Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-11
EMPUlS APPEAL
WFDYEsDAF MORNING., NOv.II, 1874.
TIE PuHLIC CnEDIF.

TBE PUBLIC CREDIT.
According to the prophecy Of the Rad
icals, the triumph Of the Democracy
would ruin the public credit. The eOun
Try would regard another rebellion a
imminent, and bonds and stocks Of al
kinds would become worthless. Not
withstanding the prediction Of the Radi
cal Casssndras, the people rushed int
the revolution and the Democrats sweep
the country. And now what is the re-
sult2 The New York Tribune tells the
tale: 1.-THE result Of our Tuesdays cleo
tons must be known to all people 10
Germany. France, and England who
read the daily papers yet we see no eVl-
dence Of that prostrstiOn Of the national
credit which we were told was to follow
the defeat Of the administration. On
the contrary there was slight improve
rnent in the prices received by cable
though the bank Of England lost bull
lion during the week since its last OIL
efaI report was made. There are many
causes besides those affecting the per
manent value Of the security which
influence from day to day the market
prices Of United States bonds, but other
things beng equal, a signal demonstra-
lion Of the capacity Of the people to gov
ern themselves ought TO exert favora-
BILE effect o. public credit. If our citi-
zeus were stoIidIy Indifferent to the faults
Of their rulers; If they tamely submitted
to Ice ruled by the rusty machinery OF
primary meetings, it might be inferred
that the republic had passed the period
of its youth, and that the government
and everything connected with it was
in a state Of decay. The elections show
that such Is not the fsct.n The Tribune
is right The public credit viii suffer no
detriDent by supplanting thieves In Of
flee. The corruption and filtA which
hive been committed by the Radicals
mss been enough TO destroy the credit Of
the country. No nation can point to a
time in its history similar to our own,
when unprinciplej and inscriptions
politicians, by a peculiar run Of circum-
stances, held sway over the great
es. nation in the world legis-
lated for themselves and their
pet schemes, put their hands into
the public treasury, donated the na-
toms land as though it were their Own,
created rings within rings, audaciOusly
blackmsiled the merchants Of the land,
voted themselves back pay, retained the
damages paid by a foreign power while |
those VINO had suffered imperatjvely !
needed relief, and despatched the honor
of the nation with threats Of Tepudia- |
ton. And in order 10 prevent the
ascandaucy Of the Democratic party |
who propose honesty, retrenchment and
reform in the administration Of the gov
eminent, the rsscsls boldly step forward |
and talk about public credit. The re-
cent uprising OF the people will restore
tranquility anu confidence, which j. the
basis 81 public credit. In the south it
VIII certainly open the road ''for such
81 influx Of home and foreign capital
into slI the long sluggish arteries OF
southern industries and southern
commerce IS cannot fail 70 WORK
q wonderful transformation. The time
Is peculiarly propitious for the di-
version Of capitsI in that direction; mil
lions Of money are lying idle on both
sides of the Atlantic, but waiting the
opportunity; sud if we are correct in
our estimate Of the new departure
which must be the early consequence Of
the political revolution, the opportunity
viii soon be pre- se1ted. The prospect
therefore, is one upon which not only
the south, but the whole country may
be congratulated. II f0reshsdOws the
infusion Of new life into decaying mar
kets, the recovery Of lost industries, the
revival Of enterprise in places where en-
terprise has long been well nigh driven
70 the wall, the restoration Of credits,
AID in due time a large extension Of
trade the auimating influences Of which
must be felt in every pulsation Of COM
merce throughout the Union. Boston, {
New York, Philadelphia, Memphis and
san Francisco, not les than Savannah, +
Charleston, Mobile aud New Orleans, !
have in this matter great in I
terests in common; aud if the
Judgment Of the people in all the
leading States has any Specification at I
ali above aud beyond the party lines $
which Tor the moment it seems to have
well nigh erased, il is al admOnition to >
persons in power, and to persons to p
whom power is 10 be entrusted, that the c
time is come when the material inter y
ests Of the country must have preced- n
ence over All other considerations. We {,
are hopeful enough to believe that an =
admOnition so emphatically and im- 4
pressively given viii not be UNDECIDED,
and that wnen We come to look back
upon the causes which most powerfully
assisted the general recovery Of tie coun-
Try from proTscted period Of CONNER =
cial and iudUstisl arrangement, the :
popular verdict at the elections in the
autumn ofIS74 will deserve conspicuous 4
recognition"
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