The Minnesota pioneer. [volume] (St. Paul, Minn. Territory) 1849-1855, 1849-07-26
From the National Inte!ligencer.
American Credit.

The present condition of Europe is invi-
ting the reflection not only Of statesmen, but
Of practical men of business throughout the
world. While her old feudal edifices are
Wondering into ruin, her systems of finance,
OF revenue, and expenditure must needs
undergo changes corresponding to those in
the body polite. The progress of ideas
may revolutionize States; but no reform is
complete, no new government securely es-
tablished, without analogous changes in its
system of finance. 1t is the Intellectual at
tempt to adapt the system Of finance to
governmental progress which has led to the
reactionary movements in France, Germany
and England, and will prove the fertile
resources Of new revolutions, until the re-
sources Of the Government are no longer
equal to their suppression.
Adopting a mercantile phrase every Gov
eminent III Europe Is bankrupt; the mort
gagged labor of future generations being
scarcely equal to the payment of the inter-
est of its debts. Every new revolution, ev-
cry effort to suppress that revolutions, leads
TO fresh expenditure of money, while the
resources are diminishing, or remain at best
stationary: the increase Of the population
itself becomes an additional source of en-
barrassineat. $3.50 49,
Under these circumstances, the question
the various bonds issued from time to time
10y the different governments of Europe;"
In England the holders of consols look up
on them as a transferable annuity, which will
be paid as long as the Government main
tains It's ascendaucy within and relations
positive with other Powers; in other words
as bong as under the present organization of
her society, the products of the labor Of
Great Britain sell at such remunerating pri-
ces in foreign and domestic markets as sup
port the people and the Government. A
change in the latter a depression in manu-
features, IN commerce, or a change in the
commercial relations of the world would be
fatal to her credit and her bond holders.
Holland has never yet paid the debt OF
her revolution and independence from Spain
aud was but recently obliged 10 have re-
course TO a forced loan TO meet the payment
of her interest. Belgium was, by the Lon
don conferences, saddled with large por-
ZION of the debt of Holland and maintains
the luxury of a separate Government ut an
immense sacrifice. The maintenance of the
standing army of Prussia absorbs more than
half her annual income. Denmark has gone
through several bankruptcies. Austria has
failed twlce--Once paying twelve, the Sec
ond twenty per cent Of her Indebtedness,
and is now literally beggared; while the f..
nances of Russia are brilliant only to the
eye Of the inexperienced, who does not con-
slider that her entire internal circulation con-
ssts of paper; the Emperor being the great
mouopoliZer of precious metals. In France
the conversion of the five per cents was Sc
riously agitated several years prior to the
revolutions; but the holders of these bonds
belonging mostly to that class Of people
from whom Louis Philippe derived his
chief support, the project, though repeated
iy urged in the Chambers, and causing alb
dication of more than one Minister of FL
nance, was as often abandoned as renewed.
1t is nevertheless clear that France is not
able TO continue 10 pay that high rate of in
terest, though for political reasons the pres
ent Government be in favor of such
course.
In addition 10 all this, the oriental question
(as the question about the division of Tur-
key is called by diplomatsts) is now press
ing for solutlon--a question affecting the
material interests of every European pow
err, and conflicting ''status quo' of the " hole
European Pentrarchy.*
Now let US reflect for moment on the
position of the United States. She has
made her revolutions; she has passed the
crisis which, IN the progress Of reform,
threatens DISCRIMINATION and anarchy. Her
resources are but just beginning to deveIope
themselves, her population is increasing
faster than any other on the globe, and re-
ceives annually large accessons Of lhous-
aDds upon thousands from Europe; while
money, finding better and safer investment
in America, follows the tide of emigration.
The whole annual product of the labor
Of the United States averages ia round
numbers two thousand millions of dollars.
The whole Indebtedness of the Government
sof the United States is about sixty millions OF
, dollars; less than three weeks labor Of the
: People applied to the debt would wipe It
, off. The Indebtedness Of The States IS about
. two hundred millions; little more than
two months labor would cancel it. Europe