Year: 1870

the enthusasm with which the Germans and others
espousng war which they have been led 10 believe is
for national integrity Alone But this will not last long
The tendency Of and education is for and
peaceful pursuits and just as soon as the war shall
swerve from or surpass It's ostensbe aim Of national de-
fense the ambitious leaders OF country will their
people leaving in for that Western World where 1t
Is out Of the power OF designing men TO embro neigh
boring States from mere motives OF aggTandise-
ment or precedence. A restoration OF peace In
Europe even temporarily or partially, will
enable Capital and Population TO extricate
and come TO America Capital avaiing OF the telegraph
and with all the haste OF its CONSTITUTIONAL mldlty Will
Every is bringing is agents for the foundation
Of banks the opening OF larger connexions with
our money centers, In the interior as well as on the


Our home nanciers have expecting to gold at
40 and Government bonds unstable by reason OF their
heavy return upon hands, whereas, after deprec
alton which lasted but few days bonds have gone back
gland astonished much at her dependence upon us
as at ability to respond In support after receiving
send it ali back again and probably with much more
Already rates Of interest becoming equanzed by the
telegraph have touched with us lower point than ever
before. and two months money was plenty In Wall
at three per cent per annn. All that now want
ing is faith Ia ourselves and the knowledge or our power
and capacity in order 20 make three and four per cent a
well known in the Wast banks as In those oi England
u '"O USELESS OPPOSITION.


Under such circumstances, 1t IL perfect mystery why
unbiased citizen OF this
and oppose the refundng of our national debt at four
per cent. There who seem TO be actuated by
to prevent this Spow onn TS IN aSng Mr
wells way at every turn Having no faith in them
selves they have no isn m ing ss undn
which alone they base their Judgment OF the fu-
ture, to tho utter disregard OF revolutions or warn
ings la the present They do not that all financial
oscury and fog Is being driven from of the face OF our
country by the triumph Of its institutions and the matu
rty OF its power For some time past pioneers OF
this new state things have announced from their east
ward watchOwers in Europe that the day OF America
dawnng; and although most enlightened men at home
are beginning to and rejoice In this truth, there
are still numbers OF faithess grumblers and
false prophets who maintain their opposi-
consstencys Sake -Four per cent is most assuredly
full rate Government to to trustees banks
not only freed IRON taxation thereup5h IN
the receipt Of good income, without shade Of
risk Even, perhaps before the outstanding fye-twen
ties can 6e CONCERTED or redeemed, let the present
measures be acted upon rapidly possible, and
lha the force Of these arguments and the folly OF


POPULAR ERRORS AND IGNORANCE.


Tho influence of some part of the press and OF our
always redundant class OF wseacres is especially OBJ
structive and misleading besides being crude and often
nonsensical New-York journal Of ability, in late
editorial says the received by Gen. Schenck
came from one who fances that people made advances
editorial the same Journal asserted that the bulk OF the
gard 10 the rate OF interest than TO the support OF
ernment approved by them-thus plainly contradlctng
itself





from of less pretension evidently based
upon the familiar sophstres with which the late Euro
gatherers OF fleece have been wont TO lu our
Outcry and quiet restessness under the shearng pro
cess He VINO look behind the scenes" IA constantly
amused to not only the amh but the old sheep OF
flock arrive from travel in Europe with the alim-
portant information that Baron This or sir solomon
That had cOndentiay informed them that five per cent
is every cheap" "Jor u.s." and that nothing better can
be done it is still moro astonishing to see
the ignorance Of foreign finances and 1.-THE experiences
displayed this country. by those who are looked
upon leaders To listen TO the discussions in Congress-
fba A
lookerOn would suppose that all these great questions OF
iiteTatnre that we are pioneers in matters which
threadbare in other countries before our gen
Grafton was born But the days OF captivity are
over aud these great questions will have worked out
their sayation-thanks to the Babeike CONFUSION
opinions by which Providence has thus lar prevented
all premature and hurtul action, -
SUPERIORITY oP OUR GOVERNMENT sE-


In respect Of our Government bonds the question is
very simply Of Hrstcdss supply and demand That
which keeps English three cents at 92 and will also
maintain our loar per cents above par will be mainly
TIE tact ot no ss,sg q az g"S fqq or de1@ gg
the present war; by showing that man can positively
and crowng Continental States has made papablc the
absurdy OF comparing our Government securities win
the indc6edness and anything but securities OF other
governments. England, perhaps, alone excepted: And
yet these governments have been fOF years plainly and
the of their existing forms. and perhaps in
consequent national bankruptcy IS Just here tat we
credit by and through want Of faith and comparative
observation.


Tire existing European has turned the eyes OF En-
Is investors than To- bonds being safe
from It's ciectg; and, during the past two months the
amount of these bonds owned In England has been
so largely increased as 70 be now estimated by
Iars Tho writer has cash orders in the
hand. Of London investment agents as large as
and this the midst Of general panic and depreciation
other values 1t must he evident 20 any caicu
Iatng man that the immense amount Of bonds which
have been thrown and heaped upon the markets by the
speculative holders FrdiOrt and elsewhere have not
to any extent to America, for but compara
lively few millions Of gold, after all, have gone out Qf
This country against the unknown millions Of bonds
which have changed hands since this crisis began
The declining gold premium shows that tho return OF our
bonds has ceased altogether.


THE REDUCTION OF INTEREST RATFs.


In the interest of the demand for Capital in this
simperotire keep ~ mind that the present change
Of interest rate by our Government directly affects all
the Government has right to consult merely its
convenience eNpedieney II ia and must be the
pSich should also be the most enlightened condensed
and advanced expression. Te greatest at from which
Y anG 0OGns una9sowed and the foremost ss i%Pedi h


snt to that enfranchisement Of trade which all Of
est is not alone much the oages Of labor from
iOheh pe snTer as ~ Is rom ne nages Q eapifdt
bhe pay consumng the same amount of food and
clothing. money in England while he suffers in
production of every of his necessities
costs il England average OF four cent while In


or THE PRESS.


This subject is too great and WIDE to be more than
should be to keep discussion alive and not to let it
rest until the truth shah become plain and all erors
national finance is Indispensable The only features
into ear snSca system as s aS
lalJ takes its. shape, are, should be, those
Of broader and more entirely cosmopolitan
scope due to the moral extent OF popular institn
ioas. which can hayo no barrier nor limit Awaiting Of
an sea- we should provide in that fnanci system ,or
the cooperation OF all the nstionates, who are now
waiting for to take the initiative, and thus form
OF commercial ipterest This age demands
International conformity OF measures, values and
rences, and AL the signals Of trade, and country
should act for all, tc the total disregard OF
prejudices which are as purely local end
CrOundess as they restrictive to our growth
and false 80 the principles Of Government whose
eared a has always Seen to the greatest good
to the greatest number


Hoping that wide circulation and more general