The national Republican., 1861-11-09
rKY rRApK OF rHs couNrxY

lue LOnupn lnnes, on Octccef H. says to IT.
financial artirlsi
The resumption of gold remtttsnces to the
l. nted States ia q singular, but wholly unim
pUrta0t, tnat Thu certainty Is just as strong y.
ever hat it the war continues, not merely shal,
WI witness a draia OF specie from that country.
but . suspension Of cash payments. The Gov
ernnent expenditure Is at the rate of hundred
nilllous sterling per annum, and when it took
only fifteen millions, and with all their peopl
engaged to the utmost in industrial pursuits.
the United States were not usually found year
by year to accumulate any exceptional stock ~
the pre- oious metal. The idea that under Their
changed circumstances, and with forty millions
sterling, or nearly one half their usual exports,
cut off by the cotton blockade, they may NOW
for the first time begin 10 fill their Golfers, and
to draw away the supplies of other countries
rs the most extraordinary assumption that could
be- entertained
The actual course Of the trade Of the United
States, is as puzzling to the Englisbmen as it
is to the cotton theorists of the Confederate
States. The confidence of b1th in their old
theories, however, is too strong, as yet, to be
shaken by what they see passing around them.
Having made up their minds, long ago, that the
cotton crop was essential in the settling of cur
foreign balances. and that the loss of it would
bs followed by drain Of specie, u suspension,
of cash payments by the banks, and general
bankruptcy, they will not believe the evideucr
of their own senses to the contrary. 1t ava s
nothing with them, that the gold and silver in
the United States have increased already sine
the lst Of January, seventy m lions of dollars
that even at the city of New York our .xporn
exceed our imports and that there is no balance
of trade to b. adjusted by cotton. These are
merely facts and with theorists facts are always
Of less Importance than reasonings.
The amaz -ment OF the English at what i,
the fiuanciers of the Gulf, who have talk, d
about cotton, until they have crazed them
selves on the subject. But the English, Wi,
have no cotton to sell, and who have paid up al
their balances of trade for centuries without it
ought to be able to conceive it to be possible
belt have the industry and resources to pa,
their debts and even to grow rich.
The plain truth is, that the States not raising
cotton, have always paid their debts and taken
care Of their balances Of trade, with their own
means, aud without dollars help from tie
States which do raise cotton. The difficulty ha
been thai this last class Of States have not u.
ways. or even commonly, paid even their uwr
debts with their cotton, but have left pori"i
OF Their debts unpaid, to the ruin of conldng
creditors at the North The cotton States nev
sr parted with a bale Of cotton for which they
had not received an equivalent, generally il
advance OF its delivery. and frequently in ad
vance of its production. If cotton has beer
necessary heretofore to adjust the balanc
against us in our foreign trade, it is a balance
arising from the consuming capacity of the 1t
ton States, and now, that they figure no ongel
in our trade accounts, either as consumers ul
producers, there is no adverse balance to b,
met by cotton, or rather, there is a favorsbl,
balance which we are receiving in gold.
Various things have not happened whict
were predicted "a the consequence of the los
to twenty-five millions Of free people, of tn,
rude labor of something les. than three mi |
lious ot negroes, men, women, and children
engaged in raising c,tton. Not only do tn
banks obstinately refuse to sop specie pay
r1ents, aud not only does god perversely i,v
into the country instead of flowing out, as t
ought to do according to all the theories %
De Bows Reuie,c, and the Southern commercial
conventions for the last thirty years, but tn
grass refuses to spring up in the streets of on
Nor'haru cities. Not blade of it is visible /
either Boston, New York or Phladelphi,
Men manufacture, buy aud sell, very much
they did year ago and now that they hav
got their fright well over, find that the wori
is not (visibly) nearer its end than befol
cotton was raised at all in this country.
In tbe New York Journal Of Commerce of II
I'd instant we find the following paragraph ::
LARGE SALE OF REAL EsTArE.-The esta
OF the late Simon Richardson was sold at pul
lie auction on the 3lst instant, by James Co
X Son. The property consists principally
lots in different parts of the city, but most
in the l5th 18th, and 18th wards The prc,
for lots ranged from S75 to $500, according
location. A three story brick house in Ma
street sold for $4,925. and a two story fran
IN Pearl street for sl,G75. The prices averal
almost the same as they did one year sg
showing that there is no falling off in the vail
It real estate, notwithstanding the war tt
amount realized by the sale Was about S3O OOO