New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-17
QUE INDEPENDENT POSITION.

of the present financial upheaval, and then
vindicates his claim to rank among the
few by announcing the following rather
startling propositions;
l. The people of the United States, and
especially of the South, are suffering fol-
want of gold and silver currency.
2. That European capitalists hold
two thousand millions of United States
bonds.
8. That the people of the South know
from bitter experience that Europe can do
without our cotton for several years.
4. That the same people of Europe, in
Preference TO sending gold to America, to
purchase grain and cotton, will ship gov
eminent bonds, and compel us to take
them in lieu of the precious metals
Not one Of these four propositions is at
all tenable, and to entertain single one
of them ought to be sufficient to take the
writer from the list Of the 'few' who IN
derstand the real causes of our CONNER
cial difficulties.
Nowhere in this country is there any
serious want felt for gold and silver as a
currency. The Western farmer offers his
grain freely for currency; the Kentucky
and Virginia tobacco planter, the South
ern cotton planter and the Pennsylvania
petroleum producer stand ready to part
with their surplus commodities for the
same currency, and are all very glad when
they can effect ready sales at that The
whole business of the country is regulated
on such basis that greenback currency is
the language of commerce, and even gold
has to submit to the process of translation
and take rank as commodity, instead o
currency, as some of its worshipers
claim for it. This hungering after gold
by partisan writers betrays morbid dis
position to find fault for others with
things which are perfectly satisfactory to
the clients in whose names they profess
to speak. The people nowhere sympa-
thize with such advocacy, do not want
any better currency than they now have,
and have no use for gold except as a COM
modify to exchange for greenbacks. Be-
sides, we export from fifty to sixty mil
lion dollars of gold per annum, for which
our people have no use at home, and it
forms at this time very important item
of commerce to vast section Of the
United States.
The whole interest bearing debt of the
government of the United States does
not exceed eighteen hundred millions
of dollars, one half of which is proba-
bly, held by our own people 1t is
simply impossible, therefore, that SO large
an amount as stated by G. D., on the au-
thority of "some writers, is held abroad.
But whatever the amount may be, whether
more or less, it is held by parties who
have invested hard money in it as a means
of investment. They draw three per cent
interest regularly every six months, and
are not likely to send it to weak market
where they would suffer loss by forcing
sales. Even those who hold on specula-
ton are not very likely to combine to
weaken the value of their own property.
Besides, those who hold United States
bonds are not the same parties who are
engaged in the grain, tobacco and cotton
trade, and the latter are too shrewd to
buy bonds at high rate in Europe for
the doubtful luxury of sending them
to America to sell at reduced rates.
As it will be both cheaper and safer
to send the money, they will follow the
old custom. Doubtless if our government
bonds were to rise in New York to figure
temporarily high, large shipments would
be made, but this would be on orders, and
they would cease the moment there was
nothing to be made by the operation.
European capitalists have not invested II
American securities from any feeling Of
sentiment, and have no expectation Of ex,
perimenting in such way as to cause
themselves to suffer severe losses. Sc
that even such calamity as the depletion
of the vaults of the Bank of England o
its gold would scarcely interfere with thu
settled purpose of the German capitals
to hold on to his bonds, which yield hin
steady revenue of six per cent year
payable without trouble or expense il
collection.
| AS to the proposition that Europe ha
gone Cor years at time without our cot
ton. it is as fallacious as either of the pre-
ceding. G. D. belongs, doubtless, to tina
class of Southern politicians who in
structed the people in 1861 that Englan'
would move heaven and earth to raise
blockade that shut in Southern cotton
But the blockade was ordered, nevertht
less, and we all know the result TIL
, supply from this country was greatly cul
tailed for three or four years, but neve
totally failed In the meantime extraord
mary exertions were put forth to stimu
late production in the East Indies, an
{ with partial success. Great sums wer
also spent in fitting out blockade runnin
: vessels. In short, every device was re
sorted to by the hungry British manufaC
turers to get cotton, except the very one tn
enemies Of the United States hoped to fore
upon them-by a recognition Of the South
ern Confederacy, followed By declaratio
Of var against this country. The priC
: rose from six or seven pence per pound
: upward of thirty, which manufacturer
submitted to, and probably would agar
. under similar circumstance. When q