Year: 1876

l.. J. Jenningso London Letter to New YORK World
The result Of the Presidential election was
not known here till after midday ON w Wednes-


day. Although the election of Mr. Iilden


was probably surprise to some who can not


see beyond their noses, Observers who knew


the forces at work have been prepared for it


for several weeks past. On the first arrival


Of the news here yesterday afternoon an at


tempt was made to depress the price of


United States securities, but it was an utter


failure The figures quoted this morning are


the same as they have been for at least fort


night back. dare say another attempt of


the same kind will be made before this letter


reaches you, but it will not succeed. The


confidence Of the people here in the people


over there Is far too Strong to be affected by


Il change of parties, or by the substitution of


Mr.. Tilden for General Grant. Your party


Questions or distinctions are not understood


over here, bat | find that M talking to any


body on the subject he goes at once to a solid


foundation. and says: Il do not believe


their debt" That faith is strong and


il Is firmly held by our leading bank
ers and merchants, as well as by smaller


investors. have often been asked my opin-


ion on the question, and have given it in


pretty nearly the same language that | used


in writing from New York as the correspond


cnt of a London paper eleven Or twelve


years ago, when belief in the United States


was not quite so general as it Is now.


have seen no reason to regret what ! wrote


then and consequently ! feel al the more
confidence IN repeating the substance of it.


have found, indeed, 10 speak frankly, a


larger proportion of Americans who have east
doubt ON the future of the debt than Of Eng


lishnlen. Three weeks ago at Il very eminent
banking g-hOuse ] was asked by one of the
partners what thought would be the result
of the then approaching election. SAID 'Un-
dOubtcdly the victory of the Democrats. -
Chow will that affect the bonds? p he asked:


do YOU think they will be in any danger"


said, 81 have no doubt you viii hear some
discussion on the subject, and see afcw reck


less speeches or resolutions now and then,
but you must look upon all that as mere gas


The people will pay their debt, and there Is
no party strong enough to drive them to the
mfamy of reputation. happen to know
that this one house holds very large amount
of United States bonds on its own account


was astOnishcd to see in a recent number
of your journal a statement copied from
another paper to the effect that the subscrip-
tiOns to the fOur-and-a-half per cent. loanOn
this side would cease ''if the Demo
cratic party carried the election in
November There certainly never was
the slightest groundwork of fact on
which to base this assertion. No
alarm OF distrust has been expressed in any
quarter. Not single word can be quoted
from any Of the public journals suggesting
that the success of the Democrats would rem
der the public debt less secure than it was be-
fore. The prices of all the securities have re-
manned remarkably steady, which, perhaps,
was a sufficient answer in itself to the state
ment Of your cOtemporary. For, rccOllect
that we have been passing through apcriOd
Of great excitement and uncasineSs, and that
all foreign securities suffered greatly for a
time, and even cOnsOls went down. The sole
exception was to be seen in the United States
loans, and they showed scarcely any change
in no instance exceeding decline OF three
tourths per cent; and this at the very time
when your cOtemporary reported the exist
ence Of general distrust. The opinions ex-
pressed by Mr.. Belmont in his letter to you of
the nineteenth ultimo are thoroughly shared
by the chief bankers and merchants on this
side the Atlantic. Stock exchange cliques !
cannot break down the public confidence in
the honesty and good faith of the American !
people. do not express any opinion of my
own as to the election of Mr. Tilden; | am
merely Il reporter of facts, and | am conf
dent that what is stated above viii stand the
test of time