Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-11
Erom The Eer Y.,l. - e

I TIE financial Irersls. = ms s,rcss,,
| AdminEsfEaaisni
Trom the New Yo;t brr-, Yrl-
The present Administration seems "a he .,oo5.e,l
TO the impOssibillty Of doing anything scoorIio0 H.
Law and the Constitution. Deception e he essence
OF tne parry that succeeded It's Shibbolsth was
"a higher law thsn the Constitution and ro1tsmTr
for the decisions Of the Supreme Court ia 0roD1i
OF action. lts Executive acts during tha fo,1,
months Of its administration have been a tissna of
violations OF the Constitution itself while aIo,oss
every act hitherto has been a blow at the Union
Its finances have hitherto CONFIRMED TO the lava
because lenders still have regard to the legal char
acteF Of the securities offered them. The SIS OO0
600 authorized by Congress in February have been
expended, and 50, 600, 600 more is now wanted be-
fore Congress can act In this emergency the Sec
rotary applies to Mr.. Cisco and this calls to mind
another fact. which is, that this Government de-
ponds for its existence almost altogether upon the
loyalty Of those who stood by the Constitution and
the Union in resisting its election.
The law Of last year authorized the issue Of per
cent Treasury notes. at not less than par; but alas
par IS not now to be had for such paper. Mr.. Cisco
therefore proposed 70 borrow S. 900 900 on those
notes, with the understanding, that when Congress
shall authorize notes bearing $50 per cant, they
shall be substituted. The legality Of lhe transac-
ton was not so clear, however. IL was finally pro
posed Tor the Secretary to issue $1,000 600 Of notes.
AZ Gays TO run. There is clearly no law for such
proceeding however, and the notes now out
count
There have been S7,OOOOO of Treasury notes
Issued in the last 90 days The customs in the same
time have been 81 500, 600 about one-hslf paid IA
notes. At the same rate Of progression there srs
new notes enough already out to last nearly tive
years, and we are threatened with $500. 100000
more.
The extraordinary conduct Of the Department. to
which We recently called attention in respect of the
Iexas bonds Is such as if persisted in TO destroy
Lne creolt Oh the government altogether. As the
circumstances may not be fresh in the minds Of our
readers, we Will here recall them. Texas was in
lS4j admitted into the Union BY treaty. that was
rAnned by vote OF h-r people. She had at thar
time large dent for payment of psrt of which the
custom duties were pledged and another portion
was 3 lien upon the public lands of Texas. Ths
treaty Of annexation provided that the Intel State
Government should not be held for any OF the Texas
iebt; but when the customs were turned over to
ne FEDERAL Government, the creditor Of Texas had
right to be paid out of these customs Being the
nortgagees of that property they became ere5itors
u the United States. In 1850 the settlement Of the
Texan boundary came up, AMI the United States Of
cred to buy Of Texas that portion which is now
New Mexico For this purchase of land and for
no payment Of the creditors who had lien upon
he customs that had gone into the United States
treasury, Congress sanctioned SI00OOO0O per
ent Texan Indemnity stock; Of this, one-half S.
O0OOO, was only to be issued when the creditors
lad filed at Washington 4 release of all demands
gainst the United States The stock was issued
nd passed into general circulation The United
tates have paid Ell all but So 4GI COO, Of which
mount Texas still held SI0OOO0O in February last,
then By vote Of A coo TO u 600 she seeded
oOn after that event It is stated Texas sold all the,
nIted States stocks into the hands of innocent
lird PARTIES and now after a lapse Of four months
ne Secretary Of the Treasury bsthinks him Of re-
udiaung these stocks, aud issues the following
rder:
1T being understood here that portion Of The
exam indemnity bonds. Of which senli-annual n
crest coupons become due On the lst Of July prox-
no have been ndorsed since that state has passed
nJeF the control Of Insurgents, aEI that another
osuo1 re1iaI1 u The Treasury Of that State It has
eceae the duty Of tnis departments ID stop the paw
lent OF Tie coupons 90 Doth these portions
II he repudstes the whcle 81 00g 900. ne will
ave $50 600, ami by doing win destroy the crediv
/ the Government forever.
Eemo0stEances from parties who understand
U5Ic sentiment A. well a common honesty has
sort Of influence upon the rulers at WasLine-
a large portion Of the Federal debt and Of Amer
IAN stocks generally held in England Mr..
ewGrt has, n his extraordinary letter to Mr. Day
In, seen ut to threaten England in advance and the
ompiic2tiOns grown mp are such as TO lead To seri
US fears IN respect 10 thatPOwer. At such iunc-
ire when the dearest necessity Of cur Govern
lent is credit at home and abroad Mr. Chase issues
IS order to repudiate just debt of the Govern
tent why. Because It Is supposed TO have been
wued by State which has become oul enemy
hat are al! our English creditors to expect from
lch GOTernmentin case Of war! VIII they take
me by the forelOck, and sell out first
In order TO contrast this despcabe conduct OF
IT Government with that Of England when she
Undated the Dutch, her american colonies and
rance-we shall merely quote from the chronicles
the Stock Exchange, by John Frances author of
le history Of the Bank Of England, and published
7 Crosby Nichols, Boston:
That spirit, which forms the principle that bas
ervaded the whole public transactions of England,
as evinced whea Lord Chatham was advised To
.taliate on the Dutch merchants who had commit
d outrageous frauds upon the English, by Selling
cir immense property in our funds. If the devil
mselt had money there he replied, it must rest
cure. Ii was OF the utmost Importance that the
tegrity Of the nation should be maintained.
During the American " ,r, many Of those in
ms had property in the funds. and the provinces
InCe States), as bodies corporate. had money IN
same securities. 1t is 20 the credit Of the revo-
uOnists that though they fully expected this pro
rtv W uld be cOntiscated, they persisted in their
urse and 1t is equally to the credit of England
{ their capital was as secure. and their interest
regularly paid, as if they were noe in open re-
lion
Such is the conduct of highminded commercial
ope, IN contrast with that petty venom which re-
diates debt for which the Government has
lue received, and that not on the ground that the
envy still holds the debs, but that it did so until il
came an enemy. Under such rule, 10 crtdit
lnsacuOns can take place between nations. be
use reputation and confscation may take place
any moment. Yet the Government that insugu-
les such rule is coming before the world 70 bors
" $500 10000, or as much as it can,
Foreign Commercial.
FooL June The cotton brokers' circular avs Ihsrs
been steady den throughout the naikets
Fly supplied Holders generally firm, and very little aitera-
price. An csn CO.. ton still commands full rates
fHanf Of aaTa If I'll