Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-06-12

Gloomy Prospect for Southern Finances,
The Philadelphia Ledger has this very
sensible editorial
The proprietors of the Seieahfc American
are in fair way TO become rich. They
have already had some hundreds of thou
sands OF dollars sent to them from persons
in the Seeded States for eafekeeping aud
iDVeetment-$l000 600 in one draft. There
are many other houses in New York and
this city that could probably say the same
II was thus at the breaking out of the Reign
ofTerror in the FIRST French Revolution.
Large sums of money, family plate, bonds and
papers were sent over by the FIRST families of
France to known London bankers for se-
curity. Many Of these lost every living
representative, and their wealth has passed
into the capital of these repositories, and
much of the wealth of some of the great
Lombard street houses has its chief origin
thus. - 4.... -.
Nothing can be more certain than that
wealth is extremely sensitive and makes to
itself wings and flies away from q county
where it is endangered, with astonishing
rppidity. Men hoard money andsvaluables
at The beginning Of threatened danger. But
hosrds are soon discovered, and many are
robbed or compelled TO be disgorged, and
hence it is that prudent men soon begin to
seek silent Investments in some quiet, but
foreign country. There will of course be
this thing going on now in the South. Some
of their banks have already been quietly re-
moving large portions OF their capital. Five
hundred Thousand dollars were thus trans
mitted to Canada within few weeks, it is
said, and much more has no doubt been sent
to Europe. H q ..a.... .-.-......
All this indicates the foreboding of com.
ing evil to the South, among capitalists, in a
manner that no words and bombastic pro-
clamatioDs of security, confidence, uuauim-
ity and ease can countervail. While Jeffer-
son Davis is striving might and main 10
borrow enough TO keep things along, at eight
| per ceRt, while patriotism is in the mouth
| of every. body, money is being quietly sent
out Of the country by all those who have
| got any to send. U re 4G
The Southern troops all complain of being
unpaid, and while the Southern Confederacy
is Boosting Of its economy, it is charged with
carrying over immense debts, and leaving
those who, by force and fraud, have been
| pressed 4pto their service without pay,
| poorly AIMED and without food Desertions
are rapidly on the increase. Twenty men
| in Augusta, Ca, are in one paper advertised
as ruDaways. AT Harper's Ferry the num-
| Der of these deserters is on the increase
daily, and all who come over from the
| enemy tell the same story. A sort of uni
| versal stampede, a dislike of fighting and
firing upon the Stars and Stripes on one
side, and an unscTupulous impressment all
over the South on the other, and no money
any where to pay for any thing.
AS this rebellion was deliberately plotted,
plotted not by the people, but by an aristo,
cratic and wealthy few, used to large credits
and providing large means, it is perfectly
astonishing that no greater forethoughi
should have been exercised, and that they
should so soop and utterly break down. .fnan.
cially even forced loans seem already to be
unaVailipg and now the issue Of spurious
Treasury notes at par 10 pay old debts, in
notes that no one would take at fifty PEI
cent. discount ii they could help it, viii
only more rapidly bring the Confederac,
into utter discredit and bankruptcy Thi
last twenty millions of issue will probably
swamp thp whole concern. '-
If they pay the troops with them, they
will find them worse -thansthe old Contin
J ar-sl ,srasssyTi. taey1 viii has Rble. 60 bBs
nothing with them except at the most flbu.
lo9s prices. Even the French assgnatI
were based on landed property, but thest
Treasury notes represent nothing, excep
the personal credit of the arch repudistOr
Jefferson Davis, and the personal honor o
such men as Floyd, who prostituted his oatt
to steal arms, and the financial ability o
Howell Cobb who broke down the finance
of our Government by ignorance and fraud
to degree that brought us all to the verg
of ruin. sr..