The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-02

onsil recently we have only known of war in il:
holiday aspect. 1t is one thing to look upon the
pomp and pageantry of the martial array: but i,
IS another and very different thing to encounter
IT on the actual battlefield in all its CHASTITY hide
business; to be conscious, above all, that no matter
how lavish the Administration may be in the eypen
diture of blood and treasure, and no matter what
amount of success may crown its efforts. th,
Union, in whose name the battle Is ostens;blr
iought VIII have lost all its vital elements and ths
whole theory upon which our Government wa
framed will have undergone a radical chance -
Never was party more certain to be baliIed in tb
end than the one which is now in power. Wbetb
er wins or loses, it is equally doomed to disap
polntment. II victorious it can only hold tb,
vanqulshed to their allegiance by permanent
occupation of the country; if defeated it comes ON
OF the contest disgraced and also burtbeped with
an enormous debt There is but one pprpos,
which the Administration can really hor.
IN view in carrying on this war, for il
Is the only one by which it can hone n
escape from the dilemma in which it is placed
that purpose is the complete subiugation of the
seeded States, and their reduction to the condi-
uon OF conquered provinces. Grant that this
could be accomplished, what then becomes of the
rights reserved to the citizens of ali the States
under the provisions of the Constitution This
question IS now beginning to be considered bv
many people at the North and the impossibiIitv
OF finding for it practical and satisfactory son-
uon perplexes them exceedingly Their ships are
loltlng at the Wharyes their factories no longer
reSound with the hum of busy industry; their
workshops are closed their trade is ruined MANY
OF their merchants are bankrupt, and the families
OF thousands of Industrious clerks, mechanics and
laborers are struggling to obtain the bare neces-
saries of life and look forward to the com;no
winter with fear and anxiety. These are evils
"hich the war has already brought upon them.
and for which even dozen victories would brino
no compensation, unless they could restore the
old Union, and with it the old fraternal feeling.
nuch consummation is, however, not TO be ex
pected. Instead of victory thus far, the North
mas met with defeat Its "Grand Armv,: has
oeen put 10 utter rout, and all its baggage and
stores, and munitions of war, have fallen into tho
hands oil the conquerors. What if this terrible blow
pe out the precursor of Others equally seyerep
what If the sums already squandered in ORGAN
lzlng one army be but the prelude to system of
taxation which, if permitted to 90 into operation
would, in the midst of the prevailing paralysis in
trade, not only involve personal sacrifices too
grleVous to be borne with equanimity, but would
oequeathe also an enormous burthen of debt to
posterlty? Such system of direct and indirect
taxation Congress now proposes to inaupurate
ana under the sharp spur of Mr.. TRUMBu11,s
revenue bill the people of the North are
BEGINNING to Speculate upon the probable cost
vi 'he war, and to ponder over its conse-
queueeS' The tombstone of prospective army
OF tax gatherers is well calculated to onicI-en
Their perceptions. We are not, therefore at al |
surprised to learn that peace meetings have ha-
come tar more frequent at the North durina tho
past ten days, and that the opposition to the san
culinary policy of the Administration is oaini,o,
numbers of adherents, even from the ranks %
those who once imagined, with Mr.. LINCOLN tbot
the secession of the Southern States was the VOL,
Of politicians, and not Of the great bulk of tbo
people, and that it would be an easy matter to mt
Town the EARNED combinations" existing there
t was fatal mistake, and they are at length be-
Iinning to find it out.