New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-09
THURSDAY, MARCH 9, 1871

We leave out OF view tho poverty stricken
and bankrupt Powers like Spain, and Turkey,
and even Italy, whose bonds are so low that
The interest is good one when it is paid.
But there il such irregnlarity about the times
and seasons Of reimbursement, and such doubts
about the day of final reckoning, that specula-
tors buy their bonds rs they would lottery
tickets, taking the possible profits as an offset
TO the uncertainty. But even among nations
Of the first class is there one that offers such
guarantees of sure and punctual payment of
its liabilities as oursP
France, with scarcely 1.-THE of our re-
sources, has a vastly greater debt. If her
Government was firmly established, beyond
the contingency of revolution, and in the en-
ioyment of peace at home and abroad, the bur
den would be almost too grievous to be borne.
But with the darkest possibilities looming up
in the near future; with the hydra head of
faction rearing itself defantly in her politics
before the common enemy has recrossed her
borders; with her internal discussions 80 ill
defined and capricous that no man can say
whether, six months hence, she is to be Re-
public or an Empire, nor can predict who is
to govern her in either case-what well
of the world repose in her enormous loans
The case is little better in the country of the
conquerOr. Prussia has always been poor.
Taxation is dangerous and difficult thing
among that sparing and frugal folk. They
have incurred vast expenses in their two
great wars, and although they have been canny
enough to make the vanquished pay great
portion of the damage, the remainder charges
heavily enough their lean exchequer. The CO.
hesion of national defense and the glory of
victory have made, so far, the task of Bis
marck an easy one. But the time is soon
coming when the singing of He'll Dir is to
give way to the voice of criticism, and the
hands that are now strewing laurels will be
busy in overhauling the budget. The necessi-
ties of the great military Empire will be greatly
in excess of the. modest wants of the former
Prussan Kingdom. The numbing magic of
success has thus far silenced the voice of pro-
test in the representative assemblies, but 1t
will wake again as soon as the banners are
furlcd, and the soldier clothes are doffed and
the Landwehrman puts on the wOrk-day garD
of the citizen. The Government must then
give reason why, for all its silber-groschen.
These will be tho inconvenience of normal
and quiet times and no one can say they are
TO end there. 1t requires more than human
sagacity to forecast the probabilities OF the
issue of that conflict which is before long to
begin between the imperious feudal spirit OF
the Junker party, which has gained new life
and force by the war, and the genius OF the
growing Democracy of Germany, which had
made such splendid progress there before the
struggles of 1866 and 1870 threw it into tenn
porary eclipse. The struggle is surely to be
renewed, and our hope and trust is that it
will end in the peaceful and permanent tri-
umph of the people, and the utter abolition
Of all relics of the feudalsm of darker ages.
But it is impossible to say through what con-
vulsiOns or what tranquil evolutions of
progress the German masses are to come to
their rights. The questions which breed
crises are before the German Empire, not be-
hind it. 1t is not yet in condition to raise
money from cautious lenders at low rates.
If we turn to England, which has hitherto
served as an image and metaphor of immuta-
bility to all the nations of the Continent, we
find no better or more certain prospects. Ire
land sullenly refuses to be pacifed. The fes
tering quarrel with the United States may pos
sibly not be so near adjustment as many fondly
nails cetainly afford little ground for the hope
that she is ready to do full justice to our claims
She has lost her commanding influence on the
Continent without losing her responsibility.
She is unable to interfere with success or to
abstain with decOrum. Her Government wisely
declines to sacrifice England in defense of the
dissOute Turk, and the opposition makes this
prudence the ground of savage attack. In
some sudden access of popular passion Min
stry may be thrown into place pledged to war
And if war were begun by England to-day,
where would her paper stop in its tumbling7
In the whole world to-day there is not
Power so able and willing as the United
States to pay all its just liabilities. There are
no bonds so absolutely certain to be honestly
and punctually redeemed as ours. Until they
sell at a higher rate than any other national
securities whatsoever, they are cheaper than
they should be, and it is bargain to buy them.
Mr.. FIELD AND TIE TRIBUNE.
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