Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-11-02
Our National Credit DEPENDS
Upon a Republican Victory.

Our National Credit DeDend,
Upon Republican Victory.
Ii all the glorious achievements of the Re
publican party were stricken from the record
save only that of establishing the credit of tn,
United States in the money markets of Eu
rope, this one grand exception would suffice
to preserve that party forever in the affection.
of our people, and in the admiration of the
world. At the advent of Mr.. Buchanan's adj
ministration we could borrow money abroad
only with the greatest difficulty, and at cost
ranging over ten per cent. per annum. Since
then, although in putting down gigantic re.
bellion, we have incurred an immense debt,
so able has been the Republican management
OF our finances, that we are enabled to borrow
all the money we need abroad at the small
figure of four and half per cent, and our
bonds bearing that rate of interest already
command in the English market premium
OF from three to four per cent. on their face.
/ The advantage which has been taken of this
change is to greatly reduce the burden of in
terest resting upon our people by consolidating
our public debt in new loan at the reduced
figure mentioned. The placing of this by the
| Syndicate was progressing in the most salts
factory manner, when the advent of the Pres
ldential election and the bare possibility of a
Democratic success brought a sudden check
upon the work. Mr.. August Belmont, Dem
ocratic member of the syndicate, hastens to
| the front to assure the country that the delay
in the good work is not caused by fear of
Democratic victory, and that the election of
Tilden and Hendricks would not impair the
National credit abroad. Mr.. Belmont, doubt
less, has a right to announce his individual
opinion, for the sake of his party, and of his
record with it; but it is an opinion which is
not borne out by the facts. The contrary is
too well known among the money circles of
the world. "We have reason to believe"
says the New York Tribune, of Saturday,
''that ct all the members of the Syndicate,
Mr.. Belmont stands absolutely alone in this
opinion. Mr.. Belmonts views as to the value
of United States bonds in the past have not
been found so uniformly correct and far see
ing as to give much worth to his present
Judgment; and neither European capitalists
nor American voters are likely to depend,
now, upon his guidance in such matters"
There is no fact more clearly established than
the success of our new loan, the reduction of
our interest burden, and the maintenance of
our high credit abroad, depend upon the re-
tention of the Republican party in control of
our National finances
The reasons for this are manifold. 1t is not
alone that to Republican management is ow-
ing the repayment of 800, ,0O0, 900 of our pub
lie debt, and the defeat of every movement
looking toward reputation; it is not alone
that the Democratic party has declared for
the repeal of the Resumption act and for the
payment of the bonds in greenbacks; it is not
alone that party includes the great mass of re-
pudiators in the United States, headed by
their candidate for the Vice Presidency, Mr..
Hendricks; it is not alone that, controlled by
the Solid South, they are pressing hundreds of
millions of dollars of rebel claims upon the
United States Treasury-it is not one nor all
of these that contribute most to bring about
the dependence of our credit upon Republican
success. There is above and beyond all this
the fact, recognized in Europe as we'll as here,
that the interest and the practice of the South
alike lead to the reputation of our National
obligations. This fact is one of the gravest
concern and should be fully understood by all
interested in the welfare of our country.
The Southern Confederacy," in the pro-
cess of the rebellion, incurred debt almost as
large as that of the United States. Failing of
success, it was of course repudiated. They
would, naturally, be rejoiced to see the Uni
ted States debt follow the same road 1t rep
resents to them the means by which their re-
bellion was crushed, and it is bitterer than gall
for them to be obliged to assist in its payment
Their own debt has gone to protest--it would
be happy day for them could they see that
of the Nation meet the same fate. There is
abundant proof, moreover, from their own
practice, that no moral scruples would stand
in the way of their accomplishing this result
if the means were in their power. Nearly
every one of the States engaged in the South
ern rebellion has individually adopted the pol
icy of reputation, and that not against war
debts, but against debts contracted for internal
improvements, and largely incurred previous
to the war; The supreme Court of Florida
has repudiated $4,000 of railway bonds.
The Democratic authorities of Georgia have
repudiated over $10.000,0OO of State debt,
mostly incurred in building railways. North
Carolina has repudiated over 81, ,O00, 900 of
special tax bonds. Her Treasurer says, in his
report of 1878: "Already the policy of repu-
diatiOn is advocated by men of influence, and
there is danger that it will become popular
In his report Of 1874, her Treasurer seems to
have gone fully over to the repudiators, for
he says ''the payment of all this debt would
be monstrous iniquity." In Tennessee, since
the Democrats came into power, the same
course has been pursued, the taxes being so
arranged as to repudate large portion of her
State debt. Virginia, though $34, ,OOO, 900 of
her debt was created prior to the war, has
pursued the same course, and Alabama and
Arkansas are now just finishing up repuda-
ton which aggregates in both States upwards
of $25, ,000,O 900.
With this example before her no wonder
that Europe fears return of the Democracy
to power. They see the Southern States re-
pudiating debts of their own incurring to the
amount of hundred of millions of dollars; they
know that the South dominates the Demo
cratic party; and they believe that the same
course would be pursued with regard to the
National debt if the Democracy were to Sc
cure its management. The bankruptcy of the
Nation, and the consequent Reputation of its
obligations, are believed to be cards in the
game which the Southern Democracy are
playing; and the refunding of our debt would
come to very speedy end with tho election
of the Democratic candidates.
XOlioa IN Iud0as md fyInrl1s