The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1861-01-02

sought. They have enjoyed this high charac-
ter abroad as well as al home. Many of the
richest members of the British aristocracy
are holders Of United States stocks; Louis
Philippe Of France took care TO invest small
fortune in them while he was stiI on the
throne within the past month the eI-King
of Naples has sold in this market some Uni
ted States fives which he bought long ago as
provision for rainy day. Il has only now
been discovered, after ffiy years delusion,
that these United States stocks. 90 highly
priced abroad and Al home. are really less
valuable than even many ofthe fancy railway
shares dealt in Oh the Stock Exchange. For,
il the confedeiaey Of the United States is
composed OF States. each OF which has right
to withdraw IRON the partnership at will, it
is evident that the holder OF the bonds Of the
confederacy may at any time find his debt.
or disappear entirely. If, for instance, the
cotton States secede this winter. and the
Middle States separate, as is suggested, from
New England, while the West sets up an
empire OF its own, and our Paci6c States de-
clare their separate Independence, 10 whom
shall the creditor Of the United States apply
for his july interesti Who will pay his
bond on maturityf Assuming that each of
the fragments into which the Union is divid-
ed is disposed and is able to act honestly,
what guarantee has the creditor that the sew
eral parts Of the old coafsderaey will agree
as TO their respective shares Of the old debt?
| IL they should difer-and they would be
very apt 10 do so--where weald he be . Per-
haps il will be said that there is at present
no danger Of any disunioa save in the South.
ern States. aud that all the free States will
cling together. Admitting this, 90 long as
the right Of secession is acknowledged, Uni
ted States bonds Rast still be denounced az
entirely unsafe property TO bold. Though
the free Ststcs iaay agree 20 remain saited
at present, they nay diasr next year; and if
the right OF secession be admitted they will
separate on the 6rst difference Of opinion.
The material and eonaercial interests of
New York sad verMoat, Of Massachusetts
and Minnesota, must, in ths natsTe Of things,
become ~ sans degree antsgosistie. II, on
The hrst aBtagonisTn, the psftHeFship between
them NAV be dissolved by either, M prsdent
person will hold the iunds ef that partnership.
The same rule applies to the sesth. The
commercial interest Of Georgia and Teanes-
zee, Of Louisiana and ef Se1lh Carolina. are
4
sntsgeaism. the members " the preposed
new Southern eeniederaey can sepauts. the
bonds II that confedsrscy will be most usssfe
property tohsld. Aad % either the Nssshern
OF the Southern confedency were ever i'm
Pelled to 70 TO vsr with . leading sstion.
they ~osld fnd il inpsssible to hsSrow
money lcr the psrPcse in aay fsaKcial WAR.
trt IN the world. aHd soslJ consequently be
enable TO carry on q wsr. This 10 ~ new
point in political ecsaomy. One u The most
substantial reasons ios the fsrss a.isa sf the
present confedcraey Was The i.sp~ssibslity Of
raising money lsr the psrps.e ~ gesersf de-
fence and geaeral gosersas.t wishsst q
Union of permaaest char ,ctsr. Eighty
years ago, as INV. capitalist. xsssd net trust
. partnership Of States ~klsh as liable TO
" dissolved By any Psrser say kae morn.
ing.
\ Hence the fathers the tsustry eontri,ed,
X and by grest perseverance, and sss,sal com
promise and conCessi"a esnsaAAated. the
present c0uiederscy, waich s.i6s seesepiish.
ed. aud its Perpeisity sessrsd ~ a. strsng
~nrds. by a. binding ssaras.-ss. 90 essd be
devised. men Oi mesas des.sed Il safe to
teust q. aud United stat,s b.,rds L-csme one
VI the highest aud most s.sssssd ssssei,ie.
- the world. II seems nsa tsst thes Liled
10 their purpose, and that sAe v-rpstsi,y of
their Unlcn vas not s~cursl 90 they ssppos.
rd. The necessary esn.rgosacs 10 that mat.
iers relapse into The eo-Jlii.a in ~hsA they
stood before the Presest c...isder.ey was
iormed. aud thst United sisies sl.cis are
really worth no nUre than tie old Ceatinen.
slmoney.