The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-05-18
AMERICAN SECURITIES IN ENGLAND.


The following Ie na,ks relative to American Seeu-
rites ara FROM the Londoa Morning Chronicle:
Many persons who are unscqusinied with the manner
in which American securities held 10 this country.
have expressed surprise that no material depseciA
~ their value has occurred since the proceedings Of the
Goson or Of Mslne, with respect the boundary qnes-
ton. were made known. THIS arises enirrly from
there heng speculation ia them, and the purchases,
Whenever they made. being hons 6de investments.
with view Of obtaining better rate Of interest than
they can get at hume; and therefore, as long rs the
dividends regularly paid there viii he none OF those
violent hurtusons which often take place 10 the
stocks Which extensively sPecnaied inst the otock
Exchange. where the slightest event u taken sdyan-
iage Of by one party another 10 produce an efct
on The prices The holders Of American stocks evil
IDENTITY sppthend nothing very serious from the occur
rences Maine. for, stated the day before yes
erday, there have been scarcely any sales since we
were in possession Of the news on this SUBJECT Great
misconc option also prevails as TO the amount 81 me
debts Of the different States Of the American Union
and the extent Of the stucks held here which IL will
perhaps lie important 10 remove at this moment
II has been repeatedly stated that these debts exceed
in the aggregate the amount Of the Amercan national
debt to lis liquidation, but il will be found Ivy
reference 10 any statistical work on America, that IN
1916 tho national debt its height. being then
Sl27 TOO OOO or about f25 500 900 and the debt OF
The different States collectively amount TO $780,,
500 600 or about f24.l40 900 la 1916. moreover,
The population Of the United States was only 600 600,
bu, now il is estimated at upwards OF 100000 which
necessarily makes very material difference IN the rail-
of the debt ss compared with the national debt
of that period while in 1916 the production OF cotton
was under 500 900 bales, whereas in 1897 the cop ex-
ceeded 100000 bales. being IN value about
| 900 sterling in 1885 the national debt was hnsliy
maid off, and therefore only fair 10 argue that ~ the
United States could ex,ineoish f25 900 900 in yeats,
her growth in wealth and population since that period
ought to be guarantee for the loans subsequently,
raised by the individual States The national debt was
incurred for the expense OF war. and was dead loss 10
the country but the money borrowed ny the indisuoai
States is for productive purposes snch rs canals ra
roads banks &c the revenues OF which are specially
pledged u addition the faith end general resources
OF the States These facts from which the public
| can draw their conclusions.
An the different States do not, however 1t must he
horne m mind present the solid security but the
investments in this country have chiefly been in the
better descriptions. As regards the sale Of American
securities, il also be recollecied that the United
States VIGOROUSLY good customers Of this country,
their imports from Europe very considerably
exceeding The value OF their exports, aud the balance
principally is paid FOR through the sale here. In Holland
France, &c Of their public stocks so that we have an
interest in fact in the successful introduction OF Anne
securities into the European markets, and this Is
point well understood IN manufacturing DISTRICTS
where those stocks held in large amounts AL how
ever. ahich shall recommend is, that the
public should examine into the character and object for
which each Of these State stocks respectively have been
created aud allow themselves TO he alarmed or led
away by statements which constantly appear without
any foundation, whatever or the 81 20 700 900 the
present debt OF the American Union collectively s75
900 the proportion stated set apart for internal
improvement. about $40 900 for banking. and the
remainder for miscellaneous objects The debt Of these
States, compared with the population IS seven dol
lars, about guinea and half, to each individual
To make the matter more easily understood however,
as regards the debt have formed the accompanying
statement to show the amount Of the liability Of each
State and the extent held in this country. II is taken
chiefly from the reports Of the Accountant General and
other public documents and does include the amount
of public stocks, shares, &c. hut in specifying the
sums held in England include the stocks placed here
security for loans, which to some extent. The
whole greater part of the Kentucky and Tennessee
debts We believe, is deposited. although we have
reckoned. them amongst the quantity held invest
ments Tho amount in England, it will he seen. Is
about Fla 100000 sterling. rather pore than half