How Mr. Gladstone must yearn for the management of Ameri-
can finance 1 The Washington Treasury has just taken another great step towards the reduction of the Debt, having placed £60,000,000 at 4i per cent. with an English Syndicate headed by Messrs. Rothschild, which is issuing the bonds at 103} per cent. If the operation succeeds, as seems probable, it will• follow that the Americans, who, as we show elsewhere, have reduced the burden of their Debt one-third since the war, can raise money in great quantities at about one per cent. more than the British Government. The only weak place, in fact, in their credit now is the vast amount of their Debt held in England and Germany. We recently questioned this statement, but we have since been assured, on official authority, that the proportion of the Debt held in America is much less than the proportion held in Europe. Repudiation, therefore, would not directly affect the masses.
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