Arkansas true Democrat., 1861-08-15
Northern Destiny.

The following very ebie article from the New York News depicts a gloomy future for the North-particularly the north-eas- tern States When the South establishes it's independence, and the burden of the debt and taxation brought upon the North by this war becomes insupportable, the northwestern States will also strike for their independence, and the northeastern States alone to bear the burden will sink beneath it's weight The crash has come and it is we'll the South has got from under in time. The northwest will take the next leap and that at no distant day:
 The course which the financial policy of the Government will take continues to be matter of the greatest anxiety. The coun- try has already been startled by the fact that the Congress, which without mo- ment's consideration, passed protective tariff, admittedly injurious to revenue, and without hesitation appropriated to the war $500, ,O0O,00O and 400, 1000 men, passing 8 bill to borrow S2sa, goo. .00o 10 begin with has thus far refused to grant any revenue, and will probably adjourn without levying any tax, although 1t has been assured that money cannot be borrowed without it! While the public is surprised at such pro- ceeding, it's attention is attracted to amend ments to the Loan bill, tending to facilitate the emission of paper money. 1st, to emit bills at S5; 2d, to allow 3 per cent, inter est; Sd, to sell stocks at any price, with many others, all tending to the same end. Meantime three years notes { 3-1O interest are being paid out, and the ten year 6 per cent. notes are daily more abundant. These are receivable for public dues. Bearing this in mind we shall become aware that it utterly neutralizes the pledge of the sugar, coffee, tea, etc., duties to the interest on the debt, since if those taxes are paid in treasu- " notes, how will this avail the public creditor?
 On the other hand, if S200, 900, 900 government paper is paid out to the cred itors, the depreciation will be very rapid, in which case, who will suffer? Not the iobbers and contractors, because they will graduate prices to the kind of pay they get. The officeholders must take their chance, but the soldiers who are spilling their blood in the politicians battles will be bled in their pay by this paper device in favor of the Speculators. While Congress thus re- fuses to tax or to provide other means than paper money, it passes law to "con- fseate the property of rebels" The pub lie smile at skinning fish before they are caught, but this is part of gigantic spec ulation based on the success of Northern arms! Thus, if taxes are passed and money borrowed, it must be repaid and their Is an end; but if the country is flooded with pa per money, the universal and inevitable fate of all paper money, viz, immense de- preciation, will follow, at the expense of the soldiers, farmers. and mechanics. This paper will soon collect into the hands of tic spUoulacSss wiI5 afe now pushing expenditure; and when 1t shall have so collected, if the North triumphs, the arch knaves who now refuse other aid to the Government, will make that paper recev- able at par in payment of the confscated estates. Magnificent plantations may thus be got for song. The frightful dilapi- dation of property which will attend this course of paper depreciation at the North, will be matter of small account to the spec ulators, if the juggle can be perfected. If the war should prove unsuccessful, then the paper must be funded in stock, which will give the spectators a mortgage upon northern industry forever.
 It is to be born in mind, among these paper schemes of the War party, that the financial future of the government depends upon the success of the war. It is in vain to say that if the country paid so easily the S120, ,000, ,000 of debt that it owed at the close of the last war, it will, on the res :oration of peace, discharge the present debt as easily. The means that enable the discharge of that debt without taxes will never exist again. That debt, and the ex- penses of the government were discharged by cotton. The goods received into the country in exchange for that article export ed paid the duties that met the government wants. The present war has two results: 1t must end in separation or the loss of the cotton trade; or, ii successful, there Will pc destruction of the Southern exports by confscation and emancipation. In either case, taking out cotton, tobacco, and rice from the exports, leaves the Western pro- duce only with which to buy imported goods to be taxed. How long will the West submit to pay tribute to the East, t,at- ter the South has refused? Already the numbers of the West are equal to those of the East, and it is somewhat curious that even in the present Congress those West ern members who join the East in coercing the South, at the same tsnse declare:
 "That the hope of free government de- pended on vigorous prosecution of this war. It was true that the Western States pay more than their proportion of the ex' penses of government. TAe tarif made Mena hi5utary to Me East, and this would continue until the Lion of the West shall rise and shake of' the incubus"