The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-09-18
Rirbmonn Dispattb.
WEDNESDAY MORNING. SEPT Is, 1851

NORTHERN WAR DEBTS AND IASEs-lhe
| Southern people will have more and more
| reason every day, as time progresses, for fell
| citating themselves on their escape from the
| Yankee Union. When Northern citizens be
| gin to contemplate in earnest the debt which
| the Washington Government is now running
| up for them, and begin to realize the hopeless
ness Of ever restoring the Union and obtain
| ing the aid of the South in discharging it, they
| cannot fail to be filled with dismay The ex-
penditures of their Government ut this time
on ordinary account, are 5000. 900 a year. by
report of their Secretary Of the Treasury.
| Their war expenditures are known to be at
least at the rate of $500, 900 600 year, which is
| raised on eight per cent bonds, sold ut eighty
| cents in the dollar-that is to say, at the rate
of ten per cent. interest," besides the loss of the
twenty per cent. margin on the bonds equal to
one per cent, year on twenty year bonds.
AT this rate of eleven per cent. per anunm,
their war debt will cost the North $33, 900, 900
year for interest and discount, besides the
par redemption of the principal. The ordi-
| nary expenditure being $4,000, 900 per an
mum, the people OF the North are saddled with
be paid by taxation in some form; and this
annual charge will be increased by the snln oi
thirty three additional millions for each addi
| tional year that the is protracted
At present they cannot exc out more than
5o,oOO,o00 year from their tariff and from
direct taxation and there is thus deficit of
sixty-three millions already in their annual ac-
h., nj
millions, one hundred and fifty nine millions,
and so on, should&the war be continued one.
two or more years longer During tho con
tinuanee of the war, this ANIMAL deficit will
probably be supplied by sale of bonds; but
when peace recurs, it will have to be met by
| stern taxation and the predicament of the
people having to pay it will be in the last de-
gree unenvnba. The South will find out that
they have escaped the most enormous taxation
which free people have ever yet had to en-
| dure and that their secession, in a mere finan-
clal point of view, was the happiest deliver
ance ever vouchsafed to people since ISRAEL
| crossed the Red Sea and MIRIAM sang her
song of triumph
| The London Times has some very striking
remarks upon the frightful rapidity with which
| the North is running up its public indebted
ness, that are well worthy of Southern atten-
ton, and which we copy, substituting dollars
| for pounds sterling:
Nv entreat the reader to observe for a mo
ment what this implies. .Sach q course throacs
| all our borroning into The shade In all the nine
years OF the American war, from 1873 TO 1888
| we only borrowed $500 900 900. In the tween :
| ty-two years of the great revolutionary war
az loss hnp 1Da n,n
| IN the tremendous year 1sl3-'l4 the loan was
| but sloo, o,000,ooo. But this is only half the
| battle The burthen Of load depends not
so much on the amount OF principal as on the
| rate of interest. We borrowed our money
even in 1913 at Il little above four and a ha if
per cent, and in 1854 ut a little above three
| per cent The Americans, however, began
! by an offer of seven per cent. and are at this
moment compelled 10 pay ten or ,arelre per cent
We hnd, therefore, that while $500 0o0 900
annually would be added 10 their nationa,
deDt, S3o,ooo,Ooo annually would be added to
the charge OF that debt thai j1Hr geors and
three quarters Of ths5r present exDeadfure uon{d sad
die them piM burthen equal TO thai u6ich 10, haze
incurred an century and a half. Mr.. GiaCist tone
mas 10 provide some sll5,oOo,0 900 to satisfy the
| public creditors of Great Britain In the
year 1866, II the American war should be pro
| traeted so long, Mr.. Chase's successor will
| nave to provide rather more than that sum
Tor the creditors of the Union''
The Times contains subsequent article,
I which concludes with the declaration that if
the North should attempt to defray the Gu
mulating charges of the debt and of the war
| with money borrowed at these exorbitant
rates of interest, they will find themselves en-
gagged in an expenditure "th;t no country in
the world can support"
| The condition of the North will be a mel
| ancholy one indeed In addition to the unae-
| customed burden of an unprecedented public
debt, they will have lost the prime source of
the prlncely wealth which the South has
| poured into their Golfers continually for fifty
years. They have none of the staples which
enter largely into the commerce of the world
Their export of breadstuffs and provisions is
very small, and they will have no employ yment
for that vast shipping that has heretofore been
engaged in carrying the immense trade which
grew out of and depended upon our Southern
staples. They will have created such senti-
! ment of hatred and antipathy among the South
! ern people, that European shipping, European
| manufactures, and European merchants will
| be constantly preferred to their own Their
shipping will have TO rot ut their wharves and
| three-fourths of their factories will have TO
| stop short in their operations. The channels
| of princely revenue which formerly poured
| the wealth of~the South into their lap, will be
| dried up; and whereas, before, they would
have been able 10 pay the most enormous
taxes without feeling them as a burden, they
will now be unable to pay even small taxes
without difficulty and suffering, much less the
| prodigious taxes which will fall upon and
crush them utterly.
| The people of Virginia will recollect the
somewhat lugubrious prophecies of heavy
taxation by the Confederate Government with
which the advocates of submission were wont,
| few months ago, to urge that measure upon
! them. 1t may be granted that secession will
cost our people considerable increase of pub
lie taxation; but this public taxation will not
after all, be equal to the voluntary tribute
which the North, under the Union, was con
stantly extracting from the South. BE the
taxes levied by the Contederaey ever 80 heavy,
however, they will not be one half 80 great aa
those which our people would have had to
| pay if We had remained in the Northern Union
In escaping the frightful debts so graphically
depicted by the London Times, Virginia has
escaped dead fall which would have crushed
out forever every spark of vitality in her con.
stitution
TkrE SEINE IN RAILaoAD OFFIcR.-Dutch-
1 ma II sxt f...