New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-17

Mr.. Henry Thornton, Mr.. Ricardo, Mr.. ToOke,
Mr.. Norman, Mr.. Fullarton, Lord Ashburton,
and Lord OvorstOne were successful men, hold
ing the highest rank in tho world of bust
ness-most of them in Parliamcnt-and at the
same time equally eminent as masters OF the
science whose principles they have done SO
much to elucidate.
But of all countries we in the United States
have the most to learn from France. We have
no desire to impress our readers with tho idea
that the French have performed anything be-
yond the scope of human effort in other cOun-
tries. We do refer to that country, however,
as an example of what can be accomplished by
economy and persistent effort well directed.
But France has done nothing beyond what it
is in the power of the American people to ac-
complsh. She has annihlated the twin buga-
bOOs of the balance of trade and contraction.
When the war with Germany ended she was
left with an unfavorable balance of trade
of Eve thousand million francs to set
tie on account Of the indemnity. At
the same time another task was I'M
posed on her, that of regainng her metallic
money which was dispersed all over Europe
or gathered into secret boards At all events
it had disappeared from circulation. -Four
years have not yet passed and both these
labOrs have been accomplished. We arc well
aware that the devastation Of a great war and
the wealth represented by five thousand mil
lion francs cannot DO magically repaired or
created. In these respects France has no ad-
vantages over Us. In all the elements OF
strength required to sustain such mighty bur-
dcns the United States are in 10 respect in
fcriOr to any nation on the globe. IL we
may judge from the imports and ex-
ports and all the information we have
been able to obtain as to the state OF affairs
in France, they arc, in comparison with their
normal condition, less deranged than they are
in England or tho United States. We, of
course, do not mean that France, with her
teeming population and limited territory, can
provide for her millions as magniicently as
the vast fields ard pastures OF the West do
for our own people. We consider ourselves
well or badly off, not in comparison with the
people of France. but with our condition at
other times. by tho same standard the sitta-
ton in France must be estimated. Undoubt-
edly at this and all times VIC might find in
France scenes of wretchedness never witnessed
in tho United States, but the comparison is not
between France and the United States, but be-
tween France at one time and France at an
other. Judged by that rule the wisdom OF the
financial measures adopted by the French COY
crnment and by the Bank of France for the
contraction Of the currency and the rest0ra-
ton of specie payments is triumphantly vim
dcated, and We entertain not the slightest
doubt that had similar policy been carried
Oat in the United States our country would
have been far better off to-day. 1t is at all
events difficult to imagine any financial course
which could have resulted more dsastrOusly
than the one that superseded the policy OF
Mr. McCulloch-a policy in all important
points identical with that followed by the
French Ministers.