Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1873-01-23
Mr.. BOutWeIgs Assurance,

"Our credit is to-day better than
the credit of any other Government,
better than that of England" says Mr..
Boutwell,, ceasing for u moment his
housing after the Senatorship and the
writing of his resignation. lie also
rpofesses the belief that American
four per cents, it they can once be
got atloat, would be worth more than
the four per cents. Of any other coun-
try on the face of the earth. 1t is
perfectly easy TO test an assertion of
this character by reference to the quo
tations. American five per cents, are
quoted in the London market at 96,
Swedish five per cents, in the same
market stand at 1903. Canada five
per cent. bonds also hold up ut a frac.
ton above 1902 The investigation
might 90 further, but this is enough
to overthrow Mr.. Boutwell's boasttul
statement, intended merely to magnify
his administration Of the finances. 1t
has become the habit Of certain Of the
party papers to fawn upon Mr.. Bout
well in the same assured style Of GU
logy which he so freely practiscs upon
himself Until the credit Of the Uni
ted States, therefore, equals that OF
such countries as Sweden and Canada,
the less said from the Treasury De
partmcnt the better The >'ecretary's
present anxiety to execute = loan is
excused by nothing either in policy
or necessity, It's Il peculiarly un-
favorable time to get rid of a loan at
present. Great notifications in the
finances of other nations are expected
shortly to occur, and 4 cautions and
sagacious fnanccr would be SOLICITORS
mainly to take advantage OF these, if
any advantage there is TO be,
In 1871 Jay Cooke negotiated,
through the foreign Syndicate. the
American five per cents, at par; now
Mr. Boutwell, urges Congress to con.
sent 10 the same persons taking three
hundred millions more of five per cents,
at two per cent. less than par, he pay
inc for them with an equal amount Of
six per cents. at par. The others, in
reality, were negotiated on the same
terms, all except the sixty five millions
forced upon the banks The hocus-
Focusing practiscl through the Syndi-
cate served TO cover up the method Of
doing it, but the terms were the same
in effect, or in other words, the Syndi-
cate made the same amount from it
which it hopes to make now. The
readiese question ON all lips will be,
what the Great haste about convert,
ing six per cents. into fycs when il is
universally understood that the time is
in ali respects unpropitloUS? Mr..
Boutwell, cannot show that the Irca
sury would make any saving by The
exchange, on SUCH terms rs nc pro
poses for the satisfaction OF the ,iyndi-
cate. If delay has any influence in
the case, il cannot be other than a
good one. The money market of Eu-
rope is soon TO become casio, unless
all the financial laws are at tilIt, 1t is
the essence Of empirisism il, Gnonce to
undertake . loan regardless OF times
and chances, Of the condition OF the
market, and the prospects Of industry
and trade. But Mr.. BoutWclI's mind
is Of that peculiar cast which easily
rises above all these considerations.
1t insists on disregarding altogether
what others would not omit, in COM
mon prudence. to take first into their
calculations All practical persons
will at once ask why he cannot wait
for Il more favorable opportunity; and
above all, whether there is not some
way yet 10 be devised, By which a
public loan may be worth just what ii
is represented to be worth, and the
public credit be all the better for it,