The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-11

Resumption.

ARDsoN were luuinarcs in this class. We
have a correspondent who follows out the
doctrine to an absurd extreme He contends.
with the pUsitivcncss " Mllcritc predict
Ing the end Of the world, that, 50 long a.
country owes foreign debt Of any magn-
tudc. it is impossible for it to maintain
specie payments. lie says this position is
"imprcgnahlc.' "unassailahlc.' "aNiom-
ntic' and great many other things be-
sides; and. finally, that ono intelligent man
will attempt to rcfutc it; yet he appeals To
our magnanimity' to attempt that rcfuta-
lion.
II is very evident that We cannot convince
our correspondent. who has already put on
his ascension robes. hut We do not despair
Of convincing o,ory body else that there Is no
truth in his proposition. In the first place.
We knock all the brains out Of ii by a single
example Here Is the Dominion Govern
mcnt ON the north OF Us. which is heels over
head in debt abroad. mortgagcd up to the
ears in all its industries and all It's Interests.
to Foreigners hanks. railroads. merchants.
the Government. Withcvrr, body ami "y"rv-
thing else chin deep ia foreign debt. and yet
steadily from first To- last thcy maintained
specie payment, all through our civil war.
and through the trials and vici-Situdc- Of
the great collapse which has Frustrated the
trade aud business OF the whole world since
1873. Now. what Is the value Of an improg-
nablc una~sallallc axiom That can bee blown
out Of water 10y a single fact like this I;
What are We W think uf the hardihooi If
demanding instant and unqualified acqui-
csconcc in proposition that a single fact.
open and patent 10 all mankind, 50 conn
pletcly cNpludcs
1t cannot tc sand in reply that this over
whclmiug indebtedness of Canada abroad is
Offset by q favorable condition of hcrcXpurts
and imports, for it has been the rule OF Ca
madam foreign trade that the imports cx-
coed the exports. ana this il what the bal
ancc of trade men consider fatal to paying
debts, and especially fatal to the mainte-
nance of specie payments. But Canada
credit Is good Canada pays her debts by
hook or by crook; and sh" iucontcstably'
maintains specie payments without having
any difficulty about IL. Now without going
into any argument. We say that in the trad
ing and financial world. what Canada does
the United States can do. This, We think. il
making the most modest Of statements.
For We are relatively far better of than the
Dominion IN respect of our foreign trade.
and beat il out Of sight in our show of ex-
ports and imports, ON the balance Of trade
theory. If Canada can. with little trouble.
maintain specie payments on her showing,
the United States ought to do the same
t,,., ''' w
il chooses and sets tine right wa to work
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