Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-07
The Financial Troubies OF the north

There are some efforts to make a comparison be-
tween the present difficulties and those Of 1851. No
analogy exists however. That was q panic, pure
and simple generated in the Stock market. The
present is the contact Of actual ruin. The means
of Northern affuence are cut of at q blow. The
basis of all outstanding obligations and property
value was destroyed when the feet of steamers left
New York to attack Fort Sumter. The national
prosperity is gone, and the community are evident
" sliding down the decivity Of their destruction
This is coming to be understood and the best prom
SEES for the future are distrusted.
There is some discussion in relation to the course
of the Secretary of the Treasury in attempting TO
repudiate some Of the National bonds given to the
State of Texas the ground of its secession. Some
of the writers, after having frowned loftily upon
Mr.. Cobb during his administration, (no doubt much
to his amusement and perhaps chagrin) have taken
Mr. Chase, bunders and all, under their protection,
and are ready to swear he is sound coin under all
circums tances. The question whether Texas bonds
ought or ought not to be paid is matter which the
man who refused 93I for Federal bonds and then
sold them at IS, ought not to discuss ust now. The
greatest present want of his Government il credit
An immense amount Of borrowing is to be done,
and the fact disclosed in the stock tables is that the
Federal Governments are next to the seeded States
in value. All the NOrthern-eyen the Western re-
pudiating States, have better credit now than the
Federal Government under Mr. Chase. That Off
Ger has sold the Government stock at rates lower
than thew have brought at any time since the war
of 1872 and with credit already so dilapidaed, he
presents himself to the public as g solicitor for
hundreds of millions. and preludes his demand by
an attempt at Reputation.
Now is the moment when the Government should
place itself the lCfest principle Of commercial
honor, freely admit its debts and be ready TO pay
all it owes. Il was such a position that carried
England through her great struggle with France
with mistaken credit. Her mercantile honor
never for moment doubted, even when enemies
were concerned. The principle Of debt and proper
ty was never departed from in England. Even in
her widest abolition paroxysm the right of proper
ty was respected, and the owners duly paid for lib
Grated slaves. Much as she objects to slavery now,
she has no sympathy with those who, to right the
servant, will wrong the master nor viii that Gov
eminent find credit anywhere which does not re-
cognize the right of property as the corner stone
of civilization.
We yesterday endeavored to show the peFiOus
position in which the finances Of the country. as
connected with the foreign trade, are based. The
views we presented have attracted the earnest at
entiOn Of these whose interest is more Immediately
involved, and we hope that some step viii be taken
to modify if not avert the threatened evils There
Is point Of great importance 10 which we barely
alluded, but on which the mseOnceptiou Of infiuen-
tis parties is extraordinary. It's relation to the