Year: 1863

En- lASn CaSn Hn0 American -
, curities.


One of the most encouraging lessons of II


day may be drawn from Change. The opir
ion among responsible outside parties, in re
erence to the issue of our national struggl
may be measured with remarkable accurac


by the extent to which they risk the inves


ment of their cash in cur national securities
There is nothing so extremely sensitive


the danger of loss as the mind of the capita


ist. The penniless traveller may sing i


needless glee as he walks the ominous road
while the man with bag of money goe


skulking along in constant fear of being rob
bed


"The rustling brake alarms the quivering shade"


His capital is dear to him because, in general


dearly earned-dear to him because the sourc


of consequence and comfort, and he is par


donable to some degree for watching it will


ajealous eye and guarding it against diminu


ton and waste.


The venal press of England, fawning tt
royalty and hired to assist in overthrowins
the main pillars of anti-monarchical govern
ment, has, for the most part, INDUCED in saw
age assaults upon the Federal cause in this
country and made sinister and malignant
prophecies concerning the restoration of the
Union and the re-establishment of Federal
authority. The artful design Of this inces
SAINT howl and warfare is to play upon the
natural apprehensions of monied men, and
induce them, through dread of consequences,
to be shy of American investments. Strange
to say, the effect has not been such as desir.
ed, or as might reasonably have been expect
ed. The financial columns of Eastern Jour-
nails present the most gratifying evidence
that, whatever the tory press of England may
say, and the tory minority of England may
hope and profess to believe; that whether, in
short, the cotton States succeed or fail in
their attempt to establish a separate govern
ment-and the probability of their failure
becomes more apparent from day to day
the conviction is general throughout Great
Britain that there will remain on this side the
Atlantic great and powerful republic of the
free States, an active, enterprising, energetic,
prosperous nation, in which property is fully
secured, industry largely rewarded and capi-
tai sure to bring liberal returns. Large
amounts of British capital are sent over to
this country for investment in American Sc
curities. A considerable part of these are in
vested in government bonds, of which the
fce-twenties, as they are called, absorb the
larger amount. With other British funds
stocks of the Illinois Central Railroad, the
New York Central Railroad and one or two
other railways are purchased. At every cor
ner of the stockjobbing quarter of the city,
says late New York paper, you hear dis
cussions of what is to be done with the Brit.
ish capital seeking investment in this country
and confided for that purpose to the sharp
witted agents of the New York Exchange,


The foreign demand for these and our other
national securities continues to diminish re.
mittances abroad and to depress the price of
exchange, and thus the monied men of Eu-
rope lend indirectly to our government We
do not apply to them; we do not ask them to
give us credit; on the contrary, it is they
who take advantage of the transferable quail
ity of our stocks and make themselves credi-
tors to our exchequer without asking our
leave. 1t is amusing, meantime, to see the
British journals laboring to lead the monied
men of the country in one direction, and the
monied men obstinately taking direction
exactly opposite. Malignity and falsehood
have not always been so expressively rebuked.