The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-06-30

scarcely equal to the payment OF the IN
! terest of its debts. Every new evoldtlon,
every effort to suppress that revolution, leads
to fresh expenditure Of money. while the
. resources are diminishing, or remain at best,
/ stationary; the increase Of the population it.
selfbecomes an additional source, Of einbar-
rassment.
Under these circumstances, the question
may well be asked, "What is to become of
the various bonds issued from time to time
by The different Governments of Europel"
In England, the holder of consols looks upon
them as a transferable annuity, which will
be paid as long as The Government main
tains its ascendency within and its relative
position to other Powers; in other words, as
long as, under the present organization of
her society, the products of the labor of
Great Britain sell at such remunerating prl-
ces IN foreign and domestic markets as sup
port the people and The Government. A
change in the latter, depression in manu-
I features, in commerce, or 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 aHd independence from Spain,
and was but recently obliged to have recourse
to forced loan to meet the payment of her
interest. Belgium was, by The London con.
ferences, saddled with large portion ofthe
debt of Holland, and maintains the luxury of
a separate Government at an immense sac.
rifce. The maintenance of the stanuing ar
my of Prussia absorbs more than half of
her annual income. Denmark has gone
through several bankruptcies. Austria has
failed lwice--once paying twelve, the Sec
ond time twenty per cent. of her indebted
ness, and is now literally beggared; while the
finances of Russia are brilliant only to the
eye of,hc inexperienced, who does moi con-
slider that her entire internal circulation con.
sists of paper; the Emperor being the great
monopolizer oflhe precious metal. In France
the conversion of the five per cents was
seriously agilated several years prior to The
lale revolution; but the holders of these bonds
belonging most y to that class of people from
whom Louis Philippe derived his main sup
port. the project, though repeatedly urged
in the Chambers; and causing abdlcaton OF
more than one Minister Of Finance, was as
often abandoned as renewed. 1t is never
theIess clear that France is not able TO con-
tinue to pay that high rate Of interest, though
for political reasons the present Govern.
ment may be in favor of such course.
In addition to all this, the oriental ques-
ton (as The question about the division of
Turkey is called by dipIomatIsts) is now
pressing for solution-a question affecting
the material interests Of every European
Power and conflicting with the "statu quo"
! Of The whole European Penarchy.*
Now let US reflect for moinent on the
position of the United States. She has made
her revolution; she has passed the circle
which, in the progress Of reform, threatens
disorganization and anarchy. Her resour-
ces are but just beginning to develop them
selves; her population is increasing faster
than any other on the globe, and receives
annually large accessions of thousands upon
thousands from Europe; while money. find
ing better and safer investment in Amer
ca, follows in the tide of emigration.
The whole annual product of the labor of
the United States AVERAGES in round num-
bers two thousand millions of dollars. The
whole indebtedness of the United States is
about sixty millions; less than three we eeks'
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 now sends us every year from
two 10 three hundred thousands fresh hands,
that help US will labor and capital to pay
the interest Of our debt; while fresh roads to
commerce and wealth place us in the van
tage grounds Of acquisition among the rHost
industrious nations of the earth. Can il be
doubted that, under those circumstances,
~the eyes of European capitalists will be
opened to the superior intrinsic value of our
securities compared with their own? Can
any one suppose that thinking men, acquain-
ted with our Country and People. and the
at least equal safety ofmslulons, which re-
quire neither an established church. nor a
standing army for tIeit support. will hesitate
to withdraw their funds from their present
hazardous investment, in order to purchase
American securities, placed beyond the pos
sibts of accident, and yielding higher in.
teresl?
There is io doubt now that Pennsylvania,
New York, Maryland, in fact ALL the States
ofour Union, will meet their obligations, and
that The States Just named will continue to
pay their interest as regularly as Massachu'
setts.
AS to the stocks of the United States,
there are no securities in the world TO equal
them. for there exists certainty ofthe resu-
lar payment Of the principal also: The funded
debt of the United States was in 1917 about
one hundred and thirty millions of dollars;
all Of which was paid off before the year
1882, including thirteen MILLIONS Of dollars
of three per ceti, per stock. This three per