Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-09-19
From the London Obssrrer.
TIE RES0UR les OF THE STATES NORTH
ERN DEPENDENCE UPON TIE SOUTH.


Whenever any Of the great bankers Of tie world give
currency to Government securities they scrunze deep
y the natural resources, the population the debt and
the general standing Of he hiton desiring 10 bprroF
well III the purpose for which the required is
be expended aEd make their calculions accordingly.
Hitherto transatlantic relatives have been plrcu.
larly fortunate 10 their applications the grea; money
centreF and whatever demand they have made upon the
puestriDGs Of the capitalists has been handsomely re-
sponded TO. The great political firm Of the United
States of America has enjoyed the very hest credit
and has therefore always been enabled obtain VIA:
money it wanted on the most favorable terms Almost
free from debt and az peace ~ith all the world it hfs
been prosperous Nature has favored it with every
soil aud climate; its mineral wealth 10 very great,
| and lis agricultural produ3ts various its com.
inerce has whitened every sea; and no raficn
within the historic period has risen 30 rapidly
ia Importance. A vast change, however, has
tken place; many Of the primers o. tho great bou-e
have shdrawn and formed coneerr; and altt ougb
the remaining members Of q establishment continue
busniss under the tll firm, the old stand for Il
present il becomes necessary 10 rq lire whether The cay
i.A left in the house is no. entirely too small for sI,h
large and hazardous transactions Dir. Lincoln has en-
tered into We u.s. because Mr. Chase has sugge';ed
that arge proportion OF the proposed loan be
traced for in pounds sterling, with interest payable
L7n1cU in order 10 accommodate British capitasts-
Assuming that "s,rict neutrality" 90 arile wl per-
init subscribe this loan, what is the strength OF
the party desiring TO borrow the amount in question
"a well pHn tH tue AuGrictn CIttcS
very slowly during the fcst twenty-five yera Of thti
exispnce as con eieracy, and that ihey in
began 10 develop themselves until toe cotton crop gTeg
20 be OF HpoFaGce England, France, Germany and
h, great staple became the king of commerce. This
feet gave the United States financial credit with Euro
pe4n nations that they Otherwise would not hayo hac
aud has been the true lever 10 their prosperity.
So dependent has the North been upon the South
thai the ships built in the New EDgllnd States have been
consauced out Of timber cut Gom tue forests Of Ia
ware Maryland, Virginia, North Caclias aud FoTids,
while their freigh:s have been derived principally from
carrying the material outward and ncrthward, and
the m4nusc ured articles hOmeward and southwark -
The exports Of the South have paid for eghtenths Of
the imports into the Northern cities. The South la
purchased freely OF Northern importers and manulactur
ers has pairouzed Northern hotels ard watering places
aud has sert her children TO Northern coll ges and
schoolS Bu. this schsn that has been created Will
urally change the order Of things. ships will be bull; IN
the ScuihGrn States where there is timber and iron in
abundance manufactures will spTi1g up south Of Mason
and Dxons line where there is the very finest water pow
er.aad where fabrics be made just cheepy
as in Massachusetts. Imports Greci from Europe will go
on in an extended scale, free trade is cardiDsi
principle with the Sou,heTsers. Colleges iuLumer-
able vii be erected; Baimore, Norfolk Charleston and
oher cities will become th5 seAs OF learning, Of art oi
sce c,s end Of commerce. The clutti OF tue SouIh,
moreover Is 20 diversified that il viii grow IS much
com and ed many animals as required, without in
tererne with The production OF cotton, rice and tobac
co-yuginia, indeed, having elways been large e1-
porter VIII at and vegetables 10 the Northern Ssaef.
There will be an az lCus from tho North TO Ii, South
"a soon as Ea:ters settle down. IGs.ead Of the
figures standing lRohirds IN favor Of the North
third Oh the side o. the South, they will probably be
yerssd as the Americans ore 4 migratory people, and
slight expense Il transport them from the North TO the
South We have witnessed in day the rapid advance
ment OF Australia and California, Notwithstanding The
enormous cost Of reachug those countries, ana can
readily imagine the rc nth which great cities will be
founded ard bull; ~ in the South.
The nvGstmelts Of Northern capitalists being in the
character Of securities that based upon the
cia prosperity OF their locality will become valueless
with the decline Of trade Wall street, that swsys
the financial sceptre will then lose its power, aud some
neU Lombard street, will rise mp in the South ard the
commerce.. credit that England has for many years
avshed upon the North will be diverted to that quarter
There ia nothing whatever produced or manufactured in
the North bu what he cultivated or wrought in the
South but it would puzzle the people of New EngiaBd
TO grow Gotten rica in their cold climate. .
In auestion0g the credit of it is customary
to look al the habia Of the individual partners. In d.
ing in this little chary OF such States as
Pernsyval ia, Michigan and lncitnE, bat We ncec n
go ever their past coLdsct The present credit Of some
Of the States IL not very good AZ home. The Illinois
loan has been Withdrawn, there being hardly any
bidders for it, TIE Indiana loan has been taken
very low gats, aud the Pennsylvania war loan, ar
uorucei by the State authorities all taken az par
believed 10 be mere sham.
We are not aware that the new firm of'the "CoDfeGe
rate Stlcs propose borio .ing money from " they
se,m TO be in u comfortable condition Is 10 iaAncll
matters their crops OF ali kinds represented being
excellent and their la5Cr has no. been l4terfered with
Taeir army oii:ered by the accomplished men of the
Federal service is comprised OF Individuals who, be-
tween the months of May aud November have generally
bad very little 10 attend to, and the wealthy portion Of
whom have on all former occasions spent their time and
their money, during the summer season, n! Northern
cities and watering PLACES prover5ay toe most e1trsv-
agant the face Of the globe But By the turn OF mat
ters this year. tits usual expenditure Is lost 70 the North
and gained 70 the South and IL ID estimated that be-
tween the rise in tine the price OF GOTTEN caused by the
fear concerning season. crop not reaching market,
and the eco ony Of the South, their whole expences
for the war will he met The SoutherneIs, not having
been c commesci. people, will lose nothing by lad debts
cr investments their property ia not Of the same chsr
acter a. that Of their antagonists
Few pereo, believe het the South can be subuga.ed
and every ono sees clearly that the Norh will cut
of the matter very much damaged.
As FAR ~ reputation and suspension are concerred,
both sections OF tho late Union p'ety much alike
The British capitalists have complain OF tho delr-
qaency OF three Northern Ststes representing hye nil
oSs OF teorle and Of hike number OF Southern Siaes,
cobtainiis eg1, hundred tioutand uhabit'nt, Pen
syvsnis however subsequently paid up her interest,
aad the Florida stir settled by arbi,rGmsn So
stands tie credit OF the " States"