Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1861-05-01
THE NORTH AND THE SOUTH.

| knot OF slavery would at some time other
| be cut by the sword, but have hoped that that
period might be more distant than time has
! proved. But it is remarka able fact that some
of our distinguished statesmen have seen the
truth more clearly, and though, from patriot
| ic motives, they did not openly express their
/ presentments, they signified them to intimate
! friends in confidential intercourse. In some
| cases these views have been made public since
| the death OF those who entertained them. A
/ mongSt the various instances of this sort We
may refer to Col. Benton's observation to a
| friend, that the vast expense put upon Capitol
| buildings was with the view that they should
| early become the property of the Southern
| Confederacy. Mr.. Madison told a friend of
| his, who now relates the circumstance, that
he would live to see the United States rent TO
| pieces by the question of slavery.
| There is one point in all this that cannot be
too constantly remembered or too strongly
! dwelt upon. 1t is that such an event could
not have come at more opportune moment
| for the North. 1t comes at moment OF
| traordinary strength, when an unusual def
| cheney of grain abroad, and great superfiui
! ty of it here, enables US to make large exports
| of n orthern produce. Consequently, when a
| stringent money market checks all imports,
and gives US the price of our exports in bull
| lion, these exports having been Northern
account, the specie is the property of the
! North. and affords basis of extraordinary
Il
! to this that the probability of another short
crop abroad, and of another abundant one
/ here, gives us prospect of Keeping down
exchanges over a long period of time and of
retaining immense quantities of specie in this
| country TO strengthen every movement. Nor
! is this all by the inevitable laws of trade,
what specie is now in the South must come
North, and this is tendency which all OF
jeff. Davis financiering cannot avert. and, in
fact, Will only precpitate; for the rebel Ad-
ministration, destitute of money, and unable
to pay its soldiers and adherents, must at
least make pretence of paying-must pay in
promises to pay--in paper. Now, it is the
nature of a bad currency, when supported by
Government authority, invariably to drive
out good one and thus the specie reserves
of the Southern banks, now carefully boarded,
will be drawn out by Mr.. Davis, on one pre-
text or another, and will find their way North
TO pay for provisions which the Southern
States must have, or starve. In fact. great
deal of the specie will be sent North by its
present owners, as a mere matter of precau-
tion, and to get it out of the reach of Mr.. Da-
vis' clutches. Five millions are already in
the orth, for safe keeping in this way. The
deficiency of money is already felt most a.
cutely at the South, and we see it in no way
more strikingly indicated than in the absurd
sources to which, in their desperate embar-
rassment, they look for it. At the outset of
Secession, South Carolina attempted to raise
money in Philadelphia, and was greatly dis
appointed at her want of success. The Mont
gomery Administration fully expected TO OBJ
tam large sales for their bonds in Wall street,
where they were to have greatly the prefer
ence over those of the United States Such
thing as their exclusion from the New York
Stock Board probably never entered the heads
of the rebels as possible contingency. An
equally severe disappointment was caused by
the announcement that a similar exclusion
awaited them in London, where the rules of
the Stock Board peremptorily exclude the Sc
curities of all communities which have been
guilty OF confscation or reputation. Fooled
right and left, no credit abroad, money at
home, where do they now put their faith! In
the expectation of 'sarge loans from British
ship builders"
Sane men would never suppose that the
English Government would allow its subjects
to aid and abet traitors, and thus bring the
two Governments into collision. But sanity
is not 4 characteristic of the people of the
Calf States at the present moment.
Another element OF strength in the North,
at this juncture, lies in the new tariff, which
will operate, to some extent, as check to
imports, a. the same time that its higher rates
will place in the hands of Government an un-
diminished amount of revenue. AT the same
time it throws manufacturing business into
the hands of our establishments in preference
to those of Europe.
How different would have been our condi-
tion if this collision had come at moment
when the North was suffering under excessive
imports, with grain high here and abundant
abroad-whenthe South was rich-when a bad
tariff had stimulated imports and checked do
mestic manufactures. Thisis now so far from
being the case, that there has been for quar-
ter of century no period when the North was
better able to go through this trial unfiinch- |
ingly. And what are its first results! South |
crn commerce annihiated-banks lnsolvent, |
many with only three or four cents in specie |
to the dollar of circulation--that circulation
already at fifty per cent. discount, and rapid |
ly declining--public and private credit utter
'ly annihilated, even the suspicion of secess-
ion sufiicing to bring down the stock of Bor-
der State like Virginia TO its present pitiablc |
fgure-cotton forced to find new avenues to
market, and to pay freights to Northern rail- |
ays-threatened, too, with damaging compe-
tition from new fields of production abroad |
and substitutes at home, whereas in the n orth |
specie is abundant as to be q drug-banks |
almost everywhere solvent-the Government
rendered supplies of men and money far be-
yond its wants-and commerce increasing, so
that the arrivals at New Y ork far exceed those
at any previous time.
We are far from wishing to underrate the
fearful crisis which is upon us. But we say
and in saying it, we repeat the words of dis
tinguished oficer-that excepting their sto-
len arms and their secret conspiracies, no
States could be worse prepared for war than
those now in rebellion, and no States. not ha-
bitually provided with a standing army, in a
better condition for war than the Free States |
of North America.
There are twenty three special mail agents
in the Union, about one half of which have