New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-16
SifiIL LNTESTNENTS.

SNAIL INVESTMENTS
Let us take IL lesson from France. IL heeo
cause no shame, for 10 nation has peeh more
wisely managed than France III things OF the
first moment. 1t has startled the world, hrs''
bv its marvellous financial and industrial sue
cess. after a great defeat in war, ana sccohu'
bv its vet more marvellous growth III true sen.
r,lc-ip calmness, self-rcstrant. patience ana
reliance upon the power of the ballot III the
l,te crisis. What are the causes' Are they
not such that the United States should study
Them. and draw from the deeds of France les
sons for itself? The latest foreign mail brings
official information well worth study Inc
number of French holders OF French reh'es
registered was 4, 40i,7G3 more than one year
AGO. and Il large number also held the ui'.
registered or coupon bonds. The NUMBER vi
dcpositors in savings banks has grown from
81 to 60 in ZOO of population. Does some
one ask what this has to do with hnahciai
success or political stability
Until recently, France was the land OF hoaiu-
crs. the home of the communist, ana the WOMB
of revolutions The people had no stake Ill
the government. Few were trained by pec"-
mary responsibility to care for social oroer.
of all western nations, France boarded most
and invested least. The marvellous success OF
thot Nation in finance has been ascrlbcd 10
II. rrlgalitv. This is truth, but 1t Is not the
vl.olc t,uth. The Nation trumphcd in finance
because = frugal people suddenly ceased to
hoard and began To invest. Millions OF niue
boards were drawn from hiding-p'accs. In
$50 thc holders Of French rcntes registered
numbered only 1,231,o00; more than year
ago the number had increased to 1,4Ol,'oo'
so that more than half of the families IN rance
held direct interest in the stability OF the
Government. But in addition, there has been
marvellous growth in the number OF savings
bank dcpostors. In 1885 there were only
in 600; in 1861 there were 3G; III lS'o
there were ~, ard in 1870 there were 30 III
600. Fuly onc-thiId of the families, III
other words, are now bound by pccuniary
saving, to care for the stability OF the Gov
eminent. for there, As here the lie of saw
ines institutions depends largely upon the
public credit and order. No doubt. many who
arc dcpositors also hold shares OF the Govern
mcnt securities, but there is no room for dis
mite that much more than half OF the heads
of families in that country have now acquired
direct pccuniary interest IN the maintenance
of order. the defence of public credit, and in
the stability of the Government. Hence II was
that the Marshal, pushed forward by clerical
| and Bonapartist influences hitherto IrrcSistipic
IN France, found to his Arrangement that he
WAS beating his head against solid stone
wall The people Of France had become con
Communistic agtat6rS Aad become investors.
nor feared, because France has learned the
great lesson that he who saves ought TO have
| security for his savings.
Suppose that more than half of the heads of
| families in the Western or Southern States of
/ this Union had investments in the bonds of
| the Union, would there be any danger of re-
pudiation, Of silver bills, or Of disordori In
| Ncw-England. NcwY0rk and Ncw-Jcrscy,
much more than half of the voters are either
dcpositors in savings banks which invest their
capital largely in Government bonds, or are
holders of bonds themselves, or of stocks in
banks. Far more than half have the investors
interest IN the public order and the public
credit. As consequence. no scheme of re-
pudiation. 10 plan for robbing creditors at the
expense of public honor, finds any encourage
mcnt in these States. But at the West and
South, the majority Of the people have no
such stake in the good order, good credit, and
general prosperity of the country. The bonds
have not been popularzcd ~ TO attract
small holders. Savings banks are few, and
have departed from their Legitimate functions.
Secretary Sherman proposes To place United
States bonds before the people for subscrip-
ton, and i'll such amounts that small investors
may find therein Il place for their savings.
THIS IL a measure of great wisdom. 1t ought
to have been adopted long ago. and cannot
now be adopted too soon. The methods
chosen ought to he such as to bring the bonds
directly to the notice Of the people, especially
at the West and South, and TO give them
every possible facility for purchase. Arrange
mcnts can easily be made by which every Post
Office and every National bank shall be en-
ablcd to receive subscriptions. and save the
subscribers the trouble of obtaining gold for
their currency. Too much cannot be done to
bring tho loan within the ready reach of the
humblcst citizens. The experience of France
shows what results may be expected. Every
citizen who becomes an investor learns the i'm
portancc of order, and discovers that every
sort of rcpudiatcr is a public enemy.
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