New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-07-02


The amount offered April 2 was at the moment
the expedition was fitting out in New York for
Sumter. The public offered for the whole at 931
to %, but the Secretary having the incredible folly
on the eve OF such events to reject all below 81,
was obliged May Is to sell part of the same loan at
IS. October q the Department negotiated $l0,-
600 in per cent. stock at 1908, 10 years to
run, equal to ZIG for per cent. stock. Thus, in
little over six months, the Government credit fell
80 per cent. In addition to this SIS 100000 Dor
rowed by the Federal Government, the several
Stascs gate Of
S25,0o0,o0O There have been private and city
contributions to the amount of 100000, and the
supplies and materials furnished to the troops
privately estimated at still $l0,000,000 more.
This total of SCI 100000, absorbed in the last
sixty days, has but about started the troops upon
the war path. The liabilities already incurred by
the Federal Government and which the coming
Congress must legalize, are not less than S50,000
900. The army expenditure for the coming year
is generally placed at $3.50 600 GOO; but 100000
troops are already accepted and as the actual cost
of the troops in the Mexican war per man was
$685. the present expenses cannot be placed under
$780, which would give S175 100000. The navy will
require $50, 100000 The ordinary expenditures for
the year are officially estimated at $4,000 600.
These items brought together are as follows:
Nav; exnenses 6GSCyfG9
Total required ........, s8s5oOoooo
The customs may give $3OO00,000, and there
will remain $500 COOS 900 to raise. This amount by
loan would if it could be got at 70 per cent for
per cent. stock, require an issue Of $4300000o0
of stock which, added to the existing fund debt,
$l09.s60, 7O3, will make a national debt of $780,
$780, 03 for the first year of war.
This is not very pleasing prospect for Yankee
dom A debt of over five hundred millions of
dollars at the end of the first year, to say nothing
of the prostraton of business, and the individual
loss which every citizen Of the North must feel,
will offer but scant compensation for victory even
much less for inevitable defeat.
1t is quite probable the masses of the Northern
people have not made the calculation of what this
war is going to cost them. They have rushed into
it with closed eyes. They have forgotten, no
doubt that there is such a thing as a day OF reck-
oning. The leaders and instigators of the war
know, of course what will be the upshot of it in
financial sense-but as their principal concern is
in regard to their own pay, which they will take
care to grab first before anybody else is helped,
the tIifing matter of paying the enormous war
debt is something about which, very likely, they
feel a most serene Indifference.
By looking at these figures, we may arrive at
tolerably exact estimate of the value that the
North sets upon the South, None OF the leading
Yankees now believe that the ''rebellionn can be
SLuSAcu lusiuS VI iNtlNc uUUlls. luty uU
not propose to move on New Orleans before next
winter, an indulgence for which people are, no
doubt, duly thankful, According to their own cal
cuaton it will take at least until the 4th of next
March to settle accounts in full with the rehels"
aud make clean sweep of treason This,
however, they say is to be done, even though the
war should last seven years. By their own show
ing, then, the value of the South to them is over
five hundred millions of dollars year. They are
willing to pay that much for it. and Yankee was
never yet known to pay for anything more than it
is worth.
But, to speak seriously, the above figures show
for themselves. The estimate is not over-drawn,
and every dollar that is put down there will be re-
quired to keep up this unholy war upon the South
To pay this debt, the North alone will have to
make provision. No more will the credit and the
resources of the South avail to keep up Yankee
securities, either on this continent or abroad. At
the lick they are going on now, we predict that
before the twelve months time is out, provided the
war does not stop, their bonds, instead of being
worth seventy cents in the dollar will be as value
less as an Indiana shnplaster on a broken bank
All this money is to be spent-all this financial
distress, present and prospective is to be brought
upon the Northern people--tor what? To en-
deavor to keep in the Union, by force, a people
who are determined never to submit. To subdue
and suhjugate people whom the North affects to
look down upon and despise. They wish still to
retain their political connection with people who
have a domestic institution which they say is a
disgrace to civilization. They wish, in fact, to
make slaves, virtually, of the white people of the
South-for nothing bht force will ever keep the
people of the South in subsection, even supposing
that their conquest were possible thing.
1t is difficult to understand how such utter mad
ness should seize upon and possess the Northern
people, but nasmuch as it is so, we must meet the
question, as we have already met it, boldly and
openly. If they choose to ruin themselves for all
time in the impossible enterprise of Southern sub
jugatoD, let them go ahead. The war is costing
them five dollars where it costs the South one, and
besides, the South is five times better able to stand
it. They will emerge out of the contest battled and
bankrupt, while we will be successful, and with
debt which one single cotton crop of the South
will easily pay.