New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-04
OHIO AND FUNDING.

The result OF the Ohio election Will prODaoiy
determine whether Secretary BristOw will be
able to negotiate four and-a-half per cent bonds
at par. If he il able to do SO the rate OF in
terest can be reduced one-quarter on several
hundred millions of the Public Debt. If he
cannot get par for the fOur-and-a -half per cents
the people will have to pay six per cent until n
new Funding Act can be passed, and perhaps even
then the success of Allen and Cary would
make it impossible for the Government to
borrow at less than six per cent. The Secre-
tary of the Treasury has now only $33, 537, 800
left of the new five per cent loan, and when
the Syndicate have taken that (Which they
might do to-day with perfect safety were 1t
certainly known that Allen and Cary would be
re pudated by the people of OhiO), the reduc-
ton of the rate of interest on the Public Debt
must come to dead halt unless forrand-a-
half per cent bonds can be sold at par.
French rentes of four-and-a-half per cent are
now selling in Paris at about two per cent be-
low par The credit of France stands as high
among the capitalists of Europe as that OF the
United States. The high credit of France Is
largely due to the energetic measures taken by
tie French Government and the Bank Of
France for the withdrawal of the war issues OF
paper money and the restoration of the specie
standard. The burdens resting on the tax
payers of the United States, though needessly
aggravated by the extravaganza OF the Ma
tOnal and local Governments, are not nearly
as heavy as those imposed on the people OF
France. We are paying Oft our Public Debt
more rapidly than the French can hope to pay
off theirs. We are far less exposed to the risk
of war with neighbOring States. Our Govern
mcnt is more settled, and orr growth in
wealth ard population il five times as rapid as
that of France. Why then is our credit no
better than that of nation in which every
adult inhabitant sees revolution EX-Secre-
tary McCulloch has answered this question in
our columns in manner so satisfactory that
nothing remains for us to add
In European countries statesmen and per-
sons OF property view with dread the opera
tons of unprinciplcd demagogues among The
discontinued strata of their population. Tie
attempts of Allen and Cary to unite the
ignorant masses of our foreign-boln and
native citizens in favor of imitation, and in
hostility to the bondholder, will, if successful,
be terrible blow to the credit of our ma
tional securities, not only abroad, but also ut
home. Such campaign rs that now in
l.
dent in the political history of the
American Union. The TRADES of Allen
and Cary give character to the struggle
which is not to be masked 10y any counter
charges against the timc-servers of the other
party or any display of Indignation at the cor
Iuption of the Administration at Washington.
The election of Allen and Cary will open
desperate struggle between the friends OF
honest money and public credit and the in
tercsted advocates OF social and financial dis
order and their deludcd victims. The credit
of our securities, already deprecated far below
the level at which it ought to stand, will sink
still deeper, and the reputation we now have
with foreigners will receive a darker shade.
1t does not become those who appreciate the
gravity Of the issue to waste the short time
which intervcnes between this day and the
morning of the 10Th of October.