New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-06-18
NATIONAL DEBr---BANK AND BANK
RUPT LAW,

/
RUPF LAW.
| nahonal debt is a blessing, our whilor
Northern brethren " are destined to be supreme
| " blessed. They will soon be immersed in a
ocean OF unalloyed happiness. Lncoln's Govern
menf commenced business on the 4th of Marcl
last with debt of nearly 500 900 900 on its hands
Inc annual expenses of the Government prope
cannot be less than SS0,0O0,0O and the war ant
| other extraordinary expenses of the Washington
Administration for the four months ending on the
S0th of June will reach $20000,0O0 per month
Consequently, when the Abolition Congress meets
on the 4th of July, it viii find an empty treasury
national debt of $lS0,000,000 to provide for, the
regular expenditures of the Government in the
same category, their revenues from imports well
nigh cut of, immediate and prospective bank.
ruptcy all over the North, with a certainty staring
them in the face, that the list of expenses will
continue to augment as long as the war continues
suppose the war is prolonged one year, where
will Lincoln's Government stand? Let us sec
They started out with debt of 500 900 0O0 The
regular expenses of peace administration would
be at least $S0,000,0 900. The prosecution of the
war twelve months, would cost fully $50, 1000 600
per month, which would sum up at the end of the
year S240 0000 00 Grand total Of debt on the 4th
OF next March, $420,O00,00O. This calculation is
based upon cash valuation. To raise this money,
the United States Government will be constrained
to issuebonds and sell them in the markets of the
world for what they will bring, impose a disas
trous direct tax upon Northern property, or resort
to ruinous eNpedient in the way of forced loans,
by the issuance of enormous quantities of Treasury
notes, which, it is reasonable to predict, will be
ir fo-
from this time. The loss by discount or deprecia-
ton Oh these hundreds of millions of bonds or
treasury notes at the most moderate estimate,
cannot be less than 500 900 600 So, on the
first anniversary of his inauguration. Mr., Lincoln
will find himself with debt of some $500 100000
pressing upon his Government and that portion of
the continent it is presumed by courtesy to rep
resent
But the money must be raised, or the war upon
the south abandoned. One of the two alternatives
must be accepted. Circumstances admit Of none
other. And the money must be obtained by the
sale OF bonds or the issue of treasury notes for if
Llncolns Government presumed to levy direct
tax upon the North, the people there would rise in
revolution and subVert it. The Ahoitonists never
parsained for direct tax upon themselves. With
the most ardent desire to plumber the South, they
are unalterably opposed to any interference with
The economy of their own pockets. With all the
lower instincts of the hghwayman they have
neither his liberality or bravery. The Yankee
Aboitionis carries his soul in his pocket and when
bis pocket is touched his miserable soul is stirred
to its innermost depths. They are fighting for
their pockets now-and nothing else--for the loss
OF the trade of the South is sure to dep!etc their
pockets to a ruinous extent.
Well, what are the resources of the Federal Gov
eminent to meet this frightful expenditure? We
knoW OF no source, save duties upon imports, that
can be relied upon and if $25 900 600 are collected
during the year ending on the 4th of next March.
secretary Chase will have reason to be thankful,
Inc leading Lincoln editors of thesNorth are
sharp enough to discover the awful abvss into |
which they are rapidly drifting, and are devisinp
through means of which they hone to |
escape irrenievable disaster The New York Her. |
I'D is calling loudly for the Incorporation of Ma
ional Bank, with 500 900 capital. The Herald
links such would prove a measure of salvation.
The Federal Government is to subscribe to its
tock. So are the Northern State Governments
nd each and all are to exert themselves to the
tmost to sustain its credit, and supply themselves
nth needfu circulating medium! Should this
oSASihf pS CdiFleu out, IL Will prove
monstrously runous bubble. The incorporation
u banks does not create capital. The people of
ne North ought to have learned this fact long,
ong ago.
But the Herald and other Northern journals
nxlous as they are for The incorporation of n huga
ational banking institution are still more urgent
| their appeals for the enactment of a general
ankrupt law. They evidently feel that thew are
Il going to ruin together, and the only chance to
lake fresh start to first extnguish their private
ebts by egalized reputation. They are disposed
0 take advantage of all fraudulent opportunities,
the fictitious currency of their National Bank l.
annot save them, they desire to provide general
bankrupt Law, upon which they can fall back
'isurely and softly, and by means of hard or soft
wearing, get rid of their liabilities, and perhans
I'VE great deal of the property they now pos
ess.
Ii the Northern Abolitionists prefer National
ebt, National Bank and a general Bankrupt
aw to their opposites, it is none of our business.
they had chosen to act honestly and patriot
Ally towards the South, the necessity which con-
rains resort to these eXpedients would not now
g pressing its heavy hand upon them. We of the
outh may, however, profit by their example, and
JUS avoid their errors; and it is to this end that ;
e have thought proper to cite the above figures,
I'd make suitable comments upon them. :