New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-23

most above every other natiOn, ana Cnere-
fore they are not disposed to be content with
the lew rate of interest which satisfies French
investors This distinction exists, and doubtless
may, at some future time, affect the rate at which
the Government can borrow. But there is no evil
dence that it does at this time affect the rate
at which 4l2 per cent bonds are sold. More
of those bonds have been demanded, in this
country as well rs in Europe, than the Syndi-
cate has yet taken from the Government. On
either side of the ocean there is now large
unemployed capital, which cannot find safe
employment at as much as 4l2 per cent
interest. Until the United States Ale per cents
cease to sell freely, here as well as in Europe,
at the same price, it can hardly be said
that the rate is materially affected by the de-
ficiency of American demand. l. is also said
that there is ga certain suspicion in Europe,
60 and especially in England, of investments in
" the United States" on account of bad State,
municipal and railway debts. But The Leon
onSt itself observes that "nothing can be
"more contrary to every kind OF good Judg-
ment than to compare inferior securities WIN
" those of the Federal Government" and we
do not believe that an unreasonable cause Is
as potent as q perfectly natural and reason
able one. The doubt as to terms OF payment,
whether in gold or silver, seems to The Econ
omiSt ga less considerable cause" than the
others which it suggests, and IN view OF the
fact that the credit of this country has stead
lily advanced during the period in which silver
has declined, we cannot regard that cause rs
important.
On the other hand, it is perfectly natural
that English capitalists, whose sympathies were
generally with the South during the rebellion,
should attribute to the Southern people even
more of bitterness and intensity of feeling
than actually exist But it would be utterly
unnatural and unreasonable to suppose that
those who fought for years against the Gov
eminent are, as class, as Jealous as those who
defended the Union for the full payment OF
debts incurred in the SUPPRESSION of rebellion.
If everything in the power of the Government
had been done to reconcile the defeated TO
their own overthrow, and to make them
strongly attached to the Union; if there had
been no inherited system of labor over
turned by the war; if there had been
no preiudices of race and color aroused;
if there had been TO corrupt ana OPP
pressive Governments imposed and to some
extent maintained by arms; if there had been
no dlsgraceful corruption at Washington to
shake the pride of citizens In their Govern
ment if, in short, there had been no other
cause for lingering discomfort than the MEM
ory Of defeat in a great civil war, yet even
then it would be utterly unreasonable to cf-
pect that those who were defeated would be
jealous in taxing themselves to pay the cost
OF their defeat
Nothing can be gained by ignoring facts. A
great political party, always ruled by the
South and relying now upon a sohd Southern
vote as its only chance of success, Is strug-
Cling for the control of the Government. Every
uttprance of that party since the war, except
ing in 1872 when it said nothing OF its own
motion. has betrayed the existence of power
full tendency toward reputation, and its pres
ent platform plainly demands the repeal OF a
solemn pledge of public faith. Until quite
recently, previous elections had given reason
to suppose that this party might succeed. IL
would be absurd to suppose that knowi-
edge Of these facts does not influence
the Judgment of investors. The mere
knowledge that the debt was incurred
in the suppression Of q Shareholders rebel
lion would prepare any intelligent foreigner to
believe that, in the States formerly slayeho!d-
ing there must he a strong tendency to get
rid. Of the taxation necessary for the payment
of that debt. Human nature is the same the
world over. If the debt Of France had been
incurred in defeating secession attempted by
the people inhabiting half of the territory OF
France, and if powerful party embodying
the purposes Of the defeated and relying upon
their united vote were thought likely TO sue
coed i'm gaining control Of the French Govern
ment, the 9 per cents of that nation would not
sell at II. Tie credit of the United States is
lower than that of France because we have
had a rebellion and still have Democratic
party Our bonds bring par only because 1t IS
not believed that either rebellion or Democracy
can prevail. -
RUSSIA IN SERJIA.
ILL., rrnr &c the nncifcntnr IL hard. No