Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-12-21
Rnnkrupter az ,he North.

The subioned article, from the New FORK Herald OF
the n. Is substantially confession Of biukrupcy.-
The great Yankee nation which has been boasng oil s
millions of men and billions Of dollars with which 70
corqusr the South exhausted In less than six months
The CAPITAL Of the banks has been sunk in worthless
,reasury notes.-the government can borrow no more
,dyiduals refuse to loan, unless victory can be won,
and that is a very remote probability.
This article was written before the banks suspended
nut IL very distinctly foreshadowed that event. 1nds-
onden,ly Of the troubles vi gland, that was cias
q he Inevitable Th'se troubles preoipitsted It,
his desperation, hear Onase Propose' to borrow
r g hu ,dred m llols from the barks aud give them
y ted $ ,,es bonds Tor 6Se lu0dred millions as Sc
ry T,gv or di, to Ihe.e bonds, be iurther pro
.ss 70 gis- ~ o. all the property of the Uaited
,,rs We DON. se bow this will mend the matter
20 lien Wi be ess, and the banks have nothing
a. wor,hle paper 70 give. A flaucsl "smash-up"
rnnin NJ aud inevitable
Fs,N TIE Skw YORK HERALD's NoSEr ARTICLE
r,non in the stock market for the pc; fort
:ttasr b en- remedy slight. The attitude OF OPP
irr re o.r OF suspense-Whtiog TO see no"
~ m-u was goirg TO raise money Tor the war, ard
o., Eng and going % IT ceve the Trent sn dr IL
"a L ect.n hat the r port OF the cretary Of thu
sasur. Scu solve the former problem; but the Sec
ar, upon congress the responsibility OF providing
Rays and aus his rep r: consequently Ierclsed
o .G C uuaIevsr ION the msIket. Toe news Hen
"a which bad oeru messnRolY anticipated, caus
dight though geuer advance but people generally
,eem 10 be vain z 'or urther I'D ices.
TIL pubic LiuG seem, QGie prepared for general
l,penson OF specie Iaynsns, and there Is no sgn oil
pInio or al m apy where Many persons sill cling to
ne notion tia. % sress ceTise some means OF OBJ
aiming lney WITHOUT re3oriog 10 the policy witch mas
o=en invariably adopt by nations engaged In txptn-
I'VE wars L. wOuli be very agretao 20 see tH'se
30 See realized IL Id W great thins for our ar
c future IL We CPL oty on the war TO the complete
uopr-ssion OF reot without disturbing the ord
GARY relations oil currency. But, to AIM observer,
hs seems AZ mposSioic 10 Va quish the rebels with
,ut calling large army into tue heo, and taking psins
dri It according 10 the rules OF war. We must, IN
snce In strategy, sICmit 10 toe laws OF nature ana
rad the bsAien pa b. No nation, whatever It's 6nan
,ia standing has been able 10 raise the enormous
sums Tired gr,As wars rapidly enough, by the ord
sry p,ocess OF lJsus 10 satisfy the wants Of its gov
rnmen, |, 10 not reasonable TO expect that we can
orn an 6xc pio1 T. the rule.
Mr. Uhasa mas thus far done better that sny for'ign
ace min sLsr ever did lie has raised over 1900 900
DO in Eve mouths by loans At reasonable rate Of iu.
crest But order TO do this, he has obliged the banks
IF tie three leading loyal cities 70 sink their entire cap.
tA in Government lcaus 60 that they cannot now Nd
nv more mo1ey TO tue governm5n unless they dshon.
,y lend the money of their deposofs which does not
slopg 70 tnem Toe pub ic have relieved the banks Of
,bou sis 900 900 OF 80 rreaury notes. and have be-
de. aD,uroed bearly $50 900 900 OF demand notes
rh would subscribe noers lily s In the event OF VIC
Of decisive character; but IN toe absence OF VIC
or.s Of this XII IL not likely that under any circum
II css their subscrpi ions 10 government loans would
.xcsed too millions a wsek-ess than one-thrd the
wants Of government.
As " tao reform in the currency proposed by Mr.
has it commands the approval Of everybody who is
not Interested IN country banks; but it Is obvious a.
A. sAas Ia Ala mir
cumsances will be so gradual aud 30 sloE that t cannot
eve the purpose Of ancsl sxpedient in the present
dressing emergency Il therefore, that We have
cached the iut which has usually been met with much
a-r By na ions engaged In expensive wars; In other
words booS, except at some extravg"nt rate Of
interest the large imperaEvey needed rapidly
N ugh to subssrve the necessities OF government. II
tus So Congress only pursue one course, which
to authorize Mr.. Chase to pay contractors sold sal
10 and otler creditors Of the government in paper
which shall not be redeemAble or convertible TIL after
the war. ID, a-...
The country Is rich enough and confident enough to
absorb amount OF this paper even IL Il reached the
SUN specified by Mr. Chase the utmost that would b.
lealired TO carry on the till July 1861 AID there
l. no T, aSon why il should fall 10 auythg oeloS re
omina rata Of discount Tha. it would the banks
% suspend specie payments, as precau onary measure
prevent boarding. IL admitted on oil sides. The Only
question that nov calls for admitting the po5
m Of goyerums Mt 70 DO what have satedis when
our banks should take the step Of supet dug specie pay
,nts Hany Of our bank managers feel natural scru
ie At doing go when the ssity for the is
neither immediate obvious to the masses But il
simply resolves itself ilo question whether the banks
shall suspend while they strong or whether they shall
wait till they are forced into su'psnsion.
Il is transparent that when government begins to
nour out sdeemable paper money people viii begin u
Srlwgod from the banks for the purpose OF boarding. il
.ney can do So And experience warns that IL Is
much dicult 10 get sp Gle out OF boards than II
il to prevent the beginning OF hoardngs II the tauks
rai aud allow their timd pes to prevent the adop
On OF bold policy o., they will prob ,bly 70
through rapid process OF dope oo, aud be forced TO
~ pend wit twenty Mill 5Og o. god o,ta d, when the
n Ut have easpe idsd ~i.h fer y. Whether their dc.
j,s'tos in aay hug by tits couss o. even IL ID
o,sy % c de. ! cur sssooa,d banks had reoog
"a as4c. 9. ssre der Gee s.aeral nisenent .hs
1dd hsre wouid be no hestapcy Ia edcp ffg thr
ny po cy which be safly pursued, due r. gard
being bad the separate interests of depositors b
Sockh re, tbs government and the public at large.
Men In uuskrami
1tnpp'ars from 'hs Oiowrg article In the New York
ysud that were no; fsr wrong in corjecturug thai
a. der4l army O. eco OIL consisted TO largo ex-er
of men on paper" Books intimation that Cameron
pocketng the pay and rsors Of the supernumeraries
nav be the o. procuring that gentleman free
ticket 10 Eor' La Fayelsa:
SocsY BNooKs GIvIso AID AND COMFORT TO TIE EsE
Nf--WnilS III Abvliuon journals. on ons hand, are
openly asss the governments or undo mining IL ~
r0vert Acts b.cause 4 will not make the OF
emancipation Of thV secession journals In this city,
which by mistake was not swept away by the Sec
oary Of State with the besom the Daily Neps,
the Day Book and the FresmaF's Journal is hboriug
hard 10 dsmsge toe administration, by the most oura-
Eeou attacks It's ineEriy. WsAlude 10 the recer
articles o. Bpoby b ooks, Of Express, 10 which he
the 700 900 troop mentioned ia he report of Mr
VAneron, Secretary Of War; as having been raised By
tie government ,rry on the war for the Unor are
q. olders on pap'r only" men 10 ouckram aud that
' has not 500 900 men 10 arml, though the Urea
sury may be bleeding Tor them" In proof Of his case,
Booby says for want of troops aeras Is in sain qpo
IN Wool cannot bulge three miles, Mcclellan Is afraid
to 20 ahead Parron Browpow cinnot be relieved for
want Of men By the Uaion General in kentucky, Kelly
stands BON sy, Hun,er Is quiet in Ksnsss and Hal