New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-06-18
4 POPULAR INVESTuFNT.

When the French Government appealed to
the people for aid, Notwithstanding the ravages
and losses of war and the pr0stration OF IN
dustry in France, we know how promptly and
grandly they responded Nor has this splen-
did patriotism been found in France alone.
When our Government called upon the people
for aid, during the war; the response was sur
prisng From the savings of the millions
caAle the great fund which sustained the flag
of the Union to its final triumph, and all We
tories in the field, grand rs they were, seemed
of little worth in comparison with the proof
of the peoples confidence in their Government.
Rightly this was considered the turning point
of the war. When the people came forward so
noblv investing their savings 10y the hundred
millions in the promises OF the Government,
ali doubt of the suppression of the rebellion
was removed.
The country has in hand a struggle not less
important to its honor. Once more it appeals
to the people-not to the few capitalists, not
to the spectators, who may realize large
profits by trusting the nations pledge, but to
the millions who save their earnings. This
time the financial honor Of the country Is at
stake. In order to redeem its solemn pledge
TO pay the legal-tender notes on demand,
bonds of the United States are offered for
sale, and on such terms that the smallest IN
weston may share, prOpOitiOnately with the
largest, the profits to he gained by making
the public credit secure. the lew bond, bear
ing only per cent interest, is essentially the
resumption bond The United States viii re-
sumo specie payments, and put an end to all
dispute about the volume value of its Cur
rency, if the people show their faith i'll the
Government by their subscriptions. FailuIe OF
this l0an-failure to command large popular
acknowledgements compel the nation TO wait
until il suits the convenience of English bank
ers to give to this country the unreasonable
advantage which a stable and sure currency
will give its industry and its commerce.
There is every reason TO expect large sub
scriptions. For some years surplus capital has
accumulated. Dstrust of ordinary railway or
mining investments has prevented large out
laws of money III such undertakings. Savings
have accumulated in banks assets i'll the
hands of solid insura &c companies have been
swelled trust and loan organizations and or
binary banks have sought in vain the OppOr-
tunity to place in commercial loans the funds
gathered in their charge. The national banks,
compelled to keep certain nominal deposit
against circulation, naturally seek the larger
deposit which investment in the cheaper bonds
will give Trust and savings companies, look
ING forward to the probability of resumption,
want the largest possible par value of assets
to meet their obligations. Above ALL the mil
lions who have saved money desire the surest
form of investment for their earnings. The
new bond will be, for thirty years or more,
the security toward which those will naturally
turn who seek the highest possible guarantee
for their investments, and there is 40 reason
to suppose that these bonds can be purchased
anywhere after thirty days at par.
The appeal to the sclf-intercst of Americans
is as strong as it can be, but it ought not 10
be more effective than the appeal to the
patriotism of citizens of the United States
The new loan, a direct appeal by the Gov
elnment to those who sustain it, ought to be
met on their part by liberal subscriptions-if
for no other reason, because they need specie
resumption and the restoration of a solid and
stable basis for industry and commerce. The
offerings will not be small if the people under
stand that their savings will be employed to
make business more prosperous, to save manu-
facture from fatal uncertainty, and to intrench
the honor of the nation beyond all possible
assault from rcpudiators hereafter.