Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1870-09-21

The following article is from a recent
number of the London Investment Cir
euIar, on the subject of /" American Sc
eurities="
We have for some time past directed
considerable attention to American secu-
rites and investments, a class which is
at present by many persons undeserv-
ingly neglected, and, consequent on
the wholesale and indiscriminate on
slaughts ~spasmodically administered by
the Times, overlooked by those who
desire r~emunerative, and at the same
time safe, channels of investment. I'm
pressed as we are from close attention
and from sources Of independent and
reliable information, with the value of
many Of these securities, which are
either unknown in this country or over
looked generally, we shall from time TO
time perform a duty which is incumbent
upon us by setting out the grounds on
which a higher degree Of confidence
might very reasonably be repOSed ]
them. That a particular railway, in a
particular State, has been plundered
with the cOnniYance Of corrupt Judges
in New York land not elsewhere)i is
unfortunately true and generally admit
ted. The contrast, however, between
such Judges and those throughout the
United States is shown in the fact that no
such complaint has been made against
the Judges of any other State Of the
Union. In government, State and cor
porate bonds, first mortgage bonds Of
railways and In other directions, OppOr-
tunities of investment of great excel
lence are to be found. Indeed, there are
not wanting those who consider United
States five-twenty bonds equal in secu-
rity to ConsOls. In the rapid increase Of
their population and wealth the United
States have a great advantage over any
other nation. The increase in their
numbers, during the last decade, was at
the rate Of three and one-half per cent
annually. The rate Of increase Of the
United Kingdom does not exceed one
per cent. annually. In France it is still
less. The same may be said Of most
European countries. The burden Of
taxation in them, consequently, is not
lessened each year, but increases in
Intensity from the political eomplica-
tons in which they are constantly in
volYed, There iE no probability or ex-
pectatiou Of the payment OF our public
debt; on the other hand, the public debt
Of the United States Is regarded in the
light Of a commercial obligation, for the
constant reduction and ultimate pay
ment Of which adequate provisions are
TO be made and maintained. The same
parties that contracted the debt bear the
burden Of II, II IS fslt that there is no
more reason in perpetuating The bur
den OF public than Of private debt No
sooner were publiG debts contracted,
either by the nation or by the States,
than provisions were Immediately made
for their redemption. The debts Of the
former, contracted in support Of the war
Of Independence, as well as that of 1872,
though more buFdslsome, considering
the means of the people, than the pres
ent one, were, in time, fully paid. The
State debts have, as q rule, been con-
stantly reduced, and many of them
wholly paid of. The traditional policy
of the people, which springs mainly
from their form of government when
united with ample means, which are
increasing with marvellous rapidity, is a
sure guarantees no only that the inter-
est, but that the principal will, e an
early day, Notwithstanding its magni=
tude, be fully paid.