The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-08
EflR RTnN TssaEM
From The London Times City ArticieJ July Il

continues so as to render necessary the raising OF
$50, 100000 sterling contemplated by the President,
proposals will be made for obtaining portion OF
the amount in Europe, it is necessary that Ameri-
can inanciers should recognize beforehand the dis
advantages under which any such appeal would
necessarily be made Anything that might be said
in London when a loan was actually brought for
ward would perhaps at once be denounced with the
iucoherent fury lately manifested in relation to
every other proceeding in this country, and it is
better therefore to prevent disappointment by re-
ferring to the question while there is yet time for
its discussion. In the present contest the North
point to the South repudiators and claim strong
faith in their own financial integrity. This can be
settled simply like any other matter of history.
Ofthe thirty-three States of the Union nearly |
one-ffth are stained by reputation, direct or in
direct But these do not all belong to the South.
The balance of disgrace is nearly equal. The re-
pudiating Southern States are Mississippi, Arkan-
and Florida In the North the chief offender is
Michigan, but there is also spot on Pennsylvania
which has never been wiped out, and Indiana in an
indirect way has placed herself in position very
little differing from that of determined default OF
the six compromised States, therefore, three be-
long to the South and three to the North. There
modifying circumstances to be mentioned, but
it is doubtful if these will alter the balance.
AS regards the South Mississippi presents I'M
auestionaby the most fragrant case. Here, not
only has the doctrine of reputation been main
tanned it were among the sacred rights of man,
but every appeal of the cheated creditors has been
met with defiant taunts the leader of popular senti
ment in this direction having on all occasions been
Mr. Jefferson Davis, who is President of the
Southern Confederaey, and who, it may be hoped,
in his position has become sensible of the fatal
character of this part of his career. Next comes
Arkansas which in the openness Of its bad faith has
been steady imitator of Mississippi, and lastly
have Florida, which has always contrived to avoid
a direct avowal of reputation by resorting instead
to bubble OF constitutional law. The debt OF
Florida was contracted when she was "Territory,"
and her plea is that for debts so contracted the
Federal government are liable. The Federal govern
takes the opposite view, and the result is that
between them the creditor gets nothing.
Turning to the North the only State whose con-
duct in any degree rivals that of Mississippi is
Michigan. In this case, the reputation is direct
and unblushing, and is rather aggravated by the
fact that as there is portion of debt which she has
not repudiated, and on which she pays dividends,
the Governor, in his annual message, generally in
PRODUCES flourish to the effect that, with the hon
| or by which she has ever been distinguished, the
| State continues to provide duly for all her public
obligations. Pennsylvania has never in the rene
raj sense. been repudiator, but her financial char
acter suffers from wound which derives its worst
features from its smalness. She issued bonds for
arrears of dividends at full rate of interest and
| when these fell due with accumulation of such
interest, refused to pay them unless the holders
would accept lower rate.
1t is also to be mentioned that, although the
| State is under no other delinquency, the munich
| pality of Pittsburg-one of her chief towns, the
| Birmingham of America-have very recently
| refused to pay large amount of railway
|
support of the populace, have defed even the man
dates of the Supreme Court The next and last
| State is Indiana. This State, after tedious de-
fault, offered to pay dividends upon half her debt
| if her creditors would take the unfinished State
Canal in payment for the other half, advancing at
| the same time sufficient for its completion. The
value of the canal considerable, because il took
all the central traffic of the State and protected
by charter which it was agreed should be upheld
against competing lines, either of canal or railway.
The creditors accepted the terms and laid out the
required sum, and instantly upon this being done
the State authorities removed all protection passed
law enabling the construction of opposition lines
| actually along its banks, and thus rendered the
| property entirely worthless. These uncolored
facts, which cannot be contradicted, and capitalists
| must form their own conclusions from them. But
it will be said that they do not bear upon the Fed
| eral Government, whose engagements, with the
| exception of the paper issues during the Revou-
tionary war, have always been duly fulfilled That
| is point, however for each individual to deter
| mine, according to his fancy, as to whether GER
| tain proportion of unsound States among limited
federation is to be reckoned element of danger
We must also bear in mind that it is not our place
to decide which is the real offender with re-
| gard to the Florida debt-the individual
State the Federal government-and, like
| wise, that although MI. Jefferson Davis is now fire.
quently assailed by speakers at Washington for his
financial antecedents, those antecedents never
until the outbreak of secession cited bv Federalists
or Northerners as disquafying him for the highest
ofces OF State. Finally, it must be remarked that
the aggregate population of such of the Northern
states as have been compromised by default is
5,00O0 200, and that of the Southern only 500 O00-
Under these circumstances, it would seem there is
not much to encourage capitalists to interfere
| by supplying means to either side; while in politi-
| cal sense it is certain that any such movement
| would lnJure our future good relations, since we
! should have strong prospect that on the termna-
ton of the contest-either by force or compromise
the reunited friends would join to attribute the
| greater part of the miseries they had inflicted on
IN fhn ~
| by our aristocracy for the very purpose of giving
intensity to the contest and destroying free nsti
| buttons.
The astronomers of Germany intend to meet at
Dresden on August 20 and 81 to discuss the distri-
button of observations of the stars-ixed nebulous
and variable: also an arrangement for observing
and calculating in a systematic manner for the fll-
tnre, tho rnnvnmAntO, &n of rlannts ond onnno.o.
Among the English pensions granted during the
last civil year were fifty pounds to a daughter of
| Douglas Jerrold; one hundred pounds to two SIS
| tiers of the late Mrs. Jameson; one hundred pounds
to Miss Kate Southey, daughter of the poet and
| fifty pounds to the widow of the late celebrated
botanist, Prot. Henfrey.
The following is the distribution of students in
| the German universities: Vienna $3.50, Berlin
l,542, Munich 1850, Leipsic sS7, Breasau $50,
65l, Heidelberg 5Ss, Erlangen 5s3, Jena 454, Koe-
nigsberg 4l9, Gessen 335, Friburg 3lS, Greifswald
293, Marburg 254, and Kie IT'S.
The French public now quite enthusiastic
| over new i ankee ldea-the nOlSeless sewing O.
| chne-which has been introduced to them 6y an
enterprising American house just established in the
Faubourg Montmartre.
The new Sultan has just appointed two Christians
to posts of high honor. One replaces the Christian
| Governor of the Lebanon as Director of the Impe-
| rial Telegraphs. The other is appointed to one of
the highest posts in the foreign bureau.
| new political journal, Impartial Dauphinois,
| has appeared at Grenobe, in France. 1t unfurs
the flag of democratic France and the principles of
| 1889.
The Austrian Gazette says that the gold rose en-
| riched with diamonds, which the Pope annually
offers to one of the princesses of Europe, is this
| year destined for the young Queen of Naples.
The Empress of Austria is at Corfu, where she
| frequently takes boat excursions. She is living
very quietly and without any state. 1t is likely
her Majesty will spend the winter in Egypt
The Viceroy of Egypt has written letter to the
new Sultan, expressing the utmost devotion to his
authority, and will Immediately follow it to Con-
stantinople to tender his homage in person.
The journal des De6ats asserts that during the
recent disturbances in Russia five thousand serfs in
Russian troops.
1t is reported that the celebrated Daguerreoty-
pist, Niepce de Saint Victor has at last discovered
the secret of reproducing coors by the camera and
rendering them permanent.
DR.. Rodet, a surgeon of Lyons, it is said, has
discovered that perchloride of iron is cure for
hydrophobia.