Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1849-06-04
From the National Intelligencer
AMERICAN CREDIT.

The present condition Of Europe is inviting the ref C.
ton not only Of statesmen but Of practical Of bust
throughout the world. While her old federal edli-
ces Wondering into ruin, her systems ofinances of
revenue, and expenditure must needs undergo changes
corresponding to those in The body polite. The progress
Of ideas may evoutionjza States but no reform is CON-
plee, no new Government securely established, without
analogous changes in its System Of finance 1t is the in
ecual attempt TO adapt the system of finance gov
ernmenial progress which las led to tile reactionary
movements in France, Germany, ard England, and will
prove the fertile Of new revolutions, In the re-
sources Of The Government lJuger equal to their
suppression.
Adopting mercantile phrase every Government in
Europe IS bankrupt the moragaged labor Of future
generations being scarcely equal to the payment of the
interest Of its deb's Every revolution every effort
to suppress hat revolution, leads fresh expenditure
Of money while the resources are diminishing, or remain
at best stationary the increase of the population itself be
comes an additional source OF embarrassment.
Under these circumstances The question may well be
asked, What to become Of The various bords issued
from time to time by the different Governments Of Eu-
rope ?" In Engtnd, the holders of consos look upon
them IS a transferable annuity, which Will be paid as
long the Government mastans lis ascendency within
and its relative position TO other Powers other words
as long under the present organization Of her society
the 7roduc Of the labor of Great Britain sell at such re-
muueatinE prices in foreign and domestic ma rkets as
support The people and the Government change in the
latter, depression in manufactures, in commerce, or
change IN the commercial relations Of the world, would
be fatal 10 her credit and her bond holders.
II Hand has yet paid the debt Of her revolution
and Independence from Spain, and was but recently
obliged have Il forced loan meet the pay
ment ol her interest. Belgium was by the London cen
teences sadded with large portion the debt Of Ho
land, and maintains The luxury Of separate Government
at immense sacrifice. Tie maintenance Of the stand
ing army of Prussia absnTbs than hafher annual
income Denmark has gone through .era bankrupt
cies. Austria has failed twice-nnce paying twelve the
second time twenty per Of her Indebtedness and
literally beggared while the finances Of Russia
are brilliant only 10 the eye Of the inexperienced who
does moi consider that her entire internal circulation con
sist Of paper the Emperor being the great m0nopollzer
Of the precious metls. In France the conversion of the
five per cents seriously agitated several years prior
to the late evouion but the holders Of these bonds be-
longing mostly TO that class of people from whom Louis
Philippe derived his main support, the project, though
repeatedly urged the Chambers and causing the abd
cation OF more than Minister Of Finance was as often
abandoned renewed. 1t is nevertheless clear that
France is not able 70 continue pay that high rate of in
eresi, though for political the present Govern
ment mag be III favor of snc a course.
Ia addition 10 all this, the oriental question las the
question about the division of Turkey called by dpo-
lsis) is pressing for soluon-a question affecting
the material interests Of every European Power and con
fcting with the ''satus QUO" Of The whole European
Pen'archy.*
Now let reflect for moment on The position of the
United States. She has made her revolution she has
passed the crisis which, in the progress Of reform threat,
ems disoganzaton and anarchy. Her sources are but
Just beginning to develope themselves her population
Is Increasing faster than any other the globe, and re-
ceves annually large accessons of thou upon thou
sands from Eu re; while money! fading better and
safer investment IN America f1ws in the Tide Of eml
gTaiicn.