Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-12-17

ever, therefore, disturbs our consumption
of the yield of their industry. or our safe
employment of their wealth. comes at once
home to their pockets and their hearts.
1t is this that has led to the anxiety that
attends the receipt of advices from Ameri-
ca in London; thai has brought into life the
numerous English, French and German
banking houses in New York; that has
carried Ba:es and Sturgis into the re-
sponsible management of the London house
of Barings; that has given weelth and in
AueRce 70 a Peabody; and that is now about
to carry Mr.. Belmont to the head of the
house of the Rothschilds. 1t is true that
Mr. Belmont is not an American, but he
has perfected his business education by a
course of many years in this country, and
looks at affairs now with an American eye,
and judges men aud things by an Ameri-
can standard. In this, as well as in many
other things, We may perceive the indica-
tons of the daily advance of American in
auonce in Europe, and the gradual reli-
ance of its leading interest upon American
talent. energy and enterprise.
But the effects of the present financial
iO' 4<ulOpS VIII lSdCu
ther than the simple advancement of Amer
lean influence in European affairs. In our
first comments upon the advices of the sus-
pension of the Bank act in England by
treasury letter, we stated that it was the
failure of the whole fnancial system of
Europe. A succ;nct historical review viii
demonstrate this. When Junius was wri-
ting his celebrated letters to the London
Morning Adyertiser-now nearly ninety
years ago-he stated in private note TO
Woodfall, the editor, that in his opinion
the country was ruined; that it could not
bear the burthens which the government
was placing upon it; and that he was sell
ing out of the funds At that time the
public debt of Great Britain was less than
one hundred and fifty millions of pounds,
and its market value somewhere about six
ty-three. The prediction of Junius was
falsifed by two little events that subse-
quently occurred, and which have enabled
England to carry debt of more than FIVE
times the amount which he thought to be
the limit of her ability. Watts perfected
the steam engine, and Arkwright invented
the spinning jenny. These inventions in.
creased the productive power of her popu-
ation a hundred thousand fold. Her mines
were re-opened, her manufacturing indus
try recreaied, and her commerce increased
to hitherto unimagined extent.
Upon this new power the credit system
was vastly expanded, new wars were un-
dertaken, immense loans negotiated, and
the nation. exhuberant with its new pros
a-ifr horo fba fooroocaI I,,,tlor- ,,l
even greater ease. Other governments
seeing the effects produced in England
have followed her example. Every where
large standing armies have been kept up,
wars have been made, and hardly one of
the governments of Europe for long Sc
ries of years has exhibited the healthy con-
dition of a surplus of revenue over ex-
perditure.
But the sudden increase of the circula-
ting medium bv the vast production of
gold in California and Australia has de-
stroyed the equilibrium between labor and
prices; and this occurring at time when
the spendthrift governments of Europe
had nearly or quite reached the limit of
their facility to create new debts, the abil-
ity of the people to pay has broken down
under the joint pressure of the stockjob-
bers and the Spectators, and the end of
the whole system has come. The neces-
sity of paper xpansion-which is moth
ing more than a depreciation of the stand
ard for the payment of debts, which has
been openly acknowledged by the govern
ment and the people of England--is pal
pable confession of this fact.
The demands Of the future cannot be
met in Europe by new Watts and new Ark
wrights. The palm of Invention has pass
ed away from her, and may be seen any
day in the Patent Office at Washington
The steamboat, the cotton gin, the electric
telegraph, the planning machine. the breeeh-
loading rifle, the revolving pistol, & thou
sand other machines that mark the age we
live in, are pure Americanisms, and tell the
story of America. There is another Amer
ican invention that will yet make its mark
in Europe before the effects of the present
financial and consequent political revulsion
shall have ceased there. The breaking
down of the whole borrow-and- spend sys-
tenn of government in Europe may lead the
people to reflect upon the great utility of
the American ballot box.--N y. Herald.