Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-09-13

strict neutrality doctrine win permit Us to sub
scribe to this loan, what is the strength Of the
party desiring to borrow the amount in question
1t is well known that the American States progress
ed very slowly during the first twenty-five years of
their existence as Confsderaey, aad that they 10
no manner began to develop themselves until the cot
ton crop greco TO be Of importance TO England, Francs
Germany and the great staple became the king Of com
MERGE This fact gave the United States finantial
credit with European nations that they otherwise
would not have had, and has been the true lever Of
their prosperity.
So dependent has the North been upon the South that
the ships built in the New England States have been
constructed out of timber cut from the forests of
Delaware, Maryland, Virginia, North Carolina and
Florida, while their freights have been derived
principally from carrying the raw material out
ward and northward, and the manufactured articles
homeward and southwark. The exports OF the South
haze paid for eight tehs Of the imports IN the Northern
cities The South has purchased freely OF Northern
imports and manufacturers has patronlZed North
ern hotels and watering places. and has sent her
children to Northern colleges and schools. But this
schsm that has been created viii naturally change
the order of things. Ships will be bulis IN the
Southern States where there Is timber and iron IN
abundance; manufactures will spring up South Of
Mason and DixOns line, where there is the very
finest water-power, and where coarse fabrics can
be made Just as cheap in Massachusetts. Imports
direct from Europe will go on in an extended scale,
free trade is cardinal principle with the South
Orners. Colleges innumerable will be erected Bal
timore Norfolk Charleston, aud other cities will
become the seats Of learning OF arts, OF sciences
and of commerce. The climate of the South more
over, is so diversified that it will grow as much
corn, and feed as many animals as required, with>
out interfering with the production of cotton, rice
and tobacco-Virginia. indeed, having always been
large exporter of wheat and vegetables to the
Northern States.
There will be an exodus from the North to the
South soon as matters settle down. Instead Of
the census figures standing two-thirds in favor Of
the North and one-third on the side of the South,
they will probably be reversed, as the Americans
are a migratory people, and a slight expense will
transport them from the North to the South. We
have witnessed in our day the rapid advancement
of Australia and California notwithstanding the
enormous cost of reaching those countries, and can
readily imagine the speed with which great cities
will be founded and built up in the South.
The investments of Northern capitalists, being in
the character of securities that based upon the
commercial prosperity of their locality. will be-
come valueess with the decline in trade; Wall
street, that nov sways the financial seeptre, will
then lose its power, and some Lombard street
will rise up in the South and the commercial credit
that England has for so many years laVished upon
the North will be diverted to that quarter There
is nothing whatever produced or manufactured IN
the North but what be cultivated wrought
in the South; butt would puzzle the people of New
mate
In questioning the credit of concern it Is Gus
tomary look at the habits of the individual part
ners. In doing so in this we little chsry
of such States Pennsylvania, Michigan and In
DIANA but we need not 60 over their past conduct,
The present credit of some of the States Is not very
good at home. The Illinois loan has been
withdraw there being hardly any bidders for it.
The Indiana war loan has been taken at very low
rate and the Pennsylvania war loan. announced by
the State authorities all taken at par is believed
| to be mere sham.
We are not aware that the new firm of the "COa-
| federate States" propose borrowing any money
| from US, they seem to be in a comfortable condi-
ton to financial matters their crops of all kinds
are represented being excellent, and their labor
has not been interfered with Their army, differed
by the most accomplished men of the Federal ser
vice is comprised of individual who. between the
months of May and November, have generally had
very little to attend to- and the wealthy portion of
whom have, all former occasions, spent their time
and their money during the summer at North
cities and watering proverblally the most
extrvagant on the face of the globe. But by the
turn OF matters this year. this usual expenditure Is
lost to the North and gained to the South and it Is
estimated that between the rise in the price of cot
ton, caused by the fear of concerning next season
crop not reaching market and the econ Omy of the
South, their whole expenses for the war will be
met The SOutherneFs not having been CONNER
cial people, will lose nothing by bad debts or by in
vestments, their property is not of the same char
acter as that of their antagonists.
Few persons believe that the South be subju-
gated, and every sees clearly that the North
will come out Of the matter very much damaged.
As far as reputation and suspension are concern
ed, both sections of the late Union pretty much
alike. The British capitalists have to complain of
the delinquency of three Northern States, repre-
sentiBg i've millieus of people, and of like number
of Southern States, containing eight hundred thou
sand inhabitants Pennsylvania, however. subse-
quently paid up her interest and the Florida affair
was settled by srbtrsment So stands the credit
of the States"