The southern press., 1852-03-18

paid in consequence Of the great accumulation
OF the precious met.ls going on in The inter
val. This would be true, perhaps, if debts
did not accumulate still more rapidly. But
when for every million of gold which is pro-
duced, three millions Of debts are created, the
reverse must be the result. Furthermore, the
gold mining business is not proftable--it does
not increase the wealth of a country and
could not, even if gold were five times as
abundant as in California. Ii only affects the
money prices of property, and the relations OF
debtor and credtor,-but does not, like other
labor, increase the amount of property itself
If California were to yield as much gold aud
silver as all the world now contains, say four
thousand millions, the value of her product
would only be half that amount in reality, or
in property, for it would only purchase hal
the amount of property which such sum
would now buy. Nor can the production of
gold, even if it becomes five times as great
as now, ever be profitable to the persons con-
cerned in il, either on the average as individ.
uals, or in the aggregate. For it will always
continue 10 attract "A number much too great
for the mines to pay TIE product of gold
in California last year was about forty millions.
The average number of men engaged, was
about one hundred thousand The share of
each, therefore, was four hundred dollars, or
one dollar and third per day. Deduct from
this the expense of subsistence there, to say no.
thing Of the expense of going and returning, and
the net balance is unquestionably less than is
made in any agricultural State this side of the
Rocky Mountains. And if next years product
Of gold is hundred millions, there will be
100000 men to dig it. The product of
Virginia labor and capital annually exceeds
seventy millions, and she scarcely contains more
men than that The calculation therefore, that
California will sustain the present enormous ex-
pansion of the debt system is utterly falacious.
In the South the development Of commercial,
manufacturing, and internal improvement enter
prise, has received peculiar impulse from the
recent aggressions of the North. And CONNER
cial independence Of the North has been regard
ed, by large class, as better remedy than po-
litical independence. Besides, it is commended
that commere, manufactures, and internal i'm
provement, will invite emigration from the
North and from Europe, and will enable the
South ultimately to attain a political power
from population, adequate for her defence in
Congress.
An equilibrium of political power between
the North and the South, is certainly desirable
with the latter; but it is not of sufficient value
to justify her in paying the penalties of dense
population. For neither liberty nor slavery can
flourish in dense population. The vice, crime,
suffering, inequality, and disorder
which attend on large cities, on commerce and
manufactures, are incompatible both with liberty
and slavery. For these two things are as tena
ciously associated in the practical results Of So
ciety, as they are widely and violently separated
in the theories of modern philanthropy. Ros.
sEAU, however, the great apostle Of the rights of
man, recognized their connection, and was stag.
gered In his Social Contract he actuallyexpres.
ses the doubt whether, in any practical condition
of human affairs, liberty can be maintained with
out the support of slavery. Important, therefore,
as political equality of power may be to the
South, she would be unwise to incur domestic,
and social, and political disorder to obtain il.
And if 10 this, we add the loss she must incur
by repouncing the most profitable Of all agri-
culture, TO the extent to which she must apply
her capital and labor 10 commerce and manu-.
features, the conclusion is still more un.atis
factory.
Much has been recently said about the pro-
motion Of direct trade between the South and
and Europe. We think that something might
be done in this way to great advantage. At
present. cotton is purchased on time-bills, or with
proceeds of bills, drawn on New York, and thence
on Liverpool, or directly on Liverpool, and these
are cashed at the high rates Of interest in the
South, and this rate Of interest is practically
paid by the planter. Now in Amsterdam there
is plenty Of money at three per cent Why
cannot some Of this money be sent TO Charles
advanced on actual shipments Of cotton, at the
low rates Of interest in Europel When the
cotton is actually delivered, or shipped and in.
sured, II is equal as n security to anything in
the world. And If the continental merchants
Of Europe are anxious 10 secure direct trade
instead Of one via New York and Liverpool, Let
them come forward and afford this facility, and
the experiment will succeed. As it is, the
South gives her property and takes promise
she gives a credit, and pays heavy interest on it,
10 part Of the world that boasts its abundance
Of money, its low interest, its great desire for
business, and it's great capacity for manufactures
There is, however, good deal Of iDcongruity
in the policy Of direct trade, domestic manufsc-
tnres, and internal improvements. If domestic
manufactures are so desirable, internal improve
ments are not so much 80, for they enable North.
ern and Western manufactures 10 come great
distance, at little expense, TO compete with them
O. A;.oot t..do .v;II h,;n., H. c,h,;c. ~ AZ.