Weekly Trinity journal., 1876-11-04
NATIONAL FINANCES.

The financial condition of nation is
one Of the surost criterions of its prosperi-
ity as people; of the estimation of
which its national honor is held; of its
standing as nation compared with other
nations. Judged by this standard the
United States is one of the most prosper
Gus nations, and at the same time one of
the nations holding the highest place in
the confidence Of the banking world. The
reason for this is sef-evident; its con-
duet of public affairs has been such
under the successive Republican admin
stratiors as to inspire confidence in those
quarters where confidence is needed. We
were left at the close of the war of rebel
lion with national debt of in round
numbers, two thousand, seven hundred
millions Of dollars. The country was ex-
hausted with the struggle through which
it had just passed, its manufacturing in
terests paralyzed, its commerce crippled,
its energies stunned in the reaction which
followed the excitement which had, for
years, pervaded the country. Congress
at once addressed itself to the two-fold
task Of decreasing the public debt and
at the same time diminishing taxation.
That such task was difficult one need
not be said, that it was successfully ac-
compished the figures show.
Our national debt at the present time
is more than six millions less than it was
in 1866. The annual interest charges
have been reduced about ne-third-from
one hundred and forty four millions ten
years ago to less than one hundred mil
lions at The present time. And while
this was being done the national reve-
nues were also being cut down. Added
to this we have paid some three hundred
millions which was not included in the
national debt showing Of ten years ago,
mostly in the shape Of claims Of Southern
loyalists. 1t is then, no wonder that
when the United States went into the
money markets Of the world and asked
for new loan at four and one half per
cent, its bonds were eagerly sought and
sold at a premium. This course enabled
the administration to call in six per cent,
bonds, thus making reduction Of one
fourth upon the interest charges ofa large
sum. Can anything better than this be
expected of "change?" Certainly not.
And if this sought for change" is to add
1t couple of billions to the debt as it now
stands, il it desirable to have change.
The Democratic party are committed
tacitly to two things, either Of which is
of nature calculated to destroy our ma
tional credit. One Of these is the taxation
Of bonds and the payment of them in
greenbacks, contrary to the understand
ing which prevailed when they were put
upon the market ; the other is the pay
ment Of the thousands of millions invol-
we'd in what is known as the "Confcdcr-
ate claims" Else why did the blatant
Luttrell try so hard to make points up
on the first OF these propositions in every
speech he ever made in Trinity county.
And tor the second, we accept Mr.. Til
denis letter ofpromises, backed up though
it be by the Kentucky and Tennessee
Democratic leaders, tor just what it is
worth. The success Of the Democracy
means one or both of these things, either
Of which will and should be fatal to our
national credit. The possibility of n
Democratic success small though it be,
has arendy had n marked effect upon
our national securities, and American
merchants and fnanciers are not slow to
appreciate the situation.