The star. (Cincinnati [Ohio]) 1874-1875, 1875-02-04

rible municipal war at Paris out of whict
came u Government In whose stabilit,
there was no certainty. and least of all
calculated to inspire confidence. Ant
yet within two years and a half the, in
demnity was fully paid in specie or itt
equivalent, while the enormous expend
itures at home were sufficient to exhaust
| ali ordinary resources.
In addition to all this, specie payments
Were suspended in August, 1870, and the
volume OF paper currency was increased
during three. years from $256, 900, 900 witt
a specie reserve Of 90 per cent, to ovel
$500, 200, 900, with only "a per cent. of spe
Gle on hand. And yet there has been nc
relations, no serious reduction OF the
stock OF precious metals, neither has the
paper currency been below par except
for short time in the fall of 1871, when
the premium on gold was but 2H per
cent. In 1870 the amount of specie in
the country was over $1,000, ,000, ,0J0, and
an amount equal to it was expended in
paying the indemnity, the expenses of
the army ofoccupation, the contributions
levied by the enemy, and the ransoms
eXacted OF certain cities. And yet the
supply of gold in the country is now
very nearly equal to what it was In 1870.
How did France get SO triumphantly
through with all this burden without
disturbanc in any quarter? Her capi-
talists went into no speculation. Her
people practiced economy. The amount
of gold in the country kept the redund-
ant paper, that was made legal tender,
at par with only a brief interval OF de-
probation.
The policy of the bank and of the treas
ury looked steadily toward resumption.
They prevented contraction by increas-
ing the supply of gold faster than the
redundant paper was called in. Then
they kept the balance of foreign eX-
change constantly in their favor, which
cleared profit of S4OO,000,O0O in two
years. In addition, they. sold the inter-
ests of France in certain foreign invest
ments, realizing 200,0OO,0oO more. The
balance of $4C0, ,0O0, 900 to pay the indem.
nifty was raised ON the high credit of
France abroad. Thus the demand was
Cancelled without drawing on the home
supply of gold. And now all the foreign
loans have been absorbed at home, and
now gold will go out Of the country for
interest. Still, France has not resumed
specie payments; probably because it
might produce too sudden contraction
for the health of business.
1t strikes us that the glory of this
financial triumph is full Offset to the
national humiliation by the war. 1t was
an achievement of the Republic. No
dcspot, autocrat, king, or emperor, with
proud nobility to back him, except,
perhaps. the great Napoleon, ever
achieved so remarkable financial sue.
cess.
All this is sufficiently humiliating to
the "uniyersal Yankee nation" The
population of France is five millions less
than that of the United States, and we
have flattered ourselves on a great su-
periority of popular intelligence. We
have the richest mines of gold and sill
yer in the world, and they have yielded
81, ,a29, 750, 900 during the past twenty-five
years; and yet we have but $150,0O0,O 600
coin while France has $1,000, ,0O0,0 ,000-
eight times more and with 10000 less
OF peoplel We have paper currency
of $75O, ,00O, 900, which is at nearly 12 per
cent. depreciation. We have foreign
debt, according to the Chief of the United
States Statistical Bureau, of u, 2O0, ,000,.
600, and it is proposed by funding
greenbacks and postal notes to in.
crease it by $42S0o0,O00, thus creating
an annual interest dralt upon our gold
of $1OO, 900 a year! 1t will require
thirty-fve per cent. more than the an
nual product of our mines to pay our in-
terest abroad. Foreign exchange has
been constantly against us and we are
daily losing on that score. We have
hitherto thrived on speculation, because
of the rapid extension of population to
new lands and the quick growth of viii
lagos into cities. This resource is, how
ever, nearly exhausted, Tor according to
Gen. Hazen's account, we have but a
limited area of good land left in compar-
ison with the extent of the domain by
latitude and longitude. 1t is about time
we were studying policy for earning
our own living instead of depending upon
speculations for fortunes. We must
soon look for our fair share of the profits
of trade and of the gold of the world.
As one of the measures of that policy,
we should speedily pay off our debt to
foreigners by gra ded income tax.
Manufacture Of Razor Blades.
The celebrated razor blades produced
by Rodgers, of Sheffield. and which 90 to
all parts of the civilized world, are forg
ed out of bars of the very best highly
carbonated caststeel, tilted to about
half an inch in breadth and OF u thickness
sufficient for the back of the razor. The
blade is first nodded at the end of the
porter-rod and then forged, and the edge
being brought out, the cOncave surface is
formed by working the side OH the