New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-08-04

thus remove the Cotton influence on foreign pow
ers, and at the same time remove the objections
to the blockade. Under the circumstances, the
Southern Confedsracy, with heap OF unbagged
Cotton on hasd, will DO something like the man
who drew an elephant in the lottery. 1t will
probably puzzle our friends across the water to
understand how the Confederacy can have San
overlooking treasury" by exchanging bonds for
Cotton, which is not permitted to reach the con-
sumers; but the ideas of the Richmond cores
pondent about pletboric treasures are peculiar TO
the section from which he writes. We might
suppose that Cotton received by the Rebel Gov
eminent would be used as basis of currency;
but the Richmond gentleman disposes of that
suggestion by assuring his English readers that
beside the overlooking Department, where we are
led to suppose any quantity of money is lying
about loose, his Government has "value IN its
possession to meet every obligation" Thus
bonds gwen for Cotton fill the Confederate cof-
| lers to repletion,. while the Cotton remains TO
| pay the bonds ngain. This solves a kDotty prob.
lem-proving clearly that man may eat his cake
| anu uuft ~ tOO, utuOuku ~ nos wv"
supposed impossible Vita such trash as this the
Rebels strive to sustain their desperate cause.
The whole science of political economy at the
South is confined to the cotton crop. In the cul-
turs OF that single staple the great bulk OF their
labor is employed, and like every other product
in excess of the wants of the producer.
it is exchanged for the DecessarIes and
| r. ala
market, it is no more to be considered
source of wealth, than any other pro-
duct The cereal and hay crops Of the North,
are just as available to carry on Government AZ
the cotton Of the South, and vastly more yalu.
able. If the United States Governmt Mt should be
reduced to the ptable necessity Of soliciting sub
scriptions to ts bords, payable in corD wheat
and hay, it would not require speeches from its
Weep resident to induce our substantial farmers
70 contribute. The only trouble would be in
lectng from the throng. And yet these products
| could DO converted into coin with much greater
facility than the cotton piled up in the Rebel
States The falacy in Southern fipancs is in esti-
mating its crops Of cotton, tobacco, sugar aud
| rice AS more available sources Of wealth than the
products Of the North the export statlttcs OF the
country tending TO give such an impression 10 the
superficial observer. The real question is, how
much do the producers receive beyond the cost
Of productoui And this is the only practical test
of the comparative wealth Of the two sections.
Southern writers studiousy ignore the immense
advantages which tho United States Government
| possesses in its credit Whatever the present
struggle may be, it is evident that the loans Of
| a Government supported by the wealthy States
of the North are perfectly secure. aud if needed
| ~, O0O, 100000 can DO obtained on its simple
promise, but when the cotton expedieuls Of the
Southern Coofederacy fail, where is the money
to come from The Confederate bonds depend
upon the issue OF the conflict. II the Rebel' sue
coed IN establishing an independent Government,
they may be paid; if not. they ore worthless
beyond dispute. Not 30 with the bonds Of
the United States the security of these promises
depends upon no such contingency. The
patriotic hearts Of more than twenty millions Of
people L-At in unison. and the common cause OF
Freedom will Keep them together under Tho s'sr
SpangIed Banner. With these advantage, the
Federal Government can control money 10 any
amount, while the Conedcraies struggle from
month t. month with various devices 10 recruit
their overlooking Treasury" Within six
months the cotton problem will be solved. Ii it
finds no outlet, the contest is substantially over;
i: 1t passes through Northern ports, England and
France can keep their spindles in motion, aud
| the question Of interference would be debDltcly
settled. The schemes adopted by the Confederate
! fnauciers are destined to put into crcu.
.la'ion an irredeemable paper currency,
which, as the war progresses and the quantity
| increases must suffer a ruinous depreciation.
The seeding States will be flooded with Con.
federate shiDpasters, aud specie held in DO con-
siderable amount except at New Orleans, will be
boarded by most Of the people who can obtain
| it. In due time, this money question viii pre-
sent itself with great force to tho Confederate
leaders, and if now, at the very edge Of the con-
test, they are compelled TO barter bonds for
cotton, how will they meet the immense eIpen-
diiures required to prosecute long and
haustlng struggle The United States can raise
and pay 2OO,OOO,0C0 per annum with compare.
tive ease; the COnfederacy will stagger terribly
under every SlO,OOO,O00 required.
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