New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-23
AMERICAN CREDIT ~ LONDON.

AMERICAN CREDIT ~ LONDON.
The Dairu Ne,rs, of London, which has long
been known in this country as one of the
staunchest. frankest and bcst-Informed trends
that the United States can claim among the
foreign press, has drawn down upon itself the
anger of The Pal NAL Gazette by temper
ate and, in the maiH, an accurate article on the
passing of the Silver Bill. With character
istic good feeling The Daily Ncrs set itself to
show that the bill had been shorn of some OF
its worst features by the amendments OF the
Senate, and that however mischievous the
law may still be, it nevertheless cannot
strictly be called a measure of reputation.
The Government acted within Its legal
right in returning to double stand
ard, and the injury to the National
credit will arise more from the fear
of what may be yet to come than
from the necessary operation of what has
already been accomplished. But in thus
validating the case, The Daily Necs does not
spare its censllre of the action of Congress or
of the spirit of the silver party: The
material advantages of a course which must
"havc seemed, one would think, rather sharp
"practice even TO the most ordinary mind,
"havc been pressed on the American electors,
"and have heen listened to i'll way which
dis not rcassuring to foreign creditors who
"haye no real security if the good faith Of
"ther borrower is lacking. The Americans
"may have meant far less harm than their
"crcditors fear, and their feelings have been
"skilfnlly worked upon; but these consldcra-
"tions 10 not alter the fact that tho Govern
4 tJ.n l.gt orb
Giles with body of electors who are liable
"to DO swaycd by dangerous and irrelo want
arguments, and who have altogether failed
lin this vital matter to appreciate their tue
"intcress."
II is not easy to discover anything in these
remarks at which an alarmed British bond
holder could properly take offence; but The
PaH NAL Gazette is incxp:essbly shocked at
ga series of propositions more mischicvous and
" absurdr than any il has encountered before
in n respectable journal. 1t denOunces the
mild language of our friend rs "a pettifogging
"defence" and argues in a hot temper that we
have bcengJity of bald and fragrant reputation
of n contract, with perfect understanding of
what we were about, and malicious and
criminal purpose to swlndle our creditors.
"Tho arguments which were most popular in
"thc United States in favor of reconciliation
"werc arguments for despoiling the bond
"holder. and, as The Daily Nc'rs reminds the
"alarmpd investor, the power OF Congress to
"givc effect to those Arguments IL practically
"unlimited." Much of the language of The
gazette Is extrayagant and absurd, and some
of its reasoning is glaringly fallacious; but in
its unpleasant way it tells great deal of I'M
pleasant trHtb, which we may as well take to
heart.
Debtor III ions mOlc than others find an i'm
mediate and evident profit in sustaining their
credit and when that is impaired we shall he
sire to feel the wound 1.-THE fear of the
"Silver Bill has died away" says The London
Times, "but people row begin to dread what
"may follow it, and there is strong and
widespread feeling that if the Americans
"are to try experiments on their credit, they
chad much better do so with the debt held at
"home than in English hands. People sell.
"thcrefore, and are likely to continue to do
$50 while so much that is dangerous seems to
Surround United States National finance"
As the same journal remarks in another
article, of which the telegraph gave us
the spirit yesterday, it is unfortunate that
Just when such grave doubts are thrown upon
our integrity by the enactment OF the Silver
Law-Or, to speak more carefully, by the argu-
ments and evident purposes of a majority of
its supporters-a new reason to doubt the
honesty, and good faith, and nice sense of
honor of the United States is found in the
controversy over the Fisheries Award. That
we shall ultimately keep our agreement,
whatever it may be, we do not doubt. But
our journalists and politicians ought to be
careful how they expose our credit to any
more hard knocks by reckless talk. We have
not so much good name left that we can
afford to trhe with it,