The New York herald., 1851-12-02
IMPORTANTFINANCIAL EXPOSITION.
The speech OF K0ssuth ia L0ndon---Ths
Money Markets Of the World.

~o>>>~N>>on~ooHeoo>e~
The Speech OF Kossuth ia L0ndon---Ths
Money Markets OF the World.
TO HIS ExcELLENcY GOV. FLOYD, PRESIDENT OF
THE BOARD OF PUBLIC WORKS IN VIRGINIA..
In my former letter gave table showing that
the annual interest on the public debt of nina
European States exceeds two hundred aod twenty.
five millions .f d,llsrs, with a ststsmsn, CT facts
proving that the bankers, who are their agents
for the sale Of their bonds and ~ ths fcri holden
for che receipt and Investment Of tue socruoy IN.
terest, aided by The Bank of England, consiusd to
break down the Bank Of the United States, bs-
cause that bank attempted to create an lxsaoy In
London for the sale of American SO ,urites bearing
an interest of six and seven per csat. in conp,ti-
tion With their European three aud four Per cents.
explained that this was IN after of necessity on
their part, because, nasmuch as the public debt Of
those European monai chiss bears interest at the
rate Of three and iour cent, aud represens the
sum expended in wars and in maintaining armies
Of those government, to distribute their debt into
the hanos Of many persons, because they thereby
increase the number Of those who are directly in
terested in maintaining their credit and upholding
endangered if the European fund holders were to
sell out their three and four per cents, and invest
in American six and seven pee cents. Since that
letter was written, | have read kossuth's London
cpocVns LVtu WuiVu Sno kossoWtAB - ~ oAshoos.
He said n t~
London h the regulator of the money market of the
world These few words spoken to you sufce to state
the immense Importance Of this principle. Well, IL
London Is the regulator Of the public crsdd OF the world
and very quantity OF the loan shares OF
Londoa let ask where Is the security Of those osns
whore the possibility to paid the money under the
tory Of hs absours principle or is 1t the victory OF the
principle Of freedom! Take despotic what
Is their basis Of existence Is it the love Of the naops
kA- tH. npya A~on kolA U.nya
in such Is . contradiction to our nature. Is
the basis Of the sbsoutt the eontentmsnt
What the connection Of the principle Of absolutism
1t can be marked out in few words" People pay be
cause i want soldiers and spies TO be your flimi-
table master" How could the principle Of these
nations be oontentment' Therefore, what is the
basis Of their existence, Iwmense costly armies
o The ,s o.on oSss sno. eo provide
all those necessities Not TOR the happiness Of the
ons but to keep them in servitude Therefore the ab
solutis must again and again to the
money markets to get some leans Every new loan, in
Whatever unproductive applied, dminishes the
out "
guarrntes upon himself for the nations of the world with
their eternal loans employed not for thsr benefit but
against their benefit and against their liberty Who
take the upon him that these nations
groaning under their material suferings will not say,
is the prospect which absoutest principles point out
that respect But there Is prospect especially to the
house Of Austria That prospect Is inevitable bank
ruptcy.
call your attention to these remarks of the great
Hungarian, because they verify what said in my
former letter. and because our distinguished fellow
citizen, tho late Secretary of the Treasury, under
stood to have asserted the principle, that Eng.
land and the United States arc to act in con-
cert for the subversion Of the abselutist gev-
ernments in question, and because such Is the
desire, in certain quarters, to obtain the vote Of
our naturalized citizens in tho next Presidential
election; that there is to fear that many will
be enlisted in the effort to involve our government
in a war with the continental powers OF Europe,
under the vain hope that England will bs our ally,
and that such q war will advance the cause of re-
publican liberty. Let me be understood No one
desires, more than TO favor the cause Of liberty In
Europe but i do not believe We can rely upon the
English government, or upon English bankers, who
are the agents and creditors Of absolute govern
ments, to aid US. do not believe that the cause
of liberty on the continent Of Europe will be ad-
vanced By war In which We, as q natisn, take
part Kossuth himself, in q speech from which
When 1 spoke 80, intended not to ask England to
take up for our liberties No, gentemen, that Is
the affair Of Hungary will provide for free
dom. All wish H. that public opinion should establish,
the ruling principle in the politics Of Englnd the
knowedgnent Of the right Of nations to dispose t their
swn mot to give charter TO the Gear to dispose
Of whole nations-
That the time is near at hand, when the interests
and policy Of Russia and Great Britain may bring
them in conflict and that the whole power and in
aneDce Of British gold and British diplomacy vii
be exerted TO make % party to that war, readily
believe, IL Is, therefore, important that We should
carefully examine into the motives and policy ol
England, before we permit our sympathies to mis-
lead our judgment, SO far rs to make US again the
victims Ot her svarice and ambition Why has
England been Jealous Of Russia Why does
the Christian Queen sustain the unbelieving Turk
ls II not because the conquest Of Constsntnople
would enable the Emperor Of Russia TO seize upon
the British possessions In India! And what inter
est have we in preventing that catastrophe What
in Indisl Would not the conquest Of India By
Russia open the trade Of India to all the world
b it not rather the true policy Of the United States
to cultivate the arts Of peace, and thus multiply
wealth and resources, and, by judicious organ
ization Of our credit, create in the United State
. financial power, strong enough to protect III
against the money power Of London, AMI to make
New York and New Orleans, instead OF Londou
the great centsrs Of the financial worldl Wh'
doubts that this Is the real issue Of tho presen
day, or that upon II, moro than any other, depend
the conflict now wsging between despoti'm an'
liberty?
Kossuth is right in this The permanency Of tht
absolute governments Of Europe depends on the
ability to obtain money. Their sole reliance ID
upon loans and taxation; for whenever the people
governments. Such is the foundation upon which
rests the whsle funded debt Of Europe, which CON
stitutes the basis Of European credit and Is the vita
principle Of the money power OF London. Apower
which, concentrated in the hands Of . few indvi
duals, enables them to regulate the policy Of the
kirg IONS Of Europe with more efficiency than the
mandates of the Pope did in former ages especially
in relation to the questions OF war and peace. Hos
long they may be able to arrest or delay the pro
gress Of Russia towards Constantinople and the
British possessions In India remains to be seen; but
We, in the United States, would be deaf to all the
lessons Of experience, If We presume for a moment
that this concentrated msney power will ever take
part or symyathi.e with us In any effort to advances
the cause Of republican liberty.
Kossuth Is right. The great question Of this age
is not arms, but money. We have seen that ths
chief element Of the concentrated money power o.
London consists in tho funded debt Of monarchica
governments and who does not know that wheneve
. conflict between either of those governments and
liberty may occur, the whole sren ngh and energy o
that copce nsrated money power will be exetted q
crush the germs Of liberty wherever they may ap
pearl Upon what, then, do the hopes Of liberty
rest Upon What must the oppressed nations o. the
world rely And from whence must the means o.