Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-25
POLITICAL ECONOMY.
FOR THE ENQUIRER.
THE rSINIES

FOR THE ENQUIRER.
TIE TINES.
A deeper gloom WAS never spread over
the CONNER cial world than is seen AT this
momtn,. We tecliiin America we ear of
II III Europe. How many persons aax,.us
~ ask, ,che1is this state of things 10 end
How Is ii to wind upl
Europe, not exhausted. but weakened
by The u9'S OF .he French Revolution. is
Ihboring under grievOus cnbarra ssmeniS.
War adds 10 the debt, not TO the wealth
Ola nation. No, only are lis soldiers and
seamen Withdrawn from its productive
labor, hni they must be mainiainc., by
The productive labor of others. They
neither reap nor sow--and they toll MOI
tor wealth they add nothin. TO the stock
OF national riches however much they
may add 10 rational glory or security
But, as they make uoihing for them, selves,
they must live upon rtlicrS. Government
must either fax the people for their sun
port, or n must run in Gebi-in other
words, tax posteriy by anticipation. The
last Is now the resource OF all govern.
menls. They fly to credit for infinitely
the greater part of the expenses of their
wars. They borrow capital on What terms
they can The very capital which would
have contributed 10 put active labor into
motion, Is lavlshed upon fleets and armies:
The nation makes less, while il runs deep
er INTO debt. II is paper credit The iaci
lily OF making loans, by funding; them,
that has enabled Europ' 10 carry OH her
'ate wars bu, this very facility has iii
vrrted her productive labor amd capital
INTO other channels, and plunged her
the part of a spendthrih, who burns his
candles al beth ends he makes less 10
live on, while he spends more he finally
finds liis estate 10 he iiampcred by bonds,
mortgages, anu deeds OF trust-wliie his
capital Is too much reduced 10 enable
him by his protiIs 10 discharge his debts
France, indeed, ,oI.trived 10 carry ON
the war OH better terms than most Of her
eneE,ies. She lived upon them. Her
troops levied questions wherever they
marched; her own capital therefore was
less rednced. while her debi was not so
frishiiuliy Increased, rs was that of her
adversaries. The wheel, heweyer. has
turned. France, who proved upon others.
has been preyed Oh i'll her turn. Her al
lies have demanded and are receiving
heavy reimbursemenis. These she was
compelled 10 raise by loans. Unfortunate.
~ for her, the amount was so large, the
instability of her government so great.
aud lis credit SO los, thai Tor every hun
dred francs she run in debt for, she some.
times received only 60 or 20 francs thus
making Tie amount Of her funded debt so
much iargerilan il really was. She how
ever was The only one who felt This addi-
non tor The commercial wo,li, from
whom she made these loans, did not of
course advance so much. But still its
loans To tie French government have been
very considerable; perhaps We may safe
~ rate them at nearly BOG, COO, 600. A
large part OF those loans has been made
by English merchants who have thus
Withdrawn from the mercantile world such
a portion OF capital as they have for lime
locked up III these evidences Of French
debt. Here ilien is a new drain from lie
mercantile means of England new
cause OF the pressure upon her markets.
But France Is not The only nation That has
lately had occasion to borrow. Sweden.
PriIssia, Austria, and II il believed Russia
also, have been induced 10 make loans.
partly TO meet their otherdebis, partly 10
delray the expense Of their great military
establishments. All these Ioaus are so
much for The time taken out of the com.
mcrcIai market /; principally from tina, OF
England, the nation Which has Tie great
est monled facilities at her command.
What then wiIh the waste aud expense
of tue late wars what viii, the loans re
gently contracted by France and other
states; we have some clues To- tie present
embarrassmenis OF Europe. We throw
out OF view her over dealings in certain
lines /; particularly The over-deaIings of
The British manufacturers. II Is notorious
Thai they have flooded many Of the con.
iineptal markets with their goods; which,
from variety of causes has been some
times losing business.
From Europe let us turn 10 America
Here we tiud in almost every quarter, an
unparalleled embarrassmeDfin he money
market. North, South East and West there
have been very heavy failures in tic mer-
canlile world. II is but Two DAYS ago ue
heard of several large houses in PIlladeI-
plla giving way one Of these, is one OF
ihc largest East India Dealers Oh this con-
iineDi. But 81 cxIcnds io almost all class
6. IIc products Of our land. the land
liseli, ali SORTS Of properly, bank stocks
have fallen ~ price; cad money alone
seems i0 increase ia value. Tliis pressure
lor the want OF money is said ,0 hc hrayjl,
tell n'he WPstPrn county,. We are told
by q Lexington paper ~ lhe Sih isu. iiiai
indn.iri0GS mechanics ar- ujihOui rm-
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