New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-05-25
g NOBODY HURT. .,

This is what the head of the " Gorilla " Govern
ment at Washington said in one of his speeches,
before he sneaked away from Philadelphia in the
night, disguised in a Scotch cap and long military
cloak.h The general idea among great number
of people at the tirae was, that an immense amount
OF important interests were seriously injured, and
that the future threatened vital hurtsS but
when the President elect assured them they were
altogether Mistaken and that, instead of being
&C hurt,'' they were or the exact high road which
| led to unparalleled commercial ard industrial
greatness, they all threw up teir hats and shouted
=" Great is the Ran Splitter of 1lliE3is " Whether
i they are Of the same mind now as they were st
the time referred to, it is not utr purpose to in
| Qaire in this article. We may be permitted TO OBJ
ser$e, however, that as bankruptcy is the rule.
Instead of being the exception, in the Ncrshern
cities, that eaere are some few people in those
localities who would acknowledge that they were
badly "hgTt,' were it not for the fear that Lin
coins arEzed Abolition hordes would 'iaEict sum-
mary punishment upon any indiyiduals'Tho dared
compaf2 because they hat been ruined.
| Some Few weeks ago Lincoln's Government de-
sired to make g loan Of some fourteen millions of
dollars mighty efett was made; for the sake of
appearances, to secure an immetlsenImber of bids
| The Secretary of the Treasury sent word to conf
degtial friends in New York tkatn ne bids under 81
| cents on the dollar would be sccepted. Sub rosa,
| tbs was communicated to the manufacturer of
New England, the ZION men OF Pennsylvania, ETC.,
| end the consequence was that bids to the amount
of nearly thirty millions presented, all under
the figure of ninety four-and ealy three millions Of
1 the loan was taken at nnety-four, the banks of
New York taking s., 500 000g she Lincoln Journals
\ published columns of iubiation about the patriot
ism Of the mo1eyed men of the North-the vast
ness of their capital, and the readiness with which
they were prepared to respond to the acquisitions
Of their Government to the extent of hundreds of
n'illions-ahS7assumed such airs that they even de-
ceiTed prominent English Journals. But the actual
facts soon leaked out, andsare now as well known
on the other side of the water as they are on this
side.
In the meantime, the Montgomery Congress had
authorized loan of fifteen millions of dollars -
five millions of which were only called for at first.
but the whole amount afterwards. Before the,
time had elapsed as advertised for closing the
books of Subscription Scr the whole amount, they
were closed by Geographic dispatch frea Secre-
tary Menlminger, because more money than was
needed had been subscribed at par, afeG ct q pse-
f1,ietn', iFHssany instasces!
This remarkable contrast between the high
credit OF c new government, the fruit of revolE-
ton, witha prospective war on its hanls-com-
posed only of seven sovereign States-and the low
credit OF tie old Government, composed of twen-
ty-seven States, with all the advantages OF organ
| izston, and regular army and navy-has pro-.
duced q marked effect. People at the North and
abroad commenced enquiring how such things
could happen. We are very well satisfied with
the result of those enquiries.
Lincoin's Government is now in the market ne
gotiating nine million loan. The telegraphie dis
patches, Published yesterday morning from New
York-leti it not be forgotten that the Northern
ends of the telegraph are under Abolition .suei2-
tance-state About s. 100000 would be taken
at 81. The bulk Of the loan will be treasury notes,
for which the Government will endezvor to act
par" .....
This is tie rich, TIE solvent, the meaied Abo!i-
ton Government of the North only able to sell
one-third of its nine millions of bonds at sixteen
per cent. discount! Driven out of the New York
market, for small at heavy dseeant and
compelled to resort to the issuance of treasury
notes to prevent downright bankruptcy This \
iesol1 W treasury Notes will be dsas-
trous than selling bonds at ruinous discount for
those who will be compelled to receive them, or
get nothing, will regulate their charges and con.
tracts accordingly. Forced loans-and this is
nothing more nor less than forced loan-are al
ways destructive to the4Governments and countries
which employ them Lincoln, Chase & Co., would
haze made money by selling the remaining six
millions of bonds at thirty.two per cent. discount,
for ready hard cash. The contractors, etc., who |
will be forced to take these notes will exact one
way or another, a much larger rate of discount |
than that. |
The expenses of Lincons Government are now
about one million dollars per day. His principal
source Of revenue-duties upon imports-s well
nigh cut off, and is destined to still further curtail-
ment. From the 4th of last March to the 18th of
next March, Lincoln's Government will do aston
shingy we'll if it realizes twenty-sx millions GUS
toms revenue The way they are going on, their
actual expenses will be fully $500 900 ,0Oo-to say
nothing of the frghtfu losses on the sale of their
bonds.
Lincoln must soon be in the field for another
loan. If he realizes 665 for it, he will do well.
There is nobody hurt" however, OF course
not. If the Northern people can stand such a dis
astrous pressure, it's none of our business We are
getting along as well as expected down South.