New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-12-29
Mtn G)rIeans 1aiIp Cresttrt,
rsFI,ux OF GOLD.

In tsgo days last week there was an importation
Of gold, DIT the city Of New York, of nearly four
millions Of dollars II came from Europe.
Though this money came to New York, it will
not stnp there but win be distributed throughout
& the country, the most Of il coming to the South.
New York -has nothing to sell, except breadstufis,
that European nations want. The North, in fact
has nothing to sell 10 foreign countries that is worth
talking about. II is nota producing region, except
iii braadstus Il il only when the crops fail in
Europe that there il any extraordinary demand
for even these It's manufactures find no market
In Europe. because they can be made there much
mare cheapiy than they can here.
This money, then, comes to New York, not to
remain thsre, but to be distributed throughout the
South. 1t is sent to New York because it is
moro convenient to send it there, and because IN
der our SYSTEM of exchanges, it be used there
for the purchase Of Southern productions, almost
as well as if we're in the South itself Eventually,
1t win ind its way to the South, in payment for
cotton, tobacco, rice, hemp, and the other great
staples Of the Southern States
This arrival of specie, too, is but the forerunner
of other shipments Of the precious metals. If i'm
poFtaton of foreign goods be checked, as it IN
donhteay has been, and will continue to be at the
hsavy importing cities of the North, the money
must come in their place. When foreign nations
cannot pay for our cotton, etc., with their manu-
factured goods and their other articles Of merchan
disc, they must pay in gold. They are obliged to
have cotton, and they are obliged to have tobacco
and when the supply runs short among them,
they will send the solid cash after these things
here. sooner than go without them. Hence it is
that when the ordinary currents Of trade are in
terrupsed BY social or political events il now
the case, and Importation ceases, the equilibrium
must be kept up by a 4 ow of gold from abroad. |
From every financial crisis the South comes out,
on general average, the gamer. and the North |
the Lesser.
Looking at the question in this light, those who +
anticipate financial ruin and Distress from the po
Iitical aad commercial independence Of the South I
win see how widely they have missed the mark /
As soon as the machinery Of the Southern Confed |
eracy get smoothly to work, and everything set
Ties down into qnietude and peace, the South Will /
bouud forward in career Of power and affnence,
I'LL mere prosperous than has been the case with
her Id The old Union.
For, We shall be relieved Of our proportion of I
the eighty or ninety millions Of dollars which the
Federal Government takes out Of The pockets of /
the people every year-neeessarily squandering it T
upon eorfapt officials and favorites, and iavishfng
it upon political gamblers and adventures. We
shall BE relieved Of ali bounties, and all class legs-
lasion. and az partial and one-sfded favoritisrn.
We shall be relieved Of the obligation and the cost
Of employing none but American vessels in the
coastng trade. We shall get clear of all respon-
sihilisy for the corruption and peculston 1T Wash
ington cy, which now smells to Heaven, 4 and
has made orr Government reproach to civilization
throughout Tie nations of Tie earth. X
louisiana proportion Of the Federal tax il about
. million and half Of dollars year It is true
We ply II indirectly, but We pay 1t nevertheless
II amounts to the same thing as if we took the 7
money out Of on pockets, and paid it directly to
Nobody aupposes that il would
require anything Ike that sum, in addition to the
present State tax, to keep the machinery Of Tie j
State 10 mosion. But even ii it dd-eyen if if took
twice as nuciwe would still be the gamers, ia a !.
sense, BY the operation. !
All apprehensions, therefore, of financial distress
as consequent upon the withdrawal of the Southern
States from the Union ought at once to be dis q
naisseds Of course, it will take little time for q
things 10 settle down, and the machinery Of corr.
narce 20 get TO working smoothly, But after that
We shall have before US prospect Of prosperity +
md power and wealth, much more promising than
me- ever had Ia tho old Union Our great staples
will be- sought after as eagerly as eyer--more nj
Eagerly indeed, when 1--WE modify the restrictive 9.
,ysten which has been of service to the North g,
,nly, and of injury to us. there were no mper- 81
tive political and social reasons for seyering our
connection with the North, it is question if there
e not ample excuse for 1t ID the systematic and Il,
ong- continued plundering of the Southern people,
trough the operation of the Federal Government. .
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