The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-06-10
be bankrupt. The Treasury is already IN


be bankrupt. The Treasury is already IN
state of collapse.
The frat expedient they will resort TO, after
sxhaus.ing the resources OF puoiie ioahS' WIZ
be National Bank. The Herald Is already
calling out Justify for a National Bank, with
hundred millions of capital They VIII autnor-
E,xe one, of several hundred millions, and the
Government will employ all the agency and re-
sources Of that institution to sustain Its credit
and to supply itself with money. The Wash
;,oton Government itself will subscribe to its
cani,al. Each Northern State will subscribe
literally. Beef and other contractors of the
army will subscribe some of their hundreds of
thousands Of profits; and other fortunate spe-
culators, looking to further little favors and
20 further good luck, will take many shares
It will be a stupendous affair, colossal ma
chine a magnificent bubble; and thus, with a
high protective tariff, a huge National Bank, a
mammoth public debt, and a vast standing
army, all in full blast, the Northern ideal of
a great and strong Government will be COM
pletely realized.
What will be the condition of the people all
this time? Tie stoppage of Southern trade
and the cutting off of its Southern markets
will bankrupt their manufacturers. The loss
of the coasting trade of the country and Of the
carriage Of Southern staples will destroy their
shipping interests and bankrupt all their LAWS
and EANDERBILTs, great and small. Their
merchants will lose their business and 60 to
protest; and the bankruptcy of the East will
bankrupt the West. Bankruptcy will soon be
as universal as the war fever has been. Ii
will be Nemesis at the heels of war.
Already their editors see these things, and
the Herald mingcs with its prayer for great
National Bank, still more urgent appeals for a
general bankrupt law, to wipe out all debts
Theyfeel that they all going to ruin together
They want National Bank notes for fcti.
tious currency with which to bolster up theiI
affairs awhile and they want to postpone the
evil day OF protest by means Of loans from the
few hundred millions of new fictitious Nationa
Bank capital. But, in spite of these palliatins
and diatory expedients, they know the enc
| must come, and they want general bankrupt
| law to fall back softly upon. They want tt
| stop payment with something still in hand fol
! a rainy day. and they want "A bankrupt law t.
protect them from the Sheriff. Probably 1
| bankrupt law wiping out all old debts will b.
| followed by demands for an agrarian law, max
| ing new division Of property.
With public debt, protective tariff Ma
tional Bank, grand army, and all these fn'
agencies of magnificent speculation in fuI
blast, the system would lack its most importan
part its most beautiful and charming feature
if it lacked a general bankrupt law ant
| a general bankrupt law they will have. Whel
| men are provided with unlimited means o
speculation, they must be also provided will
| Il convenient means Of release from debt
With all these great institutions in full play
| the Northern genius will find itself at last il
an element exactly suited to its character
Specuiatros will flourish, bankrupts will re
| main rich but what will be the condition 0
| the people, of the Government, of the country