The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1861-08-17

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IT, lsdnssl Csuersss 81 ~ United States
- e4joaFued, after peosf1iags h the fallest
t.aa.sr: . IL paynsst q sae espsssss ef Ne
waf - sarpeess ssbellioe. 1he Ooegrea e ~
eleed aoesss bus & IS uudoraeoods that II
vsightiest considerations are eiysa e tAeie en-
barfassed PscuniaEy cosditioo, and that Il b
allied with dismay q tAe gloomy pseepeet befofe
Il. A financial revolution d in progress, through
out ths entire Union. Appearances isdicats,
however, that e VIII prove healthy and beue6-
cial . the North, while Il muss eslmindae q
disaster and ruin to the South. The sudden-
ness and magnitude Of he fiscal operations
which the var has engendefed, have dsm6nssSS-
the almost ipexhaustible resources.o of the non
slayeholdile States, while, under tie tyrannicsl
rule Of Je0Saon Davis and his fellow couspira-
teri. taxatien hss assumed shape 90 irregular
md unprecedented, that the most sanguins b.
lievers Ia . separation Of tie Republic, stagger
under the burdens which have begun, 70 BE- i'm.
posed. Solvency, with vast reserve Of re.
sources, % yet untouched, are the guarantee 70
the administration that it will be able 70 put .
speedy end to treason, while insolvency. want Of
credit. and exhaustion, are al that the Rich
mond government can look forward TO.
I, Upon great national and patriotic scale, the
expenses Of the War, viii, for ZONE time, consid-
erably exceed million OF dollars per day. .
What them Congress has cheerfully Yielded
the money, and the new Tariff and Loan bills
are about AL that could be desired under the
circumstances. A loan Is authorized 70 the ex-
tent Of ave hundred millions, Of which half is
called for at present. The holder Of The stock
that Is 10 be Issued will receive seven per cent.
for his money, and it is believed that the Treas
ury notes will be current at not far from par
These latter may b giyen ont Of such slnsll de-
moninatioDs- AYES, tens, and twenties, II need
ed-that they will speedily be absorbed into the
currency Of the country, and their presence will
scarcely be felt A large portion OF them,
moreover. will 70 back into the national Treasu-
~. in. the shape of taxation. The Tariff and
Direct Tax bills, 1t is thought BY the Secretary
Of the Treasury, win yield from ninety to hum
dred millions Of dollars. The additional duties
imposed on tea, coffee, sugar and spirits, arti-
cles 60 suitable for the purposes Of revenue, as
has been proved by the experience Of Great
Britain and France, will bring in, alone, over
twenty. Eve millions, and the income tax of thir-
ty millions will afford twenty millions more from
the loyal States. Foreign commerce may some
what dxindle, in view of the high duties I'M
posed on woollens, silks and iron; but the impe-
tus that will be given to domestic manufac-
lures and the trade will more than compensate
for any loss in this direction. aa1i.'
2 One of the best features of the late financial
legislation, at Washington, is the virtual aboli-
ton Of the Sub-Treasury system, by enabling
customs and taxes to be paid in Treasury and
l.snk notes. It il fitting, ip . commercial
country. that there should be more perfect
equalization Of interests between mercantile
and national finance; nor is there any objec-
ton to this If the former are established upon
safe and proper basis. There can be no sum-
Gent reason Why subscriptions ~ the govern.
ment loan should not be temporarily deposited
in solvent banking institutions; nor can the
United States Treasury be considered impru-
dent, In ssnptioning course which our wisese
business men constantly pursue. The Sub
Treasury system, altogether, grew ont Of the
one.sided and prejudiced view of financial con.
Germs which Van Ruren's Administration im.
posed upon the nation, nor has it eyer been de.
fensible on sound principles Of policy, even,
which many doubt, If 1t has been strictly con-
stitutional. The relaxation Of the reign of the
old Sub Treasury law was absolutely needed to
preyest financial arrangements, and 1t will meet
with general approYai, glh .p.t
The history Of the wars of Great Britain With
FRANCE, under Napoleon l., affords some psral.
lei to what may be expected in the United
States, If any considerable time should elapse
ere rebellion is definitely crushed out The
debt of the nation will be augmented greatly;
but the commerce of the world will be open to
US; manufactures will receive an impulse such
as has never before been dreamed of; the mo-
new expended to continue hostilities will be
poured back into our own Golfers; and high
degree of prosperity will be arrived at. Mean
while the adversary With WHICH the loya! States
are oontending will lose, just in proportion to
our gain A prodigious amount of Treasury
notes will be poured forth upon the Confed-
crate States by the Richmond authorities; but
single considerable reverse to the arms Of the
insurrectionists will render them irredeemable
and worthless. The cotton, sugar, rice and to-
bacoo which have accumulated in Southern
warehouses and plantations il is supposed, will
be bought up by the rebel government and
paid for in this paper trash, in hopes that the
merchandise itself may be disposed Of to for
eign rations for solid cash. This will, howev-
er. prove o deiusiss expectation. Every port,
from the Rio Grande 10 Cape Hoploren is ef-
fectually blockaded, and il an outlet for Slave
State products is opened at all, it will be by
Northern armies, after they shall have been
pon6scated, and the sums rsceiFed for them
will 20 into the Federal Treasury. The gar
may give a temporary impetus to SO ne spe.
cies Of Southern manufactures; but, unlike the
North, they will be only to supply limited
population with indispensable articles that can.
rot be obtained elsewhere France, under Ma.
,oleon, had at least the Continent for mar
set, while England controlled the ocean; but
he Southern States may be hermstieally sealed
rom intercourse with all of the nations of the
vorf6. Rebellion can never maintain itself un-
Ter such adverse circumstances, but must, in
he end, be starved into submission.
They err greatly who imagine that the people
Till shrink from continuing the contest to pre-
erve the integrity Of the Union, on account
# the expense The administration never was
more sure of popular support than it is now,
nd the provisions that have been made for
he immediate future by Congress, commend
to general approbation.-(N. !. Her.
The Ruling Race.
From The Richmond Whg, July 23.]
We are too close aud too much Influenced by
he great events which are passing to indulge
much in philosophizing. But the rout and dis
ersion, at the great pitched battle near Man
ssas, bring into bold relief the fact that the Yam.
ees are humbugs, and that the iuAite people Of
he slaveholding States are the true masters
he real rulers of this continent. Under every
isadvantaue IN Our aldo tho nranorof;ono for