The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-01-14

Insut, 1bu pdrtiSWai'y WV b"Po'tnha" W
the great channel Of Access through Lake
Superior attaches the highest interest 10 the
definition Of It's peculiar climate. In severe
winters, the most formidable ice barriers are
interpopd over portion OF its surface, as
the ice remains late and in large fields and
masses at the eastern end Of Lake Erie IN
the same caes--in both lakes the western
and larger portions being free from obsirue-
lions at date much earlier
Aosio. and He-sssio" Of England a"d
America spsn Each Oshsr.
The steam ferries which have lately bern
established between Engiald and America,
are producing important ELECTS in both
countries. These effects have been strikingly
exhibited 10 the present financial crisis affect
ing both countries. The monetary revul-
sion ahead, consequent upon the panic here,
reveals this fact that the commerce Of Amer
len has riscn to a rank Of the first importance
in the affairs oi the world. Among the
most significant facts in the late crisis, u the
rse OF the rate 0f interest in England AT
first sight, this might sesm 10 b. favorable
TO her interests But 10 the long run, il will
not be 10. II il the competition Of America
which has brought ibis about. In new
countries, money will always bear higher
rate OF interest than IN an old one. And !;
there Is perfect security and confidence,
money will ilow to the point where !, Will
produce the greatest revenue The staid
and settled business Of England IL Disturbed
by American competition. For what will
be the effect An immediate increase of
the cost Of every article Of production, in
which there Is rivalry, in the manufactures
OF England and America. What we want
in this country. both for our manufacturing
and our commercial interests, is an accunu'
lation Of capital. Give ia that, and We sfiaI
command the commerce oil the world. We
have not, IA yet, capital enough 10 withstand
fluctuations, and thus TO equalze prices over
long series Of years.
Ia new countries, the rate OF interest IA
always comparatively high. IN the new
States, ten, twenty, and sometimes thirty
per cent. u readily given for the use Of
money. There in no manufactures. there "
no trade or commerce that will yield such u
profit. Aud hence. 40 little of the CONNER
cia difficulties Of the Atlantic States aud
cities. And just IA the new States react on
tbs old docs America react on England
And what will be the consequence Eng
lsh capital will more and more seek AHeri-
ran investment. The rate Of interest may
decline somewhat a. capital Rccumnlaf,s.
but accumulation of capital begcts stability
and permanence. and stability and Fertna
hence invite the investment Of capital, The
time will come when Englishmen will follow
their own capital. and manufacturers them
selves will find that they can pursue their
own business here 10 greater advantage than
ut home
The prosperity o. England is only relative.
II arises from the fact that she il IN advance
Of the rcst OF the world IN civilization and
the mechanic arts. She has not the true ba-
sic oI national s.nirpea,.tscf~-.a sufficient
breath OF soil to sustain her own popuatlo9a
Cut her oil from all intercourse with foreign
nations and her population would starve,--
Bring all other nations mp 10 her standard
Of civilization. industry aud mechanical skill
that is. lei them al manufacture for them
selves and her wealth would consume swny
and her power AMI importance would H.
cline.
Not so is 1t with our country. The ele-
menis vi our prosperity arc native and IN
irinsic. We have an almost unlimited
breadth of the most magnificent soil on
earth, We have bread in ulmost llmitless
supplies. We have everything Tint England
has besides. The only things IN which she
has the advantage Of us are the chcapn "a of
labor and the low rate Of interest. In other
words, We want denscr population and
grater accumulation Of capital Is not cv-
cry year rcmelyiug both these defects Is
not the increase 10y emigration vast, and that
by the laws Of multiplication s,ill more
rapid
In mechanical ingenuity. in the invention
OF labor saving machines, we certainly sur
pass any nation that has ever existed Our
Patent Office at Washington bears witness
OF ths. Oar Inventions, too, are vital in
their character to the prosperity of people.
Our cotton gius, our moving, reaping,
and ,hrashing ma, hines what will they
not achieve to cheaper io,d and clothing ?
Another immense advantage which we have
in our competition with England is orr nee
dom from national debt That England
stands up under her immense load "a SHE
does is the wonder of the world. The very
idea Of debt ol s00,O0o,000 Of pounds stcr,
ling IS perfectly appalling ; yet this is the
weight SHE has Ia carry IN The rae with Va
her territory. too. small and incapable OF
expansion ours vast in extent and capable
OF increase by annexation. till il embraces a
whole continent. II IS not difficult 10 see
J how the contest must terminate BAH Sun.