New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-04-02

will cause, and how severely the people who hod
the currency which is based on such wreck
will suffer under the explosion. Virginia has
difficulty in paying her interest now. Secession
will treble her taxation, and. under its grinding
PRESSURE her population viii move of, so dimiu-
ishing her taxables that the last refuge Of vii.
lainy will be realized-repudiation. Yet, int
this inevitable aSyss her Tylsrs and Hunters are
seeking to plunge her.
1t is SO with others Of the Border States,
The bonds of Tennessee were once above par.
She also has an uncompleted system Of railrosls.
to finish which more bonds will be required
But these roads are predicated on Gotten traais
going steadily in given direction, and tho same
obtains in all the Cotton States. II has already
been shown that cotton has been driven from
these old channeis into new ones, on which
every effort will be made TO retain it. Divert il
permanently, and the roads will cease to pay.
What, then, becomes Of the bonds What tho
total of this Southern Indictment is We cannot
cay but it must be many millions But, a. So
cesson will assuredlya destroy the value Of hall
the works created by this money, the crash viii
be more terrific than any yet encountered. South
Carolina, which first set the ball In motion, has
already as much upon her shoulders as she can
bear. If she continues in the same track, shS
will be the first TO repudinte, and her repudia-
ton is really but question OF time. Tho
foundation is already laid and all who are wise
will stand from under. The stock list shows
that the values of all these securities have been
subject to violent fluctuations from the first Dis
union movement. r.......
We grant that nothing in our history has 90
deprecated values as Secession, and the public
fear of civil war But Northern values have sui.
fered incomparably less than Southern. Their
greatest suffering was when the Cabinet was
ruled by traitors; but now that these traitors
are superseded by Cabinet which the
country knows to be honest Government
securities are steadily rising to par, and
no doubts are entertained Of forthcoming
loans being taken. Our banks are all pay
ing specie, our railroads do a profitable bust.
ness while some have raised the wages of their
employees. 1t is notorious that the poor have
gone through the Winter with less suffering than
aforetime. If manufacturing and merchandising
have been dull, it was because the South was
too poor to pay US what che owed or to 30
trusted for more. The Great West has undoues-
edly been prosperous. Poor as it has been COM
mon to pronounce her, her industry and thrift,
strengthened by her known attachment to the
Union, have enabled her to raise means for
building 9,CG0 miles Of railroad within ten years.
Had she harbored Notification or Disunion, u
would have been fatal to her credit; and, If thus
forbidden the use of capital not her own, her
now teeming prairies would have remained TO
this day unoccupied. There is certainly no
wreck of values there She was rich enough 70
send in bids for the recent Government loan,
while the South was too poor to offer dollar.
! The people of the latter do not seem to cOmpre-
bend the danger Of the position into which their
knayish leaders are precpitating them. They
have violently cut themselves of from all sympa-
thy with foreign capital though by this time
discovering that such is indispensable to their
very existence. They are all in debt, aud have
not done borrowing. Cut of this last resort,
and their previous borrowings must crush them.
| Hence. if the Secession madness is continued, u
will be difficult to estimate the desolation at the
South which must follow. The loyal North has
already felt the heaviest effect of this oblteration
OF values and has survived it. Her stocks may
| fall but they are elastic, and will rise to their
old level, because there is value underneath. A
she clipgs to the Union so will she prosper; a.
| the South rejects it, SO must she perish.
|