American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-11-09
Mr.. Clews' Financial Circular.

A number of the most prominent bust
ness men OF this city have signed sort OF
circular letter, at the instigation doubtless
of the treasurer of the Radical committee,
Mr.. Clews. whom Mr.. Boutwell, has Sc
lected and these gentlemen appear to ac-
cept rs the financial leader of Wall street
Radicalism. This letter appears iii yes
terday's Times: and Is strongly IN ia.pr
OF the reelection of Mr.. Grant. In the
words of the document the signers desire
to express the confident belief that the
general welfare of the country. the inter-
ests of its commerce and trade. and the
consequent stability OF its public seclirl-
ties would be best promoted by the re
election of General Grant to the office of
President of the United States" Were it
not for the eminent responsibility OF the
gentlemen subscribing this declaration
we should be tempted to say that our first
impression in the premises is that this is
the first Grant testimonial which we have
seen signed by our business magnates
since the somewhat famous subscription
list of few years back to present MIR.
Grant with houses and checks. AS it IL
we must cOnfine ourselves to an express
sion of regret that so many of our best
known merchants and financiers should
make known to the world under their
own hands their belief that the preserva-
ton of the credit of the United States on
| its present basis is bound up i'm the life OF
a single pe-sOn. These gentlemen impli-
| edly declare that if MIR. Grant were to be
| defeated next month for the Presidency the
| stability of United States securities would
be endangered. Suppose that instead OF
| being defeated he were to be successful
and vet die before the commencement
| OF his second term? Would not the same
| financial disorder take place? And again,
| if Mr.. Grant were to go on safely to his
second term. and in the first or second or
third year thereof depart this life. would
| not there he once more the same confusion,
depreciation, and panic? The presence of
Mr.. Grant i'm the Presidential chair is, ac-
cording to the signers of this circular, the
| best guarantee we can have of stability in
| the securities of the United States, and
We insist that this is equivalent to an as
sertion that the Federal credit is based
upon Mr.. Grants life. Are these gentle
men like Wendell Phillips. in favor of
| Grants Presidency for life? Clews no
| doubt is, for he is tardily naturaliZed
| foreigner, with small faith in American
institutions. Do his associates share his
traditional prejudices and fears?
| But it may be said this is not what is
meant. All that is intended is that as
MIR. Grant is the representative of pafV
which these gentlemen suppose or believe
has improved the Federal credit his re.
election would mean fresh lease OF pow
er to that party. Let US admit this to be
means that the party opposed to MIR.
Grants party would. ifin power, not only
not improve the public credit, but even
endanger the stability of all Federal secu-
rites. This is a serious charge to make
against political organization which in
1865, when the people of four States,
Virginia, Florida, Mississippi and Texas,
were not allowed to vote at all, and when
the people ofthree other States, West Vir-
ginia, Tennessee, and Missouri, were only
in part allowed to vote, polled within
SOC, 600 votes of Mr.. Grants party in to-
tai vote of 5,700, 600. 1t amounts to say
ing that very near one-half the American
DeOple-or probably over one-half, since
the Democratic party is now in the ma
jority in five out of the seven States above
| mentiOned-are opposed to a mainten-
ance of the public credit at its present
standpoint and would if in power insist
on measures which would endanger the
1 stability of Federal securities. This is
not a reassuring statement to lay before
the financiers of Europe, and yet if it does
not mean that the credit of the United
States is bound up in the life of Grant
this is all that the circular possibly can
mean. If Grant alone can maintain the
Federal credit, any mishap to that indi,
vidual is the ruin of the pubic faith il
the Democratic party is an enemy to the
monetary health of the republic, half the
inhabitants of the United States have re-
pudiation in their hearts. 1t is difficult to
imagine that any of the signers OF this
document can have meant to ask mankind
to adopt either OF these propositions.
But if they did not they will find it diff
cult to explain what they did mean. Eu-
ropean holders of our securities have
bought them on the faith of our national
resources and the general good character
of our people. If Mr.. Clews and his fol
lowers get credence in Europe American
securities will rapidly be at "A general dis
| county, y World Oct IL