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


there 10 q Single deficiency the part OF our
seeding brethren of the South, we do not hps;
| tate 10 say IL may be foand in the writings OF
the political economists of that section. in the
comparisons made az 10 the resources Of the
North and the South; in the estimates of wealth
in the financial schemes Of the Confcderacy; in
everything relating 70 the great machinery Of
credit TO carry on government, there has been
| displayed throughout degree of ignorance and
stupidity not exceeded by anything except that
developed in the fnanciering of Secre airy Howell
Cobb of Georgia, admitted on all sides TO be the
greatest blunderer ever at the head Of our
Treasury Department. As an illustration of the
IDEAS which prevail at the South, we give the
following extract from the Richmond correspond
ence Of The London Morning Herald:
1.-THE pecunsry oftLe Southern Confderacy be
said consist the whole staple produce Of the country
amounting the Article OF cotton from three and hall to
and hat million bales annum. peafy three and half
million. which exported Erope. The Government
onrehase from the planter portion Of his at fair
value pays bin In their bonds bearing eisht cent
interest The said bonds legal tender In all branches OF
trsd and are received specie medium by te banking
houses of the soubern Copdeey who put them in ccua
ton at their pesspfe By this the Government os
an ovofwins treasury beside value In its possession
every obrson Such the taken by thinking people
here the pecuniay position Of the Northern and Southern
trsurie they believe consequence that the South
come Of best whether the be Of long short duraOn
ThisconsolatOry paragraph is preceded, Of course,
by depreciation of the resources Of the North.
The Federal Treasury is stated to be at an ex.
{" treInely low ebb," and the " financial embar-
" rassment of the Government is attributed to
" want Of confidence in the powers that be-"
The expense Of carrying on the war next occu-
pies the attention Of the writer, and, according
to this authority, it is wasting away with q
+" prodgal hand the wealth aud credit of the
" North" Ruin and bankruptcy to the North is
to be the result Of all this waste-but the reader
VIII be surprised, perhaps, to learn that "wth
" the South the case is widely different, for
according TO this writer % its soil, climate, and
productions afford all the materials, without
which the North cannot prosper" This is
fair sample of the reasoning Of Southern men on
the great money question, upon which possibly
depends the issue Of the struggle in which we
are engaged; for, admitting war under any cir.
cumstances to be an expensive matter, it is es-
sential to the success of either begerent TO pro.
vide the ways and means to conduct il. The
entire political economy of the Southern Con.
federacy is embraced in one word, and that is
Cotton" Upon that product the war 10 to Be
prosecuted, and the bonds of the Confederacy.
bearing eight per cent" are to represent all
Of the staple which deluded planters will con.
tribute 10 sustain bad csase. This looks
plausible on paper, but il don't seem to enter
the heads Of the Confederate fnanciers that
Cotton, received for bonds, ia not exactly
the article to be distributed to sol.
diers, contractors, offct-holders, &c. The
Cotton on haDd--what then What is to be
done with it Eventually, the Confederate con-
spirators undoubtedly expect foreign interference
with the blockade, and then sale of the Cotton;
bat, pending that, we may expect to hear Of its
bypOthecatlon in New-Orleans, Mobile, and other |
places, for specie or currency. Either this must
DO the result, or tho crop viii be allowed TO
work iis way out through Northern porIs and