The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1861-08-10

g.. go AGpooee.eA Qtoqe Nev4t4sneees
A9war against domestic or fsssIsa snsusics
Of The magnitude Of this 10 which ge are eev
involved to = maintain the integrity % ne
Uaion," must Inevitably carry win y great e
volution and comprehensive work Of recon-
stFnction, not only in our political, ous ID Oar
financial and commercial Affairs. ~
~ enormou. demands upon orr Federal
Treasury involved in the organizations and equip
ment Of IN army Of half million OF men, ana
in the necessisies Of Z largely lincreased naval
establishment, have suddenly augmented sne
military bills Of CongreD TO the Proportacns o.
those Of the great European Pcwers congress-,
too, has been called upon TO provide the ways
and means for meeting these extraordinary De
mands, and from neceasity has been compelled
to resort to extraordinary measures. The re.
sources Of the cotton, sugar and rice, ana OF
several of the tobacco and grain producing
States Of the South, are not only withheld from
MS in ths crisis, but they are employed against
ue, including the loss 70 the loyal States Of the
Union Of an aggregate Of Southern debts, stocks,
honda, securities, TO-, Of perhaps not less than
one hundred and atty millions Of dollars A.
the same time, oil the profits hitherto accrui36
TO the North from our trade with the SOusts,
and all the revenues flowing into the Treasury
from European exchanges for Southern products
are suspended under our Southern embargo.
These heavy drawback of this unparalleled
rebellion, and its formidable military organise
ton, have driven our government 70 al the ex-
pedients and available facilities of banks, Treas
ury notes. loass and direct taxes. The system
OF measures passed at this extra session of Con-
gress accordingly, mark the commencement OF
new epoch in our financial and commercial
affairs, somewhat resembling that OF the time OF
President Madison, which was brought about oy
the heavy expenditures and public debt incurred
from the war with England of l8l2-IS-'l4-I6
That war, under the auspices Of the old rcpubli9
can party, and from the exertions OF henry
Clay, John @. Calhoun and other Southern
Statesmen of that day, brought about the pro-
tective tariff system, against the remonstrances
of the New England Commercial States, ana
brought about, also, the establishment OF ma
tional bank. eas9
Under this system of q protective tariff ana q
national bank the country prospered until 1857,
when South Carolina, assuming the attitude o.
a Notification, secession and rebellion, tariff
compromise Was effected to meet the changed
condition of things in the South in favor Of free
trade A few years later General Jackson com.
mcnced his war upon that aristocratlc monopo-
~, the United States Bank, and this war was
prosecuted to the downfall of the bank, and,
through the disastrous experiment OF the pes
bank substitute, to the establishments Of the in
dependent or Sub Treasury system. From this
hide bound financial system, and from all the
tinkerings of TIE tariff, the bountiful gold mines
Of California acquired by and discovered since
the Mexican war) relieved ns, and the country
continued to prosper and to speculate until
brought to sudden standstill by the late fnan-
cial Revision Of 1857. asfGp
We are just recovering from this shock, and
launching again upon the broad sea of peaceful
enterprise and extravagance, when our country,
our political institutions, and our financial and
commercial systems are torn asunder and thrown
into ruin and confusion az by great earthquake
Our government is suddenly menaced by pow
erful Southern armed conspiracy, our capital is
in danger Of a revolutionary armed occupation,
the loyal States and people are called to the
rescue; and now, from a condition of peace and
b0undless prosperity, we are called, govern
ment and people, to meet the requisition OF an
army of five hundred thousand men, and OF
navy of fifty thousand, for the suppression OF
this Southern rebellion. 1--WE are in the midst
of "a great revolution" financial and commercial,
whatever may be the political issues OF this
war.
We are encouraged, however, With the belief,
in the midst of mercantile failuree and the gen.
eral prosti alton of our business affairs, that
these great fundamental financial changes which
are upon US will be productive of some good re-
sults-that the enormous loans and Treasury
note issues of the government will put in active
and useful operation large amounts OF money
which would otherwise lie idle in our banks;
that the new tariff and the necessities OF this war
will give new impulse to some o. our domestic
manuf ctures; and that the income tax bill will
make our men of capital and of pro erty
somewhat more attentive than they have hith-
erto been to their political duties, and to the
dirty jobs and disorganizng intrigues and plots
Of selfish and reckless politicians. We must
expect that's merchants and men OF business,
who have grown up and become incorporated
with the Sub-Treasury system and its appenda-
ges of our late prosperous peace establishment,
will have to suffer to very great extent from
this sweeping financial revolution which Is upon
us. Bet the work of reconstruction will 60 on,
and if by May next this Southern rebellion shall.
be PIT down. we shall be in good condition,
under these extraordinary Congressional acts of
a state of war, for a speedy restoration to pros.
perity under state of peace The small note
Treasury Issues, and the facilities offered the
government by such reliable State banks as
those of New York, will supply temporarily the
functions of national bank-an institution
which we have no doubt will be re established
on or before the return of peace.
Wonderful ROmances by zen: Davis.
correspondent of the Montgomery Confed-
Grafton, writes from Richmond as follows:
The accounts of the great battle continue to
come in by instalments. saw President Davis
this morning, who gave me many interesting
particulars.
Their appointments were magnificent. They
had 50 pieces of artillery of the very best char
acter. Sherman's battery, that had romantic
reputation; the West Point battery; the Rhode
Island battery; all magnificent guns, and from
which not single discharge had been made