, 1859-12-22
Baron RothschIld'a Walt to America.

Baron Rothschild's Flait to America. !.
We see announced rs among the arrivnls BY
the Persia, one Of the celebrated house Of Rotbs
child. THUS far the business Of that house
with this country and its securities has been
comparatively small. They hare esteemed our
government loansto insecure, and our railroad
stocks too small, or too speculative and luctua-
ting. They hare negotiated the loans Of
crowned heads to tho amount Of millions, rest
ing on no more solid basis than the honor OF
some bankrupt government For England with
its debt OF eight hundred millions 0f pounds
sterling, they have been the chief government
agents at most important and critical times.
For France they have at times done much ia
this way, under half adozen dynastics, just to
keep stocks up and what they hsd from being
swept away. In Austria thcy have been every
thing more potent than soycreigns-vet them
selves compelled TO sustain tottering govern
ments By taking loans to keep things going.
wealth of this country, which has not exhibited
itself in crown jewels or costly palaces, or inl-
mense retinues Of servants, or Of soldiers, but
in careful re-inrestments, railroads, telepraphs
and broad acres, subdued by tile hand of indus
try, to supply the world with cotton and with
grim.
No Rothschill that we know Of has visited
may have Significance in history difficult 10
calculate OF course, they do not tell tcir pur-
poses and their plans. They do not even Ler-
ald their appruach. or intimate it by any osten-
!. tatious display. But it is not impossible that
such hu arrival may iudicate ut future period
the gradual transfer Of large portions Of their
countless wealth 10 this country. 1fsuch should
be tho case, It would be perfectly certain that
the wealth Of thousands Of others would follow
in the same direction, and OUT stocks OF every
kind would rise, mud enterprise be pushed in
ten Thousand. ..clannels; so that the next fifty
years would produce aia expansion and growth
from the capital Of the old world, united with
the industry Of The new, compared with which,
all the past progress ofthe lust iily years would
le as nothing.
THIS country m.st afford tie best field for the
employment ofcapita1. The Rothschilds began
with nothing. They made their money mainly
BY tho rise Of government securities, conse-
Guent On the rc-establrshment of order and Of
confidence, after the wild and sweeping ruin ol
the first French Revolution. The pence Of 1915
made them indisputably The first house in the
world for capitalvcsted in government securi-
ties. But, xince the Revolutions Of 1s4s, the
loss Of confidence in tue government securities
Of Europe las been gradually becoming more
and more marked among tue most sagacious.
Austrian fiuunces have been provcrbialIT rotten
for years. and each year has not only added to
the deficit, but displayed some new government
frnud, until, within the last year, things hare
cometo light showing the orer-issue Of stock, in
such WAYS anu 10 gucn al extent to1t would de-
strov the character and tue credit OF any mer-
camille house, or Of anything, in fact, that had
any character or credit 10 lose, except Euro
pcan government.
The debt Of France Inns been enormously in
creased. md thet Of England also. Not couu-
try iu Europe is diminishing It's debts in peace,
and MI its wars and preparations have to be
cnrried on By taxing posterity. How long can
all tfIis last! II pesce were the order Of The
day, things mi hit 60 on without getting worse.
But peace is not the order Of the day, and war
is gettiDg to be more snd more question o!
finance and credit on m unhcard Of scale OF
cost Sbme nation like Austria will one 0!
these days come to u halt-wil1 run down-nnd
then the rest wilt follow, like a row Of domi.
noes; aud then the capitalists will have stocks
aud government bonds, hut the coupons will be
uppaid. and the whole worth only so much waste
paper.
The last century taught the civilized world q
new act. that Of borrowing without the least
prospect Of cTer repairing, By simply paying
tue interest and throwing tbs res. upon I,os.
serity. So 1oug rs posterisy obtains some-
thing better than tue interest in return-peace,
order, credit aud wcalth-thcy may 70 ou and
meet the drafts Of their predecessors upon
them; but, directly the cost becomes greater
than the advantage, and war aud insecurity re-
turn, q new generation will arise and sweep
awoy the whole debt u unjust. 1u this country
we hare laats, and railroads. aud solid products
at the bottoms of our stocks, and into these
things the capital Of the old world il finding
its way and will find it.