Year: 1876

The PUBLIC CREDIT


Mr. Belmont, the banker, does not write let
ters for publication. He is particularly
reticent, cautious, secretive gentleman, who
will never be caught explaining to the public
his own opinion of any investment III when
he may be called upon to bid against other
people. But Mr.. Belmont, the politician, does
write letters, which, to do him justice, are
more gushing and enthusiastic than accurate
The politician knows nothing of the business
of the banker, and betrays his singular igno-
rance at every step. 1t would be hard to find
n man who obeys more faithfully the Scrip
tural Injunction not to let the one hand know
what the other d0eth Indeed, so absurdly
ignorant is Mr.. Belmont, the politician, OF
things which every banker understands, that
many persons who do not comprehend the
beautiful duality of his character unchartaDly
hold him guilty of insincerity.


Mr. Belmont, the politician, is of opinion that
the credit of the United States is not more
affected by a change of party control than the
credit of Great Britain. Mr.. Belmont, the
banker, knows that he paid, and was glad to
pay much higher price for United States
bonds, after the election of Grant in 1865,
than he or any other banker was willing TO
nav before it was known that Mr.. Seymour
and Democracy had been beaten. The banker
knows that the price of bonds did not jump
inward without reason. Capitalists all over
the world knew that the Democratic
party could not be trusted to pay the
war debt faithfully. They know now,
and Mr.. Belmont, the banker, knows full well
that his party cannot be trusted i'll that re-
spcct, for q reason so evident and so simple
that any politician of fair intelligence appre-
ciates its force The debt is war debt,
created in supDressing a Democratic rebellion
The Democratic party is controlled absolutely,
and for forty years has been, by that very
element at the South winch made the rebellion.
Mr. Belmont, the banker, is not such iinan-
cial idiot as to suppose that those who rebelled
are anxious to be taxed to pay the cost Ol
whipping them.


No sane man can believe that the public
credit will ever be safe in the charge of the
Democratic party so long rs that party consists
of solid South and a minority Mt the North
which has become a minority through its utter
subseryiency to Southern demands. There Is
no room for argument on that matter If the
Democratic party were anything else but the
tool of a section, and that lately rcbelll0uS
section, the case would be different. Not until
that party gets to be something else VIII II De
trusted to pay the debt incurred i'll suppresslng
the rebellion of that section. What the country
needs is a party not based upon the sectional
issues of the war. But such party the South
and its tool. the Democratic party, are deter
mined that the country shall not have


The triumph of the solid South and its
Northern tool would mean danger to the pub
lie credit and every banker or sensible buSl-
ness man knows it, though Mr.. Belmont, the
politician, does not. Men who have invested
the assets of insurance companies and savings
banks in United States bonds, and who know
that any serious break in the public credit
would bankrupt such companies all over the
land, and bring heavy loss to two millions of
depositors and one million of persons who
have life policies, are not quite as fortunate rs
Mr. Belmont in the possession OF beautiful
duality of nature their just fears rs capitalists
are not altogether slenccd by their enthusiasm
as Democratic politicians. Bankers whose capl-
tai is mainly invested i'll United States bonds and
who we'll remember how Mr. Belmont, the poll
tician labored for the success of party which
demanded payment of bonds IN deprecated
paper, do not share his zeal for Democratic
success, for they have heard the crazy cry of
vengeance against the banks, have seen the
hostile votes in Congress, and know that the
cry and the votes came almost exclusively
from Democrats. Business men generally know
that they cannot afford TO have the country
plunged into another whirlpool of uncertainty
about the currency and the public credit, and
that Democratic success would inevitably cause
more fatal uncertainty than we have seen since
Lee surrendered They will vote not as poll
ticians, and many of them not as partisans.
If Mr.. Belmont could have two votes, the
politician would vote for Tildcn, and the busl-
ness man would vote for security, for specie
resumption. for the public honor. and for
Hayes.


THyuTT