Los Angeles daily herald., 1874-09-15
Casarism from a aFinanciat Standpoint.

ernments and orderly, industrious!peo-
pie, while the reverse is observed In
countries, no matter what their actual
resources, where ambitious contend
ing factions for power are the
ruleo and cquiet and order the
exception. Look at France, for
instance, with an ambitious, per-
verse CESAR at its head, she was
the standing menace of all Europe;
the slightest utterances of this man
were clothed with significance; the
money marts of Europe would vibrate
with every dispatch from the Tuiler-
les, and millions were lost and won
every day upon the Bourse by the ini-
tiated ring, at the head of whom
stood this same CESAR, with a chip
on his shoulder, challenging every and
all powers to knock it off. At last,
finding none disposed to do so, in the
pride and arrogance of his power, he
resolved to hold his next natal fete in
the capitol of Prussia! The burly old
soldier MoLTKE and dlle long-headed
BISMARCK were wide-awake and equal
to the situation. They had the rude
ness to decline the honor which the
French CESAR proposed comforting on
their Capital, but graciously granted
him apartments (not very ornate, but
substantial in their constructicn) in a
Prussian Fortress for that purpose
his sun having gone down forever, on
the field of Sedan. Let American
CESARs take warming! No country
in the world has suffered more from
this cause than the United States DUR
ing the past t1deeade. With a territory
embracing every climate common to
the temperate zone; with a hardy, in
dustrious and energetic people, pro-
ducing greater variety and amount
of the necessaries and luxuries of life
than any other country on the globe,
and with immense resources undevel-
oped, the low standard of her credit
in.the money marts of the world is q
matter for serious reflection, and to
our mind there is but one solution of
the question. Our Government has
become renal, corrupt, incompetent,
and capital, being sensitive, shrinks
from it as the holder would from a
leper. For some years after the civil
war our bonds were chiefly held at
home; but after the great political
struggle which placed GRANT in
power and after the bone and sinew of
the country had sent into OBJ
liyion every demagogue that even
limited at reputation, our bonds, to
some extent were. being placed in Eu-
rope, but rather for speculative pur-
poses than for permanent investment,
and generally with wide and unset
tied range in price, but gradually gain
ing favor and standing. Finally, about
year before GRANTS second election,
owing to false issuesraised in reference
to the South and in the interest of the
Administration (the same thing is
being done now our bonds took ter
rible tumble, depreciating nearly eight
per cent. in less than one month. Do
the unthinking masses realize what is
meant by decline of eight percent.
upon our bonds ? 1t means dead loss
of $50, 900 on every million; and as we
are in debt about twenty-three hun
dred millions. +, the total loss, is, one
hundred and eighty-four millions of
dollars! Butt says the7superficial OBJ
server, the loss did not fall upon the
Government, bnt upon tlle'holders of
the bonds. The bond-holders are the
people, and the people pay the inter-
est, and form the Government; and
thus we are losing millions by every
political maneuvre of faithless, cor
rupt and Incompetent administration,
who thinks more Of its individual ag-
grandizement than it does of the well
fare of the country. Dogberry holds
that comparisons are OdorouS-never-
theless we must be permitted to intro
duce one. Take, for instance, the lit
tie Republic of Switzerland, nestled
onI the steepes and foothills of the
Alps, with scarcely as much territory
as some OF our California counties, and
not half the resources. BY the purity
and dignity of her law-givers and mag
istrates, the industry, frugality and
order which everywhere characterizes
her people, she has become the admir-
alton of the world. With but limited
resources, and those fully developed,
she is outef debt, and the tax-gath-
'erer is comparative stranger among
her people. Yet, should the occasion
rise when she required money, her
bonds at 81 per cent. would command
a premium all over Europe; whilst our
bonds are hawked about in London and
Frankfort-on-the-Main by brokers,
special agents and syndicates at six
and seven per cent. without finding
purchasers. So much for our contrast;
and let US pass to supposition, which
is also in order in discussing any sub
ject: Suppose it were possible for us
to invoke the aid and personal presence
of some of the great statesmen of the
first half of the present century. For
instance CLAY and WEBSTER men
whose fame as the great expounders
of thu fI1n L