Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-06-13
The Wealth of'ths United States.


Il was q common remark, made at tho
time the rebellion broke out. that the Govern
msnt could not get along with the war, with
out the assistance Of the European cap'ta!ists'
The London Times was among the iirst OF the
organs Of the great money power OF Europe
to announce this opinion. Other papers, ON
the continent, echoed it. An idea seemed TO
prevail that our resources were limited, snd
that We had no money that We were still IN
swin1unuUsap1 ssala - Ant'
time. especially with great war on our
hands, without assistance Of British or Euro
pean capitalists. Similar notions existed ~,
this country, in Bostor, New York and Phila'
delpbia. In either of these cities when q
railway or a canal or steamship line was
projected, the first question mootsd wan. Will
the bonds or the stock sell in England ! IT,
was commonly believed here. as we'll as in
Europe, that we had no capital in this coon'
try, 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 gi-
gantic question, and by his skilIful manage
n,ent Of it and beld determination to carry on
the Government without asking for foreign
aid, he astounded the whole world. for which
the London Times, the representative Of Brit
ish gold, will never forgive him. av
We have now been at war nearly two
years, and until within a couple Of months
our Government has not obtained dollar
from abroad. During that period. says Mr.
Bonner, of the illustrated Harper's Weekty'
who, by the way, is one Of tho ablest none
tary editors in New York, our people have
absorbed, paid out, and hold-frst, about
$7OOOO.O0O Of long 6 per cent. bonds; sec.
ond, about $l6O.OOO.00O of 7-3O notes and
third, some $175,OOO000 Of one year s per
cent. debt certifcates-in all, over $780,
OOO, 900 Of Government securities. exclusive
of legal tender currency. In other words,
the people of the United States have in the
course Of eighteen months, taken and paid for
az much Government stock AZ all Europe
took from us from 1853 to 1861. Nor is this
all. While our people were absorbing these
Government securities, the foolish capitalists
Of Europe. deluded by the London 2sxes,
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 peo-
pie were absorbing them. Over $20O.000.-
600 of American stocks-Federal. State.
County, City, aud Railway-wers, thrown
into Wall street for sale between New Year
1861 and New Year 1863, and all found .
market. sw .s-i'
1t is noticeable fact that this vast food OF
old and new securities has led to no decline
in prices. All the per cent. and 7-30 sscu-
rites Of the United States Government ars
above par. All railway bonds in good repute
sell at a substantial premium. sG eldf
The inference, adds Mr.. Bonner. is irrssis-
tible-,his country is much richer than was
ever supposed. The notion that We wsro de-
pendent on Europe for capital is exploded. It
Il doubtful whether any European nation
could have absorbed as large an amount Of
funded securities as our people have absorbed
in the past eighteen months. The United
States-whose wealth in proxi'nate and ulti-
mate resources has never been questioned-
has developed during the present struggle a
wealth in actual and immediate money means
far beyond any thing that any one had ever
dared to expect, and. in all probability, be.
yond any thing which the richest foreign nar
ton in the world could hope to surpass. n
| How Man FEELS IN BArrtE.-There