The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1848-06-01

AMERICAN SEcuRITlEs.-A very general idea
in commercial circles in the United States is,
that the unsettled state Of Europe will drivea
very large amount of money to this country
for Neutrality-suspicious. all over this CONT
nent as well as in Great Britain, with reyolu-
tons impending over their heads, making ev-
cry exertion TO realize their surplus means,
with the intention of investing them in land
whose political institutions are stable.
Among the extracts from English newspa-
pers received Dy the steamer Cambria, which
We find in our eastern exchanges; is one from
the London Daily News, bearing directly up
this subject, which we commend TO public at
tention. 1t takes different view from the
one commonly held in the Atlantic cities:
The New York papers, by the United States
packet, al Liverpool, Specializing upon the
general disorganiza ton of governments and
credit in Europe, fatter themselves and their
readers that in consequence there must be a
rush OF all European rapital into the Union
for investment in American loans, stocks, and
shares OF every description, because in the Re.
public alone are to be found those conditions
of security and order which must be wanting
| in the old world for person and property. The
Secretary of the Treasury would seem to be
partially also of the same opinion, If in .ha
sense may be interpreted his intention 10 put
up, BY advertisement, the loan for 10000, 00C
of dollars recently authorized by the Legsla
ture, for holdings in Europe, in this capital al
least.
Ii is some what strange, however, that with
such convictionsif convictions they are, the
capitalists and moneyed classes of the United
States do not themselves eagerly compete fol
and monopolize loan of an amount too mod
crate to be unmanageable, and which TO theil
thinking, if sincere should be so readily dispo
sable in Europe, most eagerly contended fol
indeed, al such premium profit rates as they
might be content with.
| II may chance, nevertheless, that govern.
ment Journalists, and the American public
will find themselves wide of their reckoning
in the matter. There are no such masses o.
capital lying waste in Europe, with owner:
anxious TO risk them across the Atlantic, as
they are pleased to imagine European capital
lists have disappeared in the wreck OF revolu-
| tons, financial righteousness, and industrial
social disorganization. Capitalists, whose mum
Der almost was legion, have disappeared with
them. These vast capitals were mainly en-
barked in values represented bv public, and OF
no intrinsic worth but what such credit com
manded in the open market. Take the public
debt of France, embracing with Treasury bonds
and The general debt of depots and consigna-
tons, gross engulment of capital OF six OF
seven millions of francs, say $50 millions
sterling-where is that capital now, and wha
the position of most of the great capitalist.
compromised as chief creditors of the State?-
That debt, and those government securitie:
would be vastly exaggerated at the rate Of Sc
per cent. upon their nominal value now. Not
halfa million on sale could realize so much
And yet three months ago they could be real
lied to any conceivable extent at 80 or 40 pei
cent more than actual quotations. Thus il
one European instance only, capital has been
cut down Of its realizable proportions by l2s
millions sterling at least. Let the people and
papers Of the United States not deceive them
selves, The securities they tender are not the
more, but the less priced because they offer q
much greater-a double rate of interest thar
those Of this country. Foreign capitalists, sucl
as they are left. will rather still flow into the
British funds al 81 per cent, than into the u
states yielding per cent.