Daily national Republican., 1863-03-24
The wealth OF tho united state,

1t was a common remark, made at the time
the rebellion broke out, that the Government
could not get along with tho war, without the
assistance of European capitalists. The Lon
don TimeS was among the frst Of the organs of
the great money power of Europe to announce
this opinion. Other papers, on the continent,
echoed 1t. An idea seemed TO prevail that our
resources were limited, and that we had no
money; that we were still in our infancy, and.
could not walk alone at any time, especially
with great war on our hands, without assist
ance from British or European capitalists. Sim
liar notions existed In this country, In Boston,
New York, and Philadelphia. In either Of these
cities when railway or a canal or a steamship
line was projected, the first question mooted
was, will the bonds or the stock sell In Englandl
1t was commonly believed hero, as well as in
Europe, that We had no capital In this country,
and that the development of our resources was
dependent on the supply Of money from foreign
parts.
Secretary Chase, as Financial Minister of the
United States, devoted himself to this gigantic
question, and by his Skilful management of 1t
and bold determination 10 carry on the Gov
eminent without asking for foreign aid, he as
founded the whole world, for which the London
Times, the representative Of British gold, will
never forgive him.
We have now been at war nearly two years,
and until within a couple Of months our Gov
ernmsnt has not obtained dollar from abroad
During that period, says Mr.. Bonner, of the
illustrated HdrPer'S Weekly, who, by the way, is
one Of the ablest monetary editors in New
York, our people have absorbed, paid for, and
hold-frst, about $40, ,0O0, 900 OF long per
cent. bondsi second, about Sl6O, ,OO0, 900 of 7.sO
notes; and third, some Sl75, 900, 600 Of one year
per cent. debt ccrtihcates-in all, over
$4OO, ,000, 900 Of Government securities, eIclu-
Bive Of legal tender currency. In other words,
the people OF the United States have in the
course Of eighteen months, taken and paid for
as much Government stock as all Europe took
from US from 1853 to 1861. Nor is this all.
While our people were absorbing these Govern
ment securities, tho foolish capitalists of Eu-
ropO, deluded by the London Times and other
leading organs of foreign opinion into believing
that this country was on the verge of absolute
ruin, were selling all the American securities
they held, and our people were absorbing them.
Over $500, ,000, 900 of American stocks-Federal
State, County, City, and Railwsy-were thrown
into Wall street for sale between New Year
1851 and New Year 1853, and all found mar
kst.
1t is noticeable fact that this vast food of
old and new securities has led to no decline in
prices. Al the 0 per cent. and 7SO securities
OF the United States Government are above par.
All railway bonds in good repute sell at a sub
stantial premium.
The inference, adds Mr.. Bonner, is irresistl-
ble-this country is much richer than was ever
supposed. The notion that we were dependent
on Europe for capital iS exploded. 1t is doubt
full whether any European nation could have
absorbed as large an amount Of funded securl-
tics as our people have absorbed in the past
eighteen months. The United states-whose
wealth In pToXimate and ultimate resources has
never been questioned-has developed during
the present struggle wealth in actual and i'm
mediate money msans far beyond any thing
that any one had ever dared TO expect, and, in
all probability, beyond any thing which the
richest foreign nation In the world could hope
10 surpass.
Transactions in real estate in the large cities
of the North show the same healthy financial
tone. In New York, one-thlrd Of the we'll
known "Trinity Bulldlng"-the interest Of
Horace B. ClAAln, Esq.-has recently been sold
for 100000 cash, and the purchasers regard
the investment as a good one. The whole
property, yoarSgO, would hardly have brought
$4,000. MsSSrs. ]. c. Howe q Co., Of Bos-
ton, extensive manufacturers and commission
merchants, have lately purchased four lots, on
which they propose TO erect an elegant store
for their New York house, Tho price paid for