New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-11-07
CARL SCHURZ.
4 Democratic Victory Fatal to Public
Credit.
"A New York dispatch of November tc
nhA (shioapo Tribune says.

"A New York dispatch of Novemb Der / t,
tAs Chicago Tribune says:
Carl Schurz was asked, some DAYS since
by . number Of hnsinees men, among whom
were John Jay, Eliot G. Cowdin, Thomal
L Thornell, and Lewis Brothers & Co., Il
give his views as to whether Democratic
victory this fall would be calculated to IN
lare our public credit abroad. HE reply
which appeared this afternoon, is considered
1t the national committee rooms to be one
of the most powerful arguments of the cam
Paign. Taken Together with the business
mems card and Mr. Evarts' address to night
liable wall between Mr.. Tiiden and cue
cess. Mr.. Schurz takes up August Bel.
nout's statement, THAT the safety and
wisdom of investing in the funded debt of
the government of the United States Go not
depend upon presidential elections, in the
opinion Of European capitalists and bank.
efs, any more than the sOunoness of Eng
lieh consols depencs m whether the minis
try is Tory or Liberal
political parties in England aud those in
this country he clearly states. The Eng
lish debt, created mostly by wars with for
eign nations, always rested on the support
Of strong national feeling common to all
Englishmen. There is not in England q
single public man of character or influence
in either party the sincerity of whose de-
sire to see all national obligations faithfully
discharged is doubted by nybody. On the
other hand, our war was not foreign
one, in which ell the people had an
equally patriotic share, but civil war, by
ono part Of the country against the other
The debt was created BY the national
government, controlled by the people of
the Northern section. for the purpose of
subduing great rebellion sat on foot BY
the people of the South. "Now," says MI.
6ohorz, lit will be difficnlt 10 make the
world believe that the Southern whites,
whose ambition to set up private govern
ment was defeated by means of our ma
tional debt. will REGARD that very debt "a q
sacred obligation of honor and patriotism
in the same measure as 1t certainly will al.
ways be regarded by those who created it
for the purpose of saving the integrity of
the republic. The Democratic party has
Impressed all observers with the fact that
its success was to be accomplished by the
votes of the united South under the control
Of the late Confederates. The world Y ould
regard these COfederates a. the numerical.
~ strongest elements of q victory thus
achieved, and the conclusion was near that
this element would be the controlling in.
1uence in the national councils. In that
case, it would be hard to induce those
p0re0ne who have invested, or might in.
vest, in United States securities to give
their confidence to patty government in
great measure controlled by class of
men who, when the debt was created, re-
garded the nati6n nal creditors as the allies
Of their enemies and the nations al debt 1t
self a. the engine of their discontinue"
Mr.. Schurz continues this line of argument
forcibly, and gives interesting figures show
ing what the effect of such discredit abroad
would be upon the financial interests Of
this country.
The letter concludes:
at 10 IN unquestionable and q very Gig
nifcsnt fact that while, for obvious reasone,
considerable fear is entertained of an in.
furious effect of . Democratic victory upon
oar public credit. NO man, not even the most
Prejudiced Democrat, questions the alb
solute safety of our public credit in case of
the triumph of the Republican candidates.
Tho reason is that the financial policy of
the Republican party, whatever criticism it
may have given rise to in other respects,
has certainly succeeded in earning, in an
unprecedented degree, the confidence of
the whole world as to our national secur-
tiles. This general confidence which, to q
nation situated as We are, is of 90 immense
. value, would uDquestionsbly be con-
6rmed BY the election of the Republican
candidate, while Democratic success may
pat it in jeopardy"