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

and her lands, which have been cultivated for cen
turies, instead Of being exhausted by vicious sys-
tom OF husbandry or yielding less than formerly by
naskiliful tllage rs IL unfortunately tho case in
many PARTS of the United States. arc now moro pro-
ductive than they evor before. while the divi-
sion into small ownershps-the result OF tho French
law OF observation-disclosures every year the acreage
under cultivation. Notwithstanding her largo Popt-
lation ~ be fed upon what hor soil produces-a popu-
lat;on of some 35,00O.O0O upon territory much
smaller than Texas-slie il large exporter or vari-
Gus kinds of agricultural products. AS purely az
ricultuISl country che Is und ubedly the first in
Europe; in manufactures. second only to Great
Britain.
But not outstanding the economy. the industry,
the skill the general thrift Of her people, and her
Great agricultural resources together with the ac-
cumnlaicns Of former years, France would not have
been able TO pay the indemnity exacted by Germany
and 10 recover a. she has DONE from the disastrous
effects Of tho war; had DO: the management of her
finances aud revenues boen confded to the hands OF
able experienced and upright men, and had not her
own people and the capitalists Of other nations re-
lied implicitly upon her good faith. French statesmen
have not been notable examples of political wisdom
or conservatism, nor have the French people been
especially trustworthy on questions of government ;
but no country hns been favored In the posses
sion of really able fnanoiers and political econo-
msts Fortunately, also, for France. agitated and
disturbed rs she has baen political questions. the
questions of finance and revenue, upon which the
great material interests of the nation depend have
been excudodsfrom the political arena-twill it not
be happy thing for our people when the same can
be said Of the United States $50 that the
same general financial and economical policy has
been puT uel for years notwithstanding the changes
that have taken place in her forms OF government.
The transitions from Monarchy to Democracy, from
Democracy to Imperialism, from Imperialism back to
Monarchy from Monarchy back TO Imperialism. and
from Imperialism 10 Republcanism, have been anon
Aous and startling; but during all these political
changes the financial and revenue departments OF
the Government, except for the brief period whom all
landmarks were swept away, have been ad-
pinstcrtd with singular steadiness and wisdom, ana
with single eye to developing the resources OF the
nation, stimulating production and increasing for
eigI. trade. Generally tho revenue laws, although
not frequently changed. have kept pace with the
progressive spirit Of the age. the tendency OF
which. unqusstionably, is to give full play to
international exchanges. In no previous period of
her history have greater ability and frmness been
displayed in the management of her finances and
the Imposition of taxes, than during the last four
Years 1be bank note circulation. temporarily in
creased beyond the convertible point was to be
brought up 10 tho specie standard, both 10y reduc-
tol of the volume and an increase Of coin. The In
terest on the public debt, vastly augmented rs IL
had been, was to be provided for, and this could
only IL done by an increase of taxation. In dealing
with these questions there has been no resort TO cx-
pedicnts no shutting. procrastinating policy has
been pursued. What was necessary to be
done W accomplish these object, was done
we'll and promptly. and tho wisdom Of
hoo
been yndicated by the results. All this, however.
would not have saved France. by relieving her from
the German armies, il there bad been dstrust in
regard 10 her good faith. France, notwithstanding
her great resources was only saved by The conf
denee ahch money-lenders Of home and abroad had
In her integrity. Some there may bavo been who
doubted her ability 10 pay, but nobody distrusted
her fidelity. In her darkest days there was no ap-
pieheusion that shc would repudiate her debts
II 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 fsith either by failure in the imposition
Of taxes by issue VI paper money based in the
language OF our indstionists. upon the resources
Of the nation and this doubt had obtained
any considerable currency, the indemnity
would not have been paid TO this day. Never before
did uEdc rstsnd and appreciate the importance and
value of high national honor as did in witnessing
the succees Of the French Indemnity Loan. No
people understand better than Frenchmen that
uothing is more important to nation than credit
nothing more dangerous than the loss of it. The
idea Of reputation has no Judgment in the French
mind. and this it was which made the Indemnity
Loans n success when failure would have been in
the La, degree disastrous. i should be happy if
could SAY that the same confidence exists in the obi
gatons Of the United States Why it does not will
explain hereafter. The great mistake which France
makes is in not reducing her governmental expenses
Ia tunes of peace. This will be referred to in my
aeSt letter. HUGH MCCULLoCH.
Io,d1y prH 10. 1875.