Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-11-14
Our nltrIs sister PorriOnea Oh:

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The New York Herald, which has for some
time past been blowing the Secession bugle
for merely political purposes, now that the
terrible crisis of Lincoln's election IS passed,
thus teIlingly portions off our uneasy
little sister, the Palmetto State. Since she is
bound to go out Of the Union, of course it
must be done in decency and in order. There
is a very pretty bit Of sarcasm in the follow
ing which appears in the Herald's money ar
ticle of Friday last;
The announcement that the federal officers
in South Carolina have resigned their Offices,
and that the Legislature has unanimously
called a convention TO provide for secession,
will take 10 one by surprise. The event was
generally anticipated, and whatever the
views of lawyers may be with regard to the
right of a State to secede, public sentiment / n
this section OF the country would be decided
ly opposed to the detention Of any State in
the Union. We presume that, in the event
of the 100000 free Sghite people Of South
Carolina declaring their determination to con-
stitute a separate republic, no serious objec-
ton would be- raised; andit therefore be-
comes interesting to inquire into the financial
condition of the State. South Carolina
owes over $3,O0O,OOO, represented by three,
Eve and six per cent State bonds, nearly all
of which are held in England. The interest
on the debt is paid out of the profits of the
State Bank, and some railway stocks owned
by the State. The State revenue averages
1 about $500, 900 annually, about half Of which
= = r - ~ .-.,A- & 80 o,uk1 a
head on slaves; one fourth of the balance Is
derived from a land tax amounting to about
six mills in the dollar on the value of the
| agricultural land under cultivation through
out the State. The expenditure, which
generally falls short of the income, is
economical, and is incurred for mu-
nicipal and local purposes. In the event
of the secession of South Carolina, a new is
sue of bonds would be necessary to pay for
the United States property within the limits
of the State-such as Fort Moultrie, on Sui
I livan's Island; Fort Sumpter, Fort johnson,
Fort Pinckney, the Custom House, Post Of
! ices, &c, throughout the State, all of which
he new nation would nave to purchase. 1t
would be hard to value these buildings, as
orts have no actual market value, but they
cannot be worth less than several millions.
A further issue Of bonds would also be re-
| quisite for the purchase or construction OF
( such vessels of war and revenue cutters as
the foreign trade of the new nation would
require. Lastly, in separating from the
Union, South Carolina would be expected
as Lombardy did when it separated from the
Austrian empire-to assume a portion of the
| debt of the United States, which has been in
,y,rraJ porfIv fo- bar hapa6t What nronOr-
ton ought to be assumed, in this contingency,
by South Carolina, we will not now under
take to discuss; the United States would
probably be disposed to deal literally with
their departing associate, and no one would
desire to see the necessary difficulties of her
position needlessly complicated. Still, allow
ing that her share of the debt was set down
at the lowest possible figure, the total amount
of bonds which the new nation would prob
ably have to issue, in order to pay for United
States property acquired, to purchase the ru-
diments of navy, and to settle finally with
this country, would hardly be less than ten
or eleven millions of dollars, which, added
to the present debt would bring the total in
debtedness of the new nation up TO some
thing like $4,000, 900. Under the cir
cumstances of the case, it seems probable
that the bonds of the new nation might be
had at a very reasonable rate. With regard
to the expenditures of South Carolina, as an
independent State, it is safe to assume that
the revenue service along the inland frontier
600 or 100 miles long-would be ex-
pensive.
Judging from the cost of our frontier Gus
toms service in the North, this line could not
be guarded against smuggling for less than
$3.50, 900 to 81, 600, 600 a year. At least as
much would have to be spent on al army
and navy to begin with, and if the new ma
ton had any foreign representatives, this
service would cost something more. With
great economy, perhaps an independent gov
eminent might be established and carried on
at first for about "a, OOO, 900 a year, which,
added to the interest on the debt and losses
for discount on bonds, sc, would swell the
annual budget to, say five millions Of dollars,
This is comparatively a small annual expen-
diture for an, independent nation-less than
| one-tweltth the expenditure Of the United
States or Great Britain. 1t is possible, how
ever. that it would be felt with some severity
by the 300, 900 white citizens of South Caro-
/ lima who would have to pay for it. Under
our present government, every citizen con-
tributes, directly and indirectly, about 50 per
head for the support of the federal govern
ment. The citizens of South Carolina con
tributes, as we have seen, over end above
these So, 50 per head more for the support Of
their State Government making their total
taxation 81 per head. When they had estab-
lished an independent nation, they would
find themselves taxed not less than SIC sc
per head to carry on their government.