The daily gazette., 1875-04-24
wrnMINGTON. DEL. SATURDAY. APRIL "a, 1877
TalWe of National FaHh.

III A. second letter by ex-Secretsry OF
the Treasury McCulioch, on tho imam
IN tho New iorf va at:5uas! ua isnfa Ia naSis
letter he not only explains BY what
from the misfortunes Of the Franco.
German war, but also demonstrates the
great , valve !o q nation Of the pteserya-
that IN reality France was not, at the
conclusion, Of that war. q poor country;
Only % ostspsibly 40. ., IN reality, not
wiIhstalndlpg her exhausting wars she,
has always been the richest of the con-
tinental nations, and 1T is q mooted.
question whether Great Britain has the
lead OF her in wealth. AS heretofore
shown, this wealth is sscribed to the
remarkable economy Of the. people,
who Hye and liYe wei, from the dir skill
IN cookery, TOR half tile cost of living
IN most Of our States Mr. MSGu1loch
thiInks Y may not be too much Ito Bay
mat the entire population of France
could be shpported on food which ID
literally WASTED in the United States,
There has always been, too, more gold
hodrded in France than irl all other
European countries combined. They
part with their ,eatnin gs Only, under
ssinenecessities, ot III exchahge for
their own public securities, IL Which
and In which only, the, MASSES have
confidence, so that there has alwnts
been In Frapce''an enormous amount
ofgold and silver, which the govern,
ment could reach, in recent years by
the offef ,.of'attractive loans ofpopular
subscriptions. The French ara not
only economical aud hoarding, but ex-
'ceptionally industrious, an the membetsl
OF the family amdhgt the industrial
ciasses having some employment by !
which money is EARNED. tH'"s' .,.~.
- France has a fine climate and excel
lent soil, which, though cultivated for
centuries, instead OF being exhausted
Dy vicious system OF husbandry or
injured by unskillful tillage, as is the
case in many parts of the United States.
Is now more productive that it ever
was before, while the division into
small ownerships increases every wear
the acreage under cultivation. All |
these advantages, however, says Mr..
McColloch, would not have enabled |
France to pay the indemnity exacted by
germany, and to recover, as she has
done, from the disastrous effects of the
war, had they not been supplemented
by the able management of finances
and revenues, tho maintenance of the
rational faith being the main element of
her success.
Mr. McCulloch thus concludes:
France, Notwithstanding her great
resources, was only saved by the conf
dence which money-lenders at home
and abroad had in her integrity. Some
there may have doubted her ability to
pay, but nobody distrusted her fidelity.
In her darkest days there was no ad.
prehension that she would ever repudi-
ate her debts. If such an apprehension
had existed, if any member of her
Assembly or any person of prominence
had expressed doubt in regard to the
maintenance of the national faith,
either by failure in the imposition of
taxes or by issue of paper money, based,
IN the language of our inflationists.
upon the resources of the nation, and
this doubt had obtained any considera-
pie currency, the indemnity would not
have been paid to this day. Never
before did l understand and appreciate
the Importance and value of high ma
t1onal honor as did in witnessing the
success of the French indemnity loan.
No people understand better than the
Frenchmen that nething is more i'm
portant to nation than credit, nothing
more dangerous than the loss of it. The
idea Of reputation has no lodgment ,
In the French mind, and this It was t
which made the indemnity loans a I
success when a failure would been in t
'he last degree disastrous. I should a
% happy if could say that the same v
confidence exists in the obligations of f
he United States. Why it does not l e
will explain hereafter. The great mis-. O
AXE which France makes is in not re- D
lucing her governmental expenses in Il
lines Of peace. This will be referred il
o in nv next letter. n