New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-05-04
SOUTHERN VALUES.

Mouths ago, we fofeshndowod the carnival OF
insolvency which was cure to oyertake the South
il she contaminated her then threatened rebel
hon. Nothing could TO clearer to us; nothing
ought 20 hav, been clearer to her. These fore.
shadowing with Others from Journals entertain
ing the same opinions, her people and her news
papers received with shouts OF laughter. Coiion
was King. But already has prophecy become
revelation. Virginia bonds, once selling ut u
premium, aud u month ago commanding nearly
~, have dropped to 80, aud now vloraie between
that aud 49, We said That they would 60 to 50,
but the reality il even worse. Where they nrc
(, - hereafter. no veteran gambler in stocks
will venture t. say, because the danger lies Ia
their golpg quite out of sight. But even nj ~
there Is a loss to somebody ol :l6,OO0,OOo within
n fortnight. On whom does this loss Tell No,
largely on Northern holders, because those who
toOk the alarm easily let go 1t n small decline,
way as tho panic rose aud the price fell. bis
successor in turn doing tho ssms tbng until
prices touched bottoai, the whole loss being DIS
tribut.d among many victims, md therefore rum
Gus 10 iaw or none. Not so, however, with
tia. unfortunate class OF holders who had bought
these bonds as investments, aud expected TO live
upon the interest Some of these nre here, more
III Europe, and others wee held az the basis
# Western Banks, come ninety OF which have
exploded as the bonds declined leaving millions
OF notes IA circulation, whose value is quite ~
uncertain ns the bonds on which they were
based. Holders for Investment must be on the
high road to ruin. and Europe will see in this
tlopcndcus eclipse new aud blnck picture of
tbs old hrtory Of Reputation. But is is on
Virginia herself that 4 large portion of the ruin
produced b, this rebellion vii fall. Millions Of
her bonds are held by her own citizens Her
laws nuthorise trustees and executors to invest
IN them tho moneys from which widows and
orphans derive their support, and very largo
anount il 20 hold. IL is doubtful If any further
interest will DO paid upon them. Treason and
rebellion have desto Dyed their vitality. The State
had difficulty enough to pay tho interest In the
bes, of times, but the prospect is hopeless now.
Avoid them by all ueaDs.
Tie same conclusion applies 10 the obligations
of all tho Rebel States. The wreck of their
value is not only complete, but permanent. The
normal condition Of tho whole South is that Of
debt. Our merchants fail in proportion to the
intimacy of their connections there. In tho best
Of times, their balances arc most precarious. But
what must be the condition Of all forms Of in-
debtedness now They constitute n bideous spec
tacle of bankruptcy. 1t ia notorious that coin
has disappeared from circulation and that the old
reign of Shinplasters has begun anew. Property
cannot be sold, and population IL leaving the
whole region, content to escape with even life.
Food is scarce, and enormously high, while in
dustry il at so complete II stand that mulntudes
must be unabls to procure it. Newspapers bre
being suspended for want Of support; railroads
are not paying expenses; the slaves are put on
short allowances, and their owners tremble under
fears of an outbreak. To Theses horrors are to
be added the fury of rebellion, destruction Of tho
planting interest, ruin 70 commerce., the punging
yet deeper into tho chaos Of inextricablo debt.
and the almost certain prospect Of . sweeping
inv aston from the North. Each OF this catalogue
Of calamities was clearly cot forth in these col.
umns o. insepsrsble from rebellion. But cotton
was omnipotent, and would cosrce not only tho
North but Europe itself. Tho North needs but
little. for rebellion has destroyed the sale Of
cloth, and tho cotton reg,oDs Of the earth are
already ssrsmblins for tho supply which Europe
has invited them 10 furnish. Terrible - tho