, 1860-11-12

The New York IrTHtd, which las LOT boHle
time nast been blowing the Secession bus'e
for merely political purposes, now that the
terrible crisis Of Lineoln's election, thus qul-
ctlr and tcll;nyy portions off onr uneasy little
sister: tie Palmetto State. Since she is bound
10 70 out Of the Union, Of couEse It must be
done in decency aud in order. There Is a very
pretty bit OF sarcasm in the following which
appcars in the Hfralds money article Of Fri
day last: y
The announcement that tho federal officers
in South Carolina have resigned their onlccs'
and that thc Legislature las unanimously
called 4 convention 10 provide for secession,
viii take no nnc by surrrise- Tho event
was generally a,l;iciIa'ed, and what
ever tie views Of lawyers may he Will,
regard 10 the right Of a State to sccedc, public
sentiment in This section Of tlic country would
be decidedly opposed to TIC detention r o. any
That, in thr event of the 500, coo free white
| ueoule Of South Carolina declaring their de-
| Termination to constitute separate republic.
| no serious objection would bc raised; /; and it
therefore l,eco,nas inierestin: to inquire into
The financial condition %: g! N inc stair. SCUM
three, I've and six Fer cent State bonds. nearly
ail of which arc held in England. The interest
| on the debt il paid out nf the profits 0f tue
State Hank, and some railway stocks owned by
the State. The State revenue averages about
sG00; 900 annually, about half Of which IS dc,
rived from tax Of seyenty.flyc cents head
on slaves: onc fourth of tic balanccis derived
from land tax amounting 10 about six mills
| iii the dollar IN the value Of the agricultural
land under cultivation throughout the State
The expenditure, Which generally falls short
Of the income, is economical, and IS incurred
for municipal and local purposes. In the event
of the secession Of South Carolina, new issue
Of bonds would he necessary 10 ray Tor tue
| United Statcs property within tue limits Of the
State-suell rs Fort Monl:rie, On Suiilyan's
Island; Fort SUMTER Fort johnson, Fort
Pinckney, the Custom House, fost on1ees,
the new nation would have 10 purchase.
II would lie hard to value these build
;rcs. as forts have no actual market
value, but they cannot he worth less thar
+ several millions. A further Issue Of bond
I would also be requisite for The purchase O.
construction Of such vessels "f war and rev
cnuc cutters as the foreign trade Of the new
: nation would require. Lastly, In separatin!
, from the Union, South Carolina would be cx
ncctcd-as Lslnbartly did Witch it separates
| | from the Austrian c1nplrc-to assume po1
l | tlon of tho debt Of the United States, wlic
las bcru incurred partly for her heucft. VIA
r nronortiun ought tu be assumed, in this COT
l | 4inrcncy. by Soutl Carolina, NC will not no,
undertake 10 odiecuss; the United States wonl
c probably he disposed to deal literally With thei
. dcnartinr associate, anil 10 one would dcsis
c tion ncedicssly complicated: Still, allowin
. that that hcr sl.arc Of thc debt was set dow
ID ~ thc Invest POSSIBLE figure, the tot
e a,nouut Of bonds which the new natio
: would probably have to issue, in order to u
c for United Stafc5 properly aelullSo. ~ IL
ls chase the Tudamenfs ol navy, anu " sctt
Il +h.n ton or eleven Tni,jions Of dollars. whjt;
,d,Icd IN thc nrrsrnt debt. would bring Il
o. total total ipdeincdne.s Of The new nation Up
n something % ike s14,ooo0oo Under the ci
Is cun1stanccs 0f the c1tsc, It seems rroDau
u that the bonds IF thc nc" naIlon mieht,
cs had at very reasnnaDie T1te- WIN Fes.aTu
I'd ! the expenditure OF South ta10llha Us MI Int