Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-29
THE McCULLoCHs LETTERS.

France, explains how the French Gov
eminent within four years from the
close of the d~esolating Franco rus-
sian war, was enabled to pay $780,
100000, to Germany, in addition to
meeting the current expenses Of a cost
ly home government, and also becom-
ing a large investor in foreign secur-
tiles:
First: The French are an exceeding
ly economical people, living well on
less than would be considered sufficient
to save from starvation an American
family Of the same number.
Second: They are a boarding people,
every family saving and laying by
something Of its earnings. There has
always been more gold boarded in
France than in all other European
countries combined.
Third: The French are exceptionally
Industrious. In The manufacturing as
well as in the agricultural districts, all
the members Of the families Of the IN
dustrial classes, young and old, have
some employment by which money Is
earned.
Fourth: Tney are e~minently skillful
and tasteful; their goods command the
admiration and patronage Of the taste
full Of every other nation. They have
no strikes to interfere with the
profits Of the employer OF the pros
perity of the employee.
Fifth: They have a fine climate and
excellent soil. The fertility of the soil
has not been exhausted, but increased
by a judicious system of agriculture.
Notwithstanding her large population
to be fed upon what her soil produces
"a population Of some 35, 600 900 upon
a territory much smaller than Texas
France is a large exporter Of various
kinds of agricultural products. As a
purely agricultural country, she is
undoubtedly the first in Europe; in
manufactures, second only to Great
Britain.
Sixth: To more than all other causes
for her wonderful success IN paying her
indemnity to Germany and the meet
ing the current expenses Of Govern
ment, France is indebted to the ability,
experience and u~prightness of the men
who have managed her finances, TO-
getBr with the implicit reliance which
her own people and foreign capitalists
have placed in her good faith. We
VIII give Mr.. McCulloch's " Ian
guage:
Fortunately for France, agitated and
disturbed as she has been on political
questions. the questions Of finance and
revenue, upon which the great material
interests Of the nation depend, have
been excluded from the political arena,
so that the same general financial and
economical policy has been pursued for
yeals. Notwithstanding the changes
that have taken place in her forms of
government. = r r
In NJ previous period Of her history
have greater ability and hrmness been
displayed II the management Of her
finances and the imposition Of taxes
than during the last four years. The
bank note circulation, temporarily In
creased beyond the convertible point,
was to be brought up 10 the specie
standard, both by a reduction Of the
volume and an increase Of coin. The
interest on the public debt, vastly aug
mentcd as 1t had been, was 10 be pro-
vided for, and this could only be done
by an increase Of taxation. In deal
ing with these questions, there has
been no resort to eXpedients; no shut
fling, procrastinatiDg policy has
been pursued. What was necessary to
be done to accomplish theseObjects was
done well and promptly, and the wis
dom Of the policy which has teen en-
forced has been indicated by the re-
suits. All this, however, would not
have saved France, by relieving her
from the German armies, Ii there had
been distrust in regard to her good
faith. France, Notwithstanding her
great resources, was only saved by the
confidence which m~Oney-lenders at
home and abroad had IN her integrity.
Some there may have been who doubted
her ability to pay, but nobody distrUst-
ed her fidelity. In her darkest days
there was no apprehension that she
would ever repudiate her debts.
If such an apprehension had existed;
if any member Of her Assembly or any
person Of prominence had expressed a
in regard to the maintenance of
the national faith, either by failure in
the imposition Of taxes or by an issue
Of paper money. based, in the language
Of our iuiatioHists, upon the ere
sources Of the nation and this doubt
had obtained any considerable Curren.
p, the indemnity would not have been
paid 70 tu5s d0y.
This is teaching from history. In
his extract from Nh. McCulIoch there
s a volume Of political philosophy and
financial wisdom. May the American
people be profted thereby.
AZ