The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-08-03
Rirllmoud nispatfh.
Observation-Disclosures
r,o p,,,,;c Debt-Mr. Boutwell,, :,

;,,+no shows that during Inv .n5uccd
nr Inlv the public debt was dollars
~. ,,,nro than eight millions 0. !, this
Tn.rn are people who consi', ,,o nrc.
lherc al. p .ur5 TO tax inc pre-.
,. r,o,ora,;ou in order TO pay tht
zen. Se'i' .S "' as we'll be turned over 10 VI.
"''s'' AH We do not give dehei"
nnr MIR. Boutwell, any creot LOT re-
'"H>1 .a.n,;op. for nothing can be more
1,ocicol nothing more clearly honsei'se
,han the pretense that the taxes have peer
rc5uccd by so many millions so long As i
is z fact that the total amount OF the aahua
revenue of the Government is constantly
increasing. The amount OF the taA ).
moved from certain articles has cfloe''t'
somehow or other been collected nPo" VI
from others. In fact, VIC DO not give Va,
credit for anything; for he Is c'loeh'Is
fifth wheel to the Government COACH o'
we do applaud Mr.. boutwell, Tor inc IT,
rarkable success with which he mas 'o
ministered the affairs Of the IreaSuf! ~
,artmcnt. 1t is true he has talleo 10 Pi"'e
the new loan but that failure was an'''''
mated hv most of the tinanccrs OF The cou:i'
more ago that failure must attehu such "u
effort, and in consequence we were 'isi'c'
hy 4 holder of bonds who explained 10 Us
why the new per cent. loan might he taken
ND even while per cent. bonds were OILY
-, mr. We have no doubt that even IN the
matter Of the five per cent. loan Dir. BOUT
,rr,, was deceived rather by the represen-
,ytious Of other people than by the deduc-
,,crS of his own mind. When we remem-
lar however, that the war between France
and Germany was Il contingency which no
man could forcSec, and one, therefore,
.,c,inst which no man could provide, we
how, reason to doubt ut least whether the
loan might not have been successfully
,,laeed if that war had not happened to oc-
rur lust when il did. 1t is indeed fact
upnn which our people may well ielicitatc
themselves, and one for which Mr.. BOUT
WELL uuuue>tionably deserves some OF the
credit. that that war did not to 4 much
orrater extent than it did derangc the
finances OF this country, nor produce
lanic Of any sort. Does anybody suppose
That cur bonds and our greeGbacks would
10 hold their value so well as they dlu IL
The policy of the Treasury Department had
in any great degree differed from that
which has characterized the entire admin
i>'ration Of Mr.. boutwell,? We have, II
i trnc, been taxed within the last twelve
months to pay off a hundred millions Of
The public debt but we have lost nothing
hy il. On the contrary, the business
men of this country have probably
saved five hundred millions OF dollars
~ Il direct consequence Of the confidence III
our national securities that was impaired TO
the capitalists of the world by the fact that
every month the public debt was reduced
~ millions OF dollars. and OF the resulting
fact that III spite Of war in Europe, and the
absorption OF capital by foreign loans. our
creenbacks throughout the year stood but
little below par. 1t is not true that the
length of time which 4 loan has to run will
of itself cause the bonds to sell high. or 10
he in demand. Ii the United States were
- i.>tlc bonds payable hundred wears
hence they would not sell rs high i'll the
European markets rs Il British bond pay
abe in ten years. A new country, as ours
i>-.or rather one rs TO the peipctuity al
whose institutions and the good faith off
whose people all foreigners are still dis
posed to entertain many doubts-cannot
successfully compete in the markets of Eu
rope with those nations which under al
sorts Of Governments, and notwithStanG
Inc the most remarkable yicissitudes of for
tune. have never once manifested L dispo-
S;lon to rcpudiatc their national debts. An
cid, we'll known millionaire may perhaps
succeed best in borrowing money if he
allows his bonds to run for long periods; but !
= yolln" man, who has his credit to e>tab- /
fish, Will do best by paying punclually. anu !
Issuing no notes that have long tjr'
run. lie to
Hut rs practice is bett"
l. our condition H. II than theory, SO
good 10 be = .,aer Mr.. boutwell, TO"
We surrendered for an uncertainty.
,ov what our present condition Is
". know not what it would DE uiiuei I"
different policy on the part OF MI. DoOI'
n.,,1 50 remarkable, indeed, has been
the constant exemption OF tins country.
r.om nanics since the banks ceased 10 re-
,Icem their notes in specie that some clear
h.,a.a men seriously question the truth ol
the almost univcrsaly-recelvcdt theory Iua'
the country will he bettered by return 70
sptcic payments. II such theory, 50
generally accepted as true, ana one Whlch
no one would have dared to question in the
3ays when we had national financial pancs.
cannot stand before the facts OF the case.
>yc may well hesitate before exchanging
Mr.. BourwELL's present successful practice
for anv theories, however plausible, which
would-be statesmen and tinanciers ma!
bring TO our attention.
P.S Since the foregoing was written w
have received the following:
PROSPECTS OF TIE NEW LoAN.-The Lon
don Economist, OF July 10th, says: :" An
other feature which may find place in TIL
Introductory notice, is the real lnqulr.
which is beginning to be made for the new
funding loan of the United States. Witt
French 5 per cent. securities rising rapid!
TO par, and elut Of money in all the flnan
ciai capitals OF Europe, it is likely enough
that The ) per cent. loan OF the Unlte'
States may, after all, have u complete sue
cess. though the financial policy OF tn
Government ls far from skliltul.|
C1r1Es.-The interesting table which "
publish this morning shows that there NJ
N Virginia four Of the l34 cities in tt
United States which have population
over ten thousand each. Richmond IS I'll
twenty-tourth In population. eve hay
other "cities" in Virginia, but they d
81, ,c& l rafla n