New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-28
THE FINANOES'OF FRANCE.
COMMENTS ON MR.. MCCULLOCHS LETTER
THE sUBJECT TREATED CAREFULLY AND WITH
rrNuauA ABILITY

own securities the Government was enabled 10 draw
forth large amount Of capital which was lying whohy
idle This fact as example, will not produce any ma
terla impression upon our people frame s s. h o ~
nearly universal; here we have little idea OF ana
M soSase Mp M"C%oc finds that the France
have Sssn Snc sye enabled eT to DC make her de
nifty loan and carry on her business almost witaC, I'M
from politics and parties, and foreigners have never
entertained the least suspicion that any goveimen OF
n amid ali the discrepancos and wild theories by the
COMMUNISTS the idea of repudiating the national deD
these progress they win be more closely marked
better II is always satisfactory to read the writings of
who Is in earnest II az the same tme ne c m
and the reader can from them, draw his own conclusions
Tho general subject is both interesting ana
AN INTERESTING AND INSTRUCTIVE SERIES
From The Utica Herald
Ex-Secretary McCullOch is writing an inter-
esng and instructive series of letters for TIE TRIBUNE
on the OF France and the speedy recovery OF
that nation from the following a ou war w sn6
stimulate production have been the ann OF the ape an
s sSdsS Of the na and most important
the moneylenders that thought OF reputation would
be entertained by the French people or Government
eress to accomplish tho recovery that has been Wiz
messed Mr. McCulloch proposes to explain Specn nc NY
United ststs does not exist The he viii
LES rst.
the matter of resumption
WHAT MR.. McCULLOCH SHOULD DECLARE.
From The 81 Louis Times .
Mr. Hugh McCulloch, ex-Sccretary OF the
Treasury and exCana Collector in Indiana IL wrltlnga
series Of letters 10 TIE NEw-YoRK TRIBUNE on the
finances OF France II is to be sincerely hoped that he Will
exhaust his subject before he IL done with It, III ne Is
lust as well as explicit he will declare that France has
twice rs much circulating medium the United States
that the word contraction is unknown there tnat
whether of import or export; that there are no favored
classes; that portion OF the country Is not money
lending while another portion moneyborrowng; that
no debts have been contracted at go cents on tho dollar
and funded at 100 cents that since he went out Of Once
and because Of his criminal administration while III
Office the country has an hour OF prosperity
that France has nothing in common win Ainerea ana
that If he would write more about nome matters; anu
mako fewer applications OF foreign rules ana REGULATIONS
to domestic necessities and NE TSd n Ds
whether he tolls ALL only half OF the story MI hugh
McCnocn Is not n vnry rcat nncia yoion IN
The monetary affairs OF the United states.
PLAIN LESSONS WHICH WE MUST LEARN.
From The NOT1Dfch (C0in Bultetn
Mr. McCullOch's papers which are now being
published in THE NEwYoRK TRIBUNE promise to be not
second paper which appeared yesterday discusses the
enormous recuperativo power Of the French nation As
referred rTr to- There are SOME very plain
in all this for Americans, and Mr. McCuoch although he
does not say So intlmates that they lessons which
we have got to learn. We certainly are not an econom
ical people the contrary we are tavagan perhaps
prosperity suffers for this although somebody gains by
it. We been Saa F b% these
deposits are still less than they should be- Beyond
M Gs Che SCIENCE Of G paying by
keeping up credit rs the leading men IN France 90 our
tied was not wise one certainly has not always been
wise since We have shufed procrastna and re-
points out however, that ali her resources would have
done France good had there ever been any dsrt OF
her good faith hor darkest days there has never been
any apprehension that she would ever repudate hcr
debts The idea OF reputation has no Judgment III the
mnb Y.
happy there was no similar idea lodged III American
minds.
AN EXAMPLE F0R the Sq 1S.oS o Fos
Ex-Secretary McCullOch is discussing the
stances in series OF letters from London to THE NEW
YORK TRIBUNE, from the first OF which showing the &C
ta situation great expectations raised respecting
The past two years have been years OF
case in Germany; as Mr. McCuloch puts it, "it is an
anomaly in the financial history Of nations that the con
been paid been from the beginning of the payment
of tho instamens subject TO greater financial disorder
and embarrassment than the nation from which me IN
dennity eXacted" Is there no lesson IN TINS IMAM
cia feat for own Government with material re-
son, unless it be lack Of fnancierng and legislative
ability-which we will not beeve.why the Unite Yea
should not at put itself at least upon the
track of resumption, remove tho incubus from trade
ana U es e@s our 90
while reducing taxation and fnnd the debt az
plan of paying it off before restoring tho currency to
soundness Of trying to liquidae 1t through an inter
mttent sinking fund. We might easily do as France has
done. 1t is welnigh dscouraging however. to think
how nothing has been done. the most being the passage
of bill the last session OF Congress procaming tat
to have specie payments on the lst OF January
1879 setting machinery TO work 10 BRING IL aDOu
And in place Of tightening industry and trade an add
tiona tax Of was laid on the people besides
blank refusal at all points to cut down expenses ana
is the direct opposite of this 1t Is unnecessary
10 S s ' sound currency was to contract the
And it is TO be said yet again. In view OF the scientific
manipulation OF her debt and currency by France that
there will be found way to sound currency ior our
selves but by the old OF steady and prudent con-
CASH VERSUS CREDIT.
From The Philadephid Times ~
In his second letter to The TRIBUNE on The
Finances OF France exSecreary McCuoeh tells us the
of the recuperatve power OF that country and the
Of the with Germany. We do not intend to follow
Mr. McCuoch in his argument, but points moral for
the American people, exclusive OF the question OF
financial policy The French indeed the most indus
and economical Of people, and the Americans not
the LATEST certainly the most extravagant Some time
ago somewhere that not person in every forty
In France expended or lived beyond his income All the
H. s sa in m le i'm
proving soil of the country in the advancement OF
and the embcllishment of their dwellings In America
on the other hand. the proportion 10 reversed Here
there in forty who does not expend
his entire income than 1t and the habit Is uni
versal and acts all classes the lao0rer Is awaysn
debt TO his landlord, the landlord TO the tax-gatherer
and he "a rule to the community Ana so the system
Families and the habit spreads UNTIL as We have said 1t
ia q general one which ndcrmnes the basis OF pros
perity and makes 1t but house built upon sand when
could initiate at once, but the habit Is old one
and it will be long before II Is broken. We are new
sary for us to little capital in the beginning to
develop magnificent resources. But now that our
foreign creditors refuse TO longer lend our Mulberry Sell
erses the fruits OF their fmgalty to waste visionary
schemes and that the times have reached such pass
that every Is compelled by hard necessity to pre-
himself long step has been taken toward hard
values and cash basis
EXCEPTIONALLY INTERESTING AND VALUABLE