New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-22
UP. McCVLLOCHS SECOND LITTER.

Few of our readers will fail to read. and to I've
interested in reading cx-Secrctary McCulloch's
second letter Oh the finances of France, in
which he gives reasons why she has so rapidly
recovered from the losses Of the war. MIR.
McCulloch's words do not need to he supple
mrntcd by any observations of our own but
still we venture few remarks on topic OF
so Inurh importance to the people of the
United States.
The French ore eminently patriotic nation.
Their love OF the land on which they live sur
passes that of any Of the other great races of
Europe. The cmi2rants from England, Ire
land, Italy, and Germany arc counted by
hundreds of thousands where those from
France are reckOned by thousands
Even the bitter prosecutions of tho
seventeenth and eighteenth centuries exiled
but few, and they were driven from the land
of their birth hy fire and sword. The success
of the great French loans, it seems to us, is
partly to be accounted for by the patriotism of
Frenchmen. The terrible destructiveness
of Laws financial schemes and Of the 0ssgndts
WAS perhaps due to the same cause. A
cool aud calculating people. like the English or
Germans, would never have been carried to the
same degree Of infatuatiOn. However that may
be, the recent magnificent efforts of the French
proceeded in no small degree, we think, from
love of country.
1t is an error which fnanciers and po-
litical economists are prone to commit, to
attribute too much importance to the
purely selfish principle which is the fOun-
dntion of political economy. It is the bust
ness Of the statesman in deyising meas
lres for the good of his country to look beyond
the abstract scientific truths which only are to
be learned from political economy. In that
view of tho province of the lawglver, even
the most uncOmprOmising free-trader must
admit that sometimes his principles may adj
vantageously he disresardcd. The policy Of
France has always been that OF protection
10 homo industry. Evon now France
in ordinary years raises all the food needed
by her population, imports but few manufac-
turcI goods, and depends but little for the
support of her people on the exchange
of French commodities for those of the rest of
the world. Though her territory is bounded by
Great Britain Belgium, Germany, Switzerland,
Italy and Spain, all pOpulOus and most of
them highly commercial nations, the aggregate
value of the French imports and exports is
ID
which lms "a smaller population and is sepa-
rated from the rest of the world 10y salt water.
Another violation of the teachings of polt
zeal economy, regarded Us pure science, is
the obstinate retention by tho French of an
immense dead stock OF tho precious metals,
n point which il touched on by Mr.. McCul-
Loeb. Yet twice in the present CEN
fury, at the conclusion of devastating
wars, the French have derived incalcuable
benefits from tho possession of this great UNI
used reserve of gold and silver. Some weeks
ago we quoted from Mr.. Tookc COMPARE
son of the state of French finances ut the
close of the great NapOleon's wars. when, as
now, exorbiiant fines had to be paid by France
10 her victorious enemies, with those of the
United States after the close of tho last war
with England. Then, as now, the
advantages of metallic currency,
maintained in defiance Of the pcnuIious
maxims Of nero shop-kooping political
economy, were signally demonstrated, while
the doctrine that gold and silver have been
given the natural qualities of q standard Of
value and circulating medium, only that our
nation might ascertain tho minimum quantity
which it Is possible to rub along with. was
again dscredited.
Mr.. McCulloch concludes with some excellent
observations on the Importance OF maintaining
national credit Without unimpaired credit the
French people could mover have accomplished
thciI liberation iron, the Germans. This point
is al,o admirably handled In an able essay on tho