Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-09-25
The sin.yys OF Var.


io,sroraiiye response Of the Yankee President to
committee, who, at an early stage Of the pending trou-
o, yenured to suggest to that remarkable functionary
the erpodienoy Of allowing the seeded States to 60 In
peace The question remains Of pressing and mo-
mentous Importance. Not dollar sccrues to his mo-
ney chest either by inpcs or excise, from the States
whose retention in the Union he then thought ndspen-
BILE to meet the Ordinary expenses Of Government
The Morrill, tariff has largely reduced the importatons
Of the Northern States and the that might have
bcn derived from that There are no purchasers
ef Public Lands and income from that quarter The
only eIpedent left 10 that always meets an abrupt
failure at some moment Of greatest eIgency-the eIPe
dent Of borrowing.
Durrg the session Of the last Federal Congress- the
nancerng committees and the Secretary Of the Treas
uy counted largely their ability to negotiate loans 70
sny amount needed in the markets of Europe. The
UciIed States as the Montgomery Advertiser remarks
bad always enjoyed 4 good reputation abroad, and
therefore Mr. Lncons Secretary Of the Treasury, not
understanding the effect OF recent movements IN tnS
country thought there would be no dh;uty ID DOR
rowing one or two hundred millions Of dollars As soon
a. the act Of Congress authorizing loan or hvs hun
dred millions of dollars became law, one oil the most
wealthy and influential bankers Of New York, Mr. Au-
gust B.lmoute was sent to London to borrow money
on the credi, of the United States. Unfortunately Tor
the credit of the Washington Government and the sue
cess Of Mr. Belmonts mission he had scarcely reached
L,rdon when the intelligence OF the Yankee rout at
Manassas was made public. The news fell like vet
blanket on the hopes Of Mr. Belmont. The journals Of
England if they bad entertainedsny doubt before as to
The proprsty and the safety Of United States loan bad
none after they learned the result Of the Manassas bat
to- With one accord they earnestly cautioned the Eng
sh people against taking single dollar OF the steci OF
Government the prospects OF which ware 80 dark
How we'll they succeeded in ind iencng the fnancers OF
London, recent paragraph in the London Times, an.
uouncDg the departure Of Mr. Belmont for America will
show.
The Times says that the attempt to introduce the pro-
p,sed loan into the market has proved and
that Mr. Belmont convinced ofthe hopessness ofpersuad
ing the English public to erd themselves to the spscuia
tion had taken his departure for America. They are
well aware that the Washington Government can give no
adequate security and that no American firm, however,
eminent can win give security for the payment puno
tua or urpuncul OF Ihe interest The whole humila'
ting story of the Northern Government thus told in
few words by the Times Ths agent is treated politely,
fer be is member Of 4 firm in Neg York, which one
year ago could have negotiated smos. any amount Of
paper in the English and French markets. bat be told
that bis Government offer adequate security and
therefore the bankers Of Lln Ion do not feel justified In
king an investment of their funds in that erection
What change is here. One year ago the stocks Of
the United States we're held high figure as those
Of any government in the world, while at home they
could oply be purchased at high premium. Now they
cannot be sold all In foreign markets, and at home
they are at from fifteen to twenty per cent discount
This would 70 indicate belief on the srt Of the
world that the loan has real basis TO rest up
o. TIE interested puslc beginning 10 see that not
whstanding the pretensons Of the North the people Of
that section do not control the resources Of the country
They have been acting merely the agents Of the pro-
ducng portion of the Old United Stae1 and now that
the authority to thus has been taken away the Eu-
ropeans are learning appreciate them At their true va
lus The ant-slAvery fanatics OF Exeter Hall have been
in the bab of sympattrng with the insane fanatics OF
m, North in their war on the institutions of the South
but when II comes to contributing money to sustain
lettering government their sympathy canno. be relied
on.
The Ysrkse Government must therefore look OF home
for the whole Of the 6vs hundred millions loan and even
there the prospect not Inviting The ordinary eI
pensss of the Government for the present year. are e.
tus.ed at ssOOOOOOO while the entire revenue from
all sources will lot exceed $50 900 ooo Therefore the
Government running in debta. the rate OF $50 100000
DER year for the civil service alone! with no prospect Of
ever being able to pay the interest on the immense
war debt which 1t is accunustrg at the rate OF over
one million OF dollars per day. II wouli not be surpris-
log If the Government fading itself to induce
the bankers ard the people to borrow money on lite
credit should resort the system Of forced loans inau-
guraied in Missouri by General Fremont As an act Of
tyranny, it would be in keeping with other acts Of the
Yankee Government
The War.