Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-06-27
From the N. Y. Day Book.
A Look Ahead.

The premonitory symptoms of a fearful q
nancial crash are upon US. Banks supposed
to be sound and as sound in reality as any
are tumbting down as the goossainaker vel
of confidence and credit vanishes. We feal
our most sorrowful anticipations are to b.
realized but we have faithfully warned oul
feliow-citizens of the dangers they were en-
countering in this fearful civil struggle.
there were any essential principles at stake
if the North was bound in honor to take The
stand she has, we would willingly see the
hard-earned toll of years of honest industry
vanish, and poverty stalk our streets in rags
rather than yield our rights or submit to dis
honor. But when none of these are at stake
but when a simple political party, out oil
pride or opinion or for selfish party purposes,
wickedly and remorselessly sacrifices the in
terests of the people, despises the hardships
inflicted on the toiling millions, and all for
what for an impracticable and wickedly
false abstraction about negroes-we cannot
refrain from denouncing such a course OF
policy as criminal in the highest degree
"Let us have high old panic," said Ho-
race Greeley, in great glee, last fall, after he
succeeded in his long-eherished design OF
splitting the Union by electing Lincoln
And We have had more or less of panic ever
since. Now, il would seem that we are to
have "the high old one" he so ardently de-
sired. 1t has commenced In the West and
has been mainly occasioned by the discredit
thrown upon the State stocks of the seeded
States by the disunion papers of New York.
The western bank bills are principally secur-
ed by the stocks of these States, and the idea
inculcated has been that secession was surely
going to ruin these States, while the truth is.
these very States have more substantial
basis than any others. But the effect is the
same. The Republican papers have "wrote
them down. made the public believe they
were good for nothing, and the consequence
is that nearly all the Illinois banks have gone
by the board. La this way these papers have
entaiied an amount of loss upon the people
which is almost impossible to estimate, while
it would not be surprising if the knowing
ones should invest largely in these very
stocks, write them up again." and thereby
make their fortunes.
But this is not the only way in which the
people of the North are destined to be de-
fraaded. This war, by the time that Mr..
Lincoln's three years standing army are paid
of, will have entailed a public debt upon
the people of not less than $500, 100000,
which, together with the present debt, and
the immense claims that always follow a war.
will doubtless increase our national debt to
100000 000. Now it will be impossible to
get sufficient revenue to pay the interest of
tnkc acoes ou0 AcCkAaC O-14huAy SAPC1ccc III
the government, without high protective
tariff, and even this il is not likely will be
sufficient. We shall be compelled to resort
to heavy taxation upon tea and coffee, to in
come taxes and other means of direct taxa
fioa to meet our governmental obligations.
The eastern manufacturers, who desire some
excuse to get high tariff, may have no OBJ
jection to such public debt; but how will
our farmers, mechanics and free trade mer-
chants and commercial men of this city like
it? How will the great West view this at
tempt to overthrow the great doctrine of De-
mocratic low tariffs, no national debt, no
standing army, and economy in public ex
pendituresf Ii will be said to all this, that
we shall preserve the Union," and that will
be compensation enough. But did it ever
occur to the most sanguine war man, that it
was at least within the range of possibilities
that the Union, instead Of being preserved,
may be destroyed by this policy? What then?
Have they ever looked as far as that?