The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-08-02
&" kitiRs. :

bankrup.s. When they have no other resource
they make paper to "raisc the wind Secre-
tary erase has got to "kiting." His MORRILL,
tariff brings him In no money. His United
States bonds won't 60 upon the market except
at a ruinous discount which he is afraid to
suffer His treasury notes have no currency.
His credit is on its last legs and he makes
his agent in Wall street "shin it" up and down
those busy pavements TO raise him pitifni
five millions on sixty day paper. Mr.. Cisco
was engaged in that humiliating business on
Monday the god, when the news of Manassas
came to town. II cut him off at the knees.-
lie could not stir step farther in the negotia-
ton, and he got no money.
The necessities Of War Treasury, how
ever, do not abste or become suspended by
defeats. Mr.. CHAsE's wants have been sg
gravsted, Intensified and augmented by Bull
Run Departing of Wall street, he appeals
to Boston, and he asks the bankers Of that
Steady town TO lend him FIVE millions on
sixty day promises. The telegraph has not
announced the response Of Boston. 1t is not
likely to be favorable but, favorable or not,
Exiting is still desperate business, whether
unsuccessful in Wall or successful in State
street.
The truth is the Federal Else is in state
of collapse. Without revenue, without funds,
| without Treasury, what is Government
| what, especially, is LiScoLs's Government Z
When the Yankees find that their grand Gov
eminent won't bleed, that it is in the condition
| Of a turn;p and can't bleed, what will become
Of the much boosted loyalty" of the Yankee
| nation;
| Gone glimmering through the dream OF things
A sch oil boy tale the wonder Of a hour.
In fact, the LINCOLN Government is this day
| bankrupt. Its finances are hopeless. Its case
| is beyond treatment. There is no possibility
| of its getting along except by direct taxation
and direct taxation destroys any Administra
ton that imposes it at the first popular elec
| ton; destroys the Federal Government itself
| in five years.
| The exports Of the North in time of peace
| cost of the raw material Of their manufao-
lures, is less than fifty millions. This ex-
| portation furnishes the measure of their i'm
| portat,un and no tariff, however high, can
| produce sufficient revenue from this i'm
porta,iou to support the Northern Federal
| Government. If the duties we're fifty Per
| cent, and did not operate to exclude importa-
| tons at that high rate, the product of the
| ~ be nDlU We five
millions year and the ordinary expense. OF
| LIScoLN's Government are eighty millions.
| All the .aloabie public lands are disposed of,
End the revenue from that source is forever
reduced to merely nominal figures. There is
| only ole resource left-that Of direct taxa
| ton. Direct taxation, we repeat, will over
throw any Administration a. the first popular
election, and in few years drive every West
| ern and Middle State cut of the Yankee
Union.
BURKE was right when he said, 'the Reve-
| nue. is the Government" There can be no
| federal Government On this continent that
| does not derive a revenue ample to support II
in power and strength, from sources imper-
| ceptibe to the popular senses. The States tax
| the people directly through the agency Of ex-
else officers distributed in every county. They
occupy tie field Of direct taxation. For E
| federal Government, more remote from the
| people, to attempt to occupy that field also,
| and TO 8uljec the people to the burden and
annoyance of second set Of tax. gatherers, is
| TO dig its own grave.
The exports Of the South, including what
| have heretofore gone to the North, exceed
| four hundred million. of dollars per annum.
| This expectation brings back an approximate
amount Of imports: and four hundred mil
lions of imports furnish & basis of revenue
from indirect and insensible taxation sufficient
to build up the pillars Of Government in any
strength and proportions. There can be no
permanent, stable Federal Government on this
continent that i, not supported by a revenue
system based upon large exports. The South
ern Confederate Government i. the only one
| that can exist North of the Gulf Of Mexico
| The Northern Federal Government, for the
| want of such system Of revenue, must very
| soon 90 10 ruin. In few years We shall sec
| the best of it's States rafting" from the
Yankee Union, and knocking at the door, OF
| the Coniederacy for admission.
With foreign commerce in free operation :
with every port open to its foreign trade With
free egress for exports and free ingress for i'm
ports with all the regular lines Of steamer.
| and sail packets TO European ports, running
| their regular trips; with it, commerce un-
checked and urimpeded except what it en-
| oyed with the South, still, the Northern tariff
brings in nothing to the Federal exchequer,
and resort i. necessary to direct taxation, OF
| else to loans, aud the hand to-mouth expedl:
| ent of kiting," for funds to meet the ordi-
nary expenditures of Government.
Nature docs not abhor a vacuum more de-
| voutly than the Yankee abhors an empty Gov
| eminent Treasury. 1t is for the future 10
show how long the zeal of the Yankees for the
Federal Government, its capital and its flag
will last after their discovery of that " skeleton
in the closet" an empty Treasury.
"A Short, Sharp War"