The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-06-21
BALTIMORE.
FRIDAY, JUNE Il, 1861.

ut is" says Mr. GUnoT, in his philosophical |
History of the English Revolution, ''by exhaus-
'ton and necessity that Gcd imposes justice and |
"good sense upon natons.' 1t is we fear to be |
our sad fate 10 experience the truth Of this obser-
walton. The dispute between the Northern and |
Southern States apparently a mts of no
other adjustment than that of the sword; and it |
WILL in all probability, only be brought to close
when exhaustion and necessity shall compel a
peace. The country has already suffered frarfuly
Ships lie rottng at their wharves; factories are
closing their DOORS business is paralyzed; bank.
rupcy threatens the rich, and hunger stares the
poor in the face. Years Of peace and plenty would
be required, even now, to eftce the traces of the
widespread ruin which has fallen like a black
shadow across the length and breadth of the land.
Bat there is no pause in the work of warlike pre-
paration. So many men and so much money
have already been saked upon the issue of the
struggle that it is scarcely possible TO estimate the
measure of the poverty, sorrow and dismay which
will fill the land three months hence But fresh
soldiers still being summoned to the field and
additional millions are yet demanded by the Gov
eminent. Measures are being perfected which will
enable the Administration to carry on the war
upon more stupendous scale than an Austrian
campaign in Hungary, and which will clothe il
with powers as arbitrary have ever been exer-
cised by LOUIS NAPOLEON. All the acts of the
President, which have rendered our hitherto inyi-
oab'e Constitution as valueless as the parchment
it is engrossed on, to be ratified by the
plant represen tatives of the dominant faction
He is 10 be authorized to raise from hundred
n " hDulrn1 mill of
called "popuar basis" which means NOTHING
more nor less than an issue of government notes
OF The "shInpiaster" denomination. He is to be
requested to call into service from two to three
hundred thousand troops. A general bankrupt
law is 10 be passed, and a national tank
established, and thus prepared, the govern
ment is to try to put an end to the Southern
revolution in ''short, sharp and decisive" fall
campaign. 1t becomes the people, who are 10
bear the burhens and responsibilities which these
projects may entail upon the country, to give to
them an earnest and instant consideration. If we
could feel any reasonable certainty that the cal
culailons OF those who support this war will not
prove to be erroneous, or have any well grounded
assurance thaStheir plans would not miscarry, we
should have somewhat less anxiety about the
future. If we could believe for a moment that
the policy of the Administration could restore the
Union, reconcile the hostile sections and preserve
the integrity of the Republic, we might sorrow
lully dtpore the expenditure of so much blood
and treasure but we should consider the unity
of the nation, aud the return Of the old
traternal feeling among the people of all
the States as cheaply purchased. But we
have M hnt,nc w,
expec' the good results which some seem to anti
cipate from the coercive measures of Mr.. LINCOLN,
but We are convinced that these will utterly and
miserably fail We only ask those who differ
with US to concede that there are two sides to this
question, and that it is at least possible that the
oo"tn Is, with uneXampied unanimity, bent upon
maintaining Ter Independence If this should he
the case 1t would be well for those who think the
Union can be saved by fighting for it. to count the
cost OF thus maintaining it, to estimate the value
OF the Consliu ion after it has been borne from the
fo'omac TO the Gulf upon Northern bayonets and
dripping with blood has been deposited amonc
the archives Of the seeded States and declared to
be the supreme and lmmutable law of the land =
II the people of the North are not altogether mad
they will consider also the consequences of defeat.
1t may be that their efforts are destined TO be abor
i've; that their wishes doomed to end in bitter
disappointment. 1t may be that the South will
drive back the armies that 60 to re-establish over
SIX millions Of Americans, a government which
they have repudated. 1t may be that the Com
federaie States will succeed in maintaining their
position, and that the lives and the treasure which
are to be so avishly placed at the disposal of the
Government, are destined to be sacrificed in an
unavailing Struggle. If there is a chance that
such may be the issue of this contest the people
ought to ask themselves deliberately whether it is
worth while TO incur so enormous a risk even to
restore the Union as it was; or whether they
should run such fearful hazard in order 70 main
tain such Coniederacy as this would be after
The inhabitants OF eleven States had been COM
PEELED to adhere TO it at the swords point? Is it
wise or prudent TO enter upon such struggle
Tor such nm ohject? Shall we calmly and thought
fully decide these questions now, or are we TO
wait until exhaustion and necessity" determine
them for us?