The New York herald., 1867-10-15

season golden one. and will win the support
and respect of the amusement public Of tlis
great city. tNfA "a
Unemployed Capital and stagaatiea Of
Business In Europe.
Many parts Of Europe have reached or
n early reached the limit of profitable prodnc-
ton. 1t is particularly so with England.
There we find superabundance Of capital
with no opportunity for investment We have
| quoted lately several articles from the London
Times and published one yesterday on this
anomalous state Of things. Tue Times, how
ever, does not seem willing to admit that En-
land has reached the limit Of profitable pro-
duction, while it speaks freely Of an accumu-
lation Of unemployed capital beyond all
example or belief" It attempts to explain
this state of things as simply reaction from
oyerspecula,ion. II argues that people were
SO badly hurt lately by she speculating mania
that ragged in England for some years that they
are afraid 10 trust their capital out Of their
hands, but 1t looks forward to the time when
enterprise will revive. 1t speaks of other
causes, as that OF the limited liability law hut
stagnition Of business it acknowledges, is
found in the distrast arising from over-specu-
lation.
| Now, this excessive speculation, or kitenying,
| which is constantly recurring in England, not.
| wthstanding 1t is thought everything is so
| solil there, and which the Times says vii
recur again after the present panic is over,
shows that there are no longer lie Ultimate en-
| te.prisss enough to absorb tn, accumulated
capital Of that country. This would have
been tae condition of England some tim ago
had it not been for the railroads which in their
construction called for vast amount of float
ing capital. But that country is covered now
| more to be done in that sort OF enterprise,
while the income arising from these railroads
adds to the heaps of money seeking new in
vestments. Manufactures have attained the
limit of demand for them, and no new capital
is needed there. In fact, otter countries, par
ticularly France and Belgium, are supplying
the m,rkets of the world with better aud
cheaper goods. The mines, which have been
exceedingly valuable, and which were the
foundation of British manufactures, have
reached their highest production. British
statesmen are looking forward even to the time
when they will give out As to agriculture,
that can be carried little farther. England is
highly cultivated-a garden, in fact, as it has
been called-and there is little room for the
employment of more capital upon it. The
colonies and In liza still afford opportunities
for investment; but they advance slowly in
material progress, and on account of their dis
tance and other causes are not regarded favor
ably by capitalists at homo.
What, then, is to become of the enormous
where can it find employment! People there
will not be satisfied with two or three per cent,
which is all they can get now. Nor will they
submit always to the ever-recurring periods of
speculative fever and panic which the Times
regards as inevitable. They will want safe
and profitable means Of investment, where,
under any panics or revulsions, their property
will be good. Where can they thus use their
capitals In the United States. They need not
invest in government stocks or State stocks, If
they fear reputation or do not like the look
Of our political condition, though these stocks
are as safe and good as any in the world, and
pay high rate of interest Outside of these,
in our cheap and rich lands, in our inexhausti-
BILE and highly productive mines, in the grow
ing towns and villages, in the magnificent sites
for water power. machinery and manufactures;
in our railroads and canals, and in . hundred
things throughout this virgin country, there is
field for all the spare capital of England, or,
indeed, of Europe. Whatever phases we may
pass through in our political life, the country
will remain and will continue to grow rapidly
in wealth and power. Nowhere are invest
ments safer, or as sate and nowhere do they
return such large income. Those British
capitalists and statesmen who have visited the
United States are aware Of these facts. II
Others would come, they, too, would be salts
fed. While the countries of the Old World are
finished or on the decline, this country has
just commenced to develop its boundless
stores of wealth.