The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-02

Until recently we have only known of war in IFS
holiday aspect. 1t is one thing to lool, upon the
pomp and pageantry of the martial array: but il
is another and very different thing to encounter
1t on the actual battlefield in all its CHASTITY hide
business; to be conscious, above all that no matter
how lavish the Administration may be in the expen
diture OF blood and treasure, and no matter what
amount OF success may crown its efforts. the
Union, IN whose name the batt9 is ostensibly
fought, Will have lost all its vital elements and the
whole theory upon which our Government was
framed will have undergone radical CHANCE
Never was party more certain to be bafled in the
emu lhth the one which is now in power Wheth-
er IL WINS or loses, it is equally doomed to dsap
pointment. If victorious, it can only hold the
vanquished to their allegiance by q permanent
occupation of the country if defeated it comes ont
OF the contest disgraced, and also burthened with
an enormous debt. There is but one purpose
WHICH inc Administration can really have
IN view in carrying on this war, for it
IS the only one by which it can hone to
escape from the dilemma in which it is placed-
That purpose is the complete subugation of the
seeded States, and their reduction to the cond
uon or conquered provinces. Grant that this
coulu pe accomplished, what then becomes of the
Fights reserved to the citizens of ali the States
under the provisions of the Constitution e? This
question IS now beginning to be considered nv
many people at the North, and the impossibtv
OF nnulng Tor 1t practical and satisfactory solu-
uoh perpieAes them exceedingly. Their ships are
rotung at the Wharves; their factories no longer
resound with the hum of busy industry: their
workshops are closed; their trade is ruined: many
OF their merchants are bankrupt, and the families
OF thousands Of industrious clerks, mechanics and
laDorers are struggling to obtain the bare neces-
saries OF lie and look forward to the comno
winter with fear and anxiety. These are evils
which the war has already brought upon them
and for which even dozen victories wonld hr;not
no compensation, unless they could restore the
OLD Union, and with it the old fraternal feeling.
such consummation is, however, not TO be ex
pected Instead of victory, thus far, the North
mas met with defeat. Its "Grand Armv,: has
Deen put to utter rout, and all its baggage and
stores, and munitions of war, have fallen into the
hands OF the conquerors What if this terrible blow
oe put the precursor of others equally severe?
what II the sums already squandered in ORGAN
lzng one army be but the prelude to a system of
taxation which, if permitted to 90 into operation
would, in the midst Of the prevailing paralysis in
trade, not only involve personal sacrifices ion
grlevous to be borne with equanimity, but would
oequeatne also an enormous burthen of debt to
posterlty? Such system of direct and indirect
taxation Congress now proposes to inaupurate
and under the sharp spur of Mr.. TRUMRU11.,s
revenue bill the people of the North are |
beginning to Speculate upon the probable cost |
oi 'he war, and to ponder over its conse-
q"enees' Inc touchstone of prospective army
OF tax gatherers is well calculated 70 or;o,-o.
Their perceptions. We are not, therefore -. all
surprised to learn that peace meetings have w.
come far more frequent at the North durno tho
past ten days, and that the opposition to the san
gulnary policy of the Administration is GAINING
numbers OF adherents, even from the ranks of |
nose vino once imagined, with Mr.. LINCOLN. that
me secession of the Southern States was the work
of politicians, and not Of the great bulk of the
3eople and that it would be an easy matter to mt
Town the armed combinations" existing tbera
/. was fatal mistake, and they are at length be-
ginning to find it out.