Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1877-07-28
NORTHERN TRIBUNE.


QUE NATIONAL CREDIT.
The success which has attended the
placing of the new four per cent. loan
shows conclusively the confidence the
people have in the financial standing of
the United States. We say the people,
for nearly the whole amount OF the $40. :
100000 offered by the government has
been taken by our own citizens, This
does not look like the credit of the ma
ton had been destroyed by the misrule,
frau'! and corruption of the Republican
party. as, was so loudly charged by Dem
ocratie. orators and papers duringthc late
Presidential campaign. and is. in m rked
contrast with tie credit of the govern
ment at the close of the last Democratic
administration-whcn the credit of the
government was so low that it was with
difficulty that q loan of 81 100000 was CT
frcted at twelve per cent. Interest. Dur
ing the war of the rebellion, when the
credit of the nation was, strained to. its
utmost in order TO raise money to meet
the demands. of the war, there was no
such interest paid. seven and three-tenth.
per cent. being the highest rate of inter
est which the government, under a. Re
publican administration, has ever paId.
This was paid at a time when there was
question as to whether we should have
government or not, $l40,000,O0O being
borrowed at that rate The next loans,
amounting 10 81 ,2O0OOO,OO0, were taken
ut six per cent. Since 1870, the highest
interest paid, on loan made. was five
per cents at. which rate S500,0O0,0OO were
obtsined. and s50,OOO,00O were obtained
ut four and one half-per cent. The pres
ent loan is made for the purpose Of re-
firing six per cent. bonds for an equal
amount, thus decreasing the taxes to be
paid i'm theIm;ry of hiterest.two per cent,
or, in other words. Swing 81, 100000 to
tho people for every Sa0O09.00O of the
six per cent 'bohds paid off by the avails
thiS l0lF pei ce4I. iOdif. 800
Those taking the new loan pay in gold.
andare promised principal aud interest
in gold, andsit is highly gratifying to us
as nation that the loan has been taken
so promptly and by the citizens of the
United States, it being largely absorbed
by savings banks, trust companies and
sinking funds, where the main requisite
is perfect security and punctual payment
of interest. There is only one nation
upon the globe whose credit is equal to
ihat'ofithe United States. England being
the only nation which can borrow money
rs cheaply as the United States at the
present time. From the highest point,
the debt OF the ration has been reduced
about $6G0,gcUO00; this, with the re-
duced rate of intcres., makes mi annual
saving Of SCI 100000 in interest, and is a
complete answer to the Democratic ire
form" ISLANDERS upon the Republican
party, as having destroyed the credit of
the nation, and burdened the people with
taxation.
Our decreasing debt and increasing
credit makes our near neiglbOrs i'm the
Canadian provinces envious OF us. A
Toronto paper calls attention 10 the fact
that the United States has reduced the
public debt s3OO,O00,OOO in seven years,
and reduced the interest from six per
cent. to four per cent, and this, too, al
ter costly war. Thereupon the To
ronto paper wants the free traders 20 eX-
plain ''why it is that the Dominion, hav-
ing had no war, having enjoyed a semi
free trade tariff on manufactured goods,
and almost complete free trade in the
products OF the farm and the forest, is
Obliged TO send her finance minister to
England ANNUALLY TO borrow MONEY for
government requirement.. and finds her
debt increasing aud her credit weaken
ing"
.IiSff fff .-------~--..-,---- ----iiI