudson Is r1uch
more remote FROM the money concrs Of Europe, M 1870
than the royal city The banks Of the Thames hall
/ a century age. An AmerC an merchant can nov buy
cargo OF tea Ia Canton without pay INK trhase To the
M hauts 81 little Island the northwestern corner
III Eurnne. Thc ba ukeIa " NeNYoI aud PAladelpILA