The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-05
THE NATIONS CREDIT.


The credit of the nation depends on its
ability and disposition to keep its promises.
IF it fails to keep them, and suffers them to
Jepreciate, It's credit is tainted, and it must
Day high rates of interest on all of its loans.
For many years we must be borrower in
the markets of the world. The interest
bearing debt is over $l,7OO, 100000. If We
could borrow mouey at the same rate with
some of the great nations of Europe WE
could save perhaps two per cent. per annum
on this sum. Thirty or forty millions year
We are paying on account Of tainted credit.
The more promises to pay an individual
issues without redeeming them, the worse
becomes bis credit. 1t is the same with ma
lions. The cga-tendcr note for $ is the
promise of the United States to pay that
sum in the money Of the world-in coin. No
time is fixed for its payment. II is therefore
payablc on presentation-on demand. 1t Il
not paid, il is past due, and il i deprecated
10 the extent Of twelve per cent. The coun-
try recognizes the necessities OF the situation
aud waits, and is willing to wait, until the
productive business of the country enables
the Government to redeem. But the Column
bus tnanciers arc not satisfied. They demand
the issue OF more promises. This is lntli-
ton. No man can DOUBT the result. The
credit of the nation will inevitably sutfar.
There will he further depreciation. A de-
probation of ten per cent. dimlnishes the
value OF the present paper currency from
fifty to one hundred millions of dollars. Its
effect on business would be disastrous in the
extreme. The present legal tenders have Il
certain steadiuess because there is limit
fixed TO their amount. Public opinion
contides in that limit. But let that limit
be broken down and all is uncertainty. The
authors Of this scheme believe inf ition to be
a good thing. When this subject was under
discussion few years ago The CINCINNATI
Inquirer said "the issue Of 8, O0O, 0OO,0 600 OF
currency would only put it in The power OF
each voter to secure S400 for himself and
family to spend in the course OF lifetime.
Is there any voter who thinks that is too
much-more than he will wapt?" This
shows what the platform means. 1t means
Initiation without limit and ini.tiou is the
downward path to reputation. 1t means
ruin to the Dation's credit and to all indi.
vdual credit. All the rest Of the world have
the same standard of value. Our promises
are worthless as currency the moment
you pass our boundary line. Even in
this country very extensive section:
still use the money Of the world
Texas, the most promising and tlourishin9
State of the South, uses coin. California and
the other Pacific States and Territories do the
saue, Look at their condition. Texas anc
California are not the least prosperous par'
of the United States. This scheme canno
be adopted. The opinion of the civilized
world is against it. The vast majority OF thu
ablest newspapers of the country are agains
it. The best minds OF the Democratic party
are against it. The last three Democratic
candidates for the presidency we're agains
it. The German citizens of the Uui'et
States, so distinguished for Industry, fo
thrift, aud for soundness of judgment in al
practical money affAirs, are unit against it
The Republican party is against it. Th
people of Ohio will, am confident, decide il
October to have nothing to do with it.