The New York herald., 1870-09-01

OIL 1UIMDUlC i, ICIO. III
That men of keen sensibilities, brave as lions
| upon the battle field, and exhibiting the traits
of physical stamina in almost everything else,
have not the nerve and moral courage to brave
distempered public opinion-an opinion, in
nine times out of ten, fostered and encouraged
by towards, who are such both by nature and
instinct, and who are constitutionally of that
type Of poltroons who would urge others on
to their death, while they take precious care
of their own worthless carcasses When the
time arrives for the community to point the
finger of scorn to those who engage in this
murderous personal warfare, instead of the
Same community making heroes of them, then
we may possibly hear of some reform, and the
code due9o, or, more properly, the code Of mis-
cry, be classed where it belongs-among the
relics of a barbaric age.
The Strong Financial Position of the United
States.
While the governments of the great European
nations can hardly make both ends meet, even
in time of peace, this country has an over
flowing treasury, and is paying the national
debt off at the rate of over hundred millions
of dollars year. The stupendous sum raised
and expended during the four years Of our war
was unparalleled in the history Of the world,
and all without foreign loan or aid from
foreign capitalists. There never was a war
that cost as much within the same time; for
not only were the forces raised enormous, but
the pay and equipment of the men and the
they are In any other country. The cost of
the Prussian and French armies in pay,
clothing, provisions, arms and everything
else for war purposes Is less than
third, probably, of what the same number of
men and amount of materials was here.
Then look at the enormous bounties paid
from five hundred to thousand dollars
man-an amount that would equip and sup
port French or German soldier for several
years. Besides, the general extravaganza and
plunder of the Treasury were frightful, and
would have bankrupted any other nation.
No country in the world could raise such sums
as we did. Yet five years after the war not
only has all the vast floating debt been dis
charged but we have paid off several hundred
millions of the organized debt. AT the pre-
sent rate of liquidation we could extinguish
the whole, which is little more than two
thousand millions, within fifteen years.
1t is not surprising, therefore, that our
credit remains good during the terrible con-
fiict Of arms that ia cOnvuIsinU Eurona At
first, of course, United States securities felt the
shock, as all others did, from that natural
sympathy which the finances of one great
civilized country have with those of other
countries. But afterwards, when people and
capitalists began to reason more clearly the
resources of the United States and the superior
value and security of our bonds, they clung
to them as the best investment they could
have. Hence there have been few of our bonds
sent home from Europe. Nor is is likely there
would be any serious depreciation if even the
war should spread over Europe. Our superior
and well paying securities would be held and be
sought for by the people no matter what strain
there might be upon the governments and
capitalists for money. There is no reason,
indeed, why our bonds should not gradually
rise to their true value under any events that
may occur in Europe. If we have been able
to accomplish so much in raising money for
gigantic war and in rapidly paying off the debt
in the past what can we not do in the near
and the wealth of the country quadrupled?