Pointe Coupee Democrat. [volume] (False River [i.e. New Roads], Parish of Pointe Coupee [La.]) 1858-1862, 1861-09-28
[From the London Observer.
The Resources Of The States

(Frnm the LoDdon Observer.
The Resources of"The States
NORTHERN DEPENDENCE UPON THE SOUTH.
Whenever any of the great bankers Of the
world give currency to Government securities,
they scrutinize deeply the natural resources, the
! population. the debt. and the general standing
of the nation desiring to borrow. as well as the
| purchase for which the sum required is to be
expended, and make their calculations accord
igly.
Hitherto Oar transatlantic relatives have been
particularly fortunate in their applications to the
great money centres, and whatever demand they
have made upon the purse-strings of the capital
lists has been handsomely responded to. The
great political firm of the limited States Of
America: has enjoyed the very best credit. and
has, therefore, always been enabled to obtain
what money it wanted on the most favorable
terms. Almost free from debt. and at peace with
all the world. it has been prosperous. Nature
has favored il. with every soil and climate; its
mineral wealth is very great, and is agricultural
products %yaTions: its has whitencd
every sea, and no nationwithin the historic period
has risen SO rapidly in Importance. a vast.
change, however, has taken place: many Of the
partners of the great house have withdrawn, and
formed a new concern; and although the remain
lHS lCulUC VI tHC S\dUIiSIIHcit uiSuu GtuSlS
ness under the old firm at the old stand. flor the
presently it becomes necessary to inquire whether
the capital left in the house is not entirely too
small for such large and hazardous Transactions
rs Mr.. Lincoln has engaged into. We say us, be-
cause Mr.. Chase has suggested, that a large por-
ton of the proposed loan can he contracted for
in pounds sterling, with interest payable in Lon
don, in order to accommodate British Capitalists.
Assuming that our .strict neutrality doctrine
-..ll - -,sA -.A a. .1 A. Il =,
the strength Of the party desiring 10 borrow the
amount in question! 1t is well known that the
American States progressed very slowly during
the first twenty-five years Of their existence as a
confederacy, and that they in no manner. began
to develop themselves until the cotton crop grew
TO be of Importance to England, France, Germa-
ny, and the great staple became the king of COM
merce. This fact gave the United States a finan-
cial credit with European nations that they other
wise would not have had and has been the true
lever of their prosperity.
South, that the ships built in the New England
States have been constructed out of timber cut
from the forests Of Delaware: Maryland. Virginia,
North Carolina and Florida, while their freigIfs
have been derived principally from carrying the
raw material outward and northward. and the.
manufactures ~eicles homeward aad southwark.
The exports of iacs South have paid for eight
tenths of the imports into the Northern cities.
The South has purchased freely Of Northern i'm
porters and manufacturers: has patronized North
ern hotels and Watering plslcess and has sent her
children to Northern colleges and schools. But
this schisln that has been created will naturally
change the ordern things. Ships will be built
in the Southern States, where there Us timber az
iron in abundance lnanIlfHc tori Will spr. =
south Of Mason sansAA 4 rs Mhes CIV
the very sfe@H-NlEet glowing brightly H.,
coarse fabrics can r'se~--~s; Us sa.se the As
Massachusetts Imports direct rom E,1ropl Ar
go on in an extended scale, as free trade is az
cardinal principle with the Southerlers. Col.
leges innumerable will be erected: Baltimore.
Norfolk, Charleston and other cities. will become
the seats of learning. of arts. OF sciences and of
N The climate Of the South. moreover.
is so diversified that it will grow as much corn.
and feed as many animals as required, without
interfering with the production of cotton, rice and
tobacco Virginia, indeed, having always been a
large exporter of wheat and vegetables to the
Northern States.
There will be IN exodus from the North to the
as soon as matters settle down. Instead
Of the census tig!ires standing two-thiryls in favor
of the North and oae- third on the side of the
South, they will probably be reversed, as the
are a migratory people, and a slight
expense viii transport them from the North to the
South. We have Witnessed in our day the rapid
advancement of Australia and California. not
the enormous cost of reaching those
countries, and can readily imagine the. speed with
which great cities viii be founded and built up
in the South.
The Investments of Northern capitalists. being
in the character ofsecuritics that are based upon
the commercial prosperity of their locality, will
become v~alleless with the decline Of trade Wall
that now sWays the financial sceptre, will
then lose its power. and some new :. Lombard
street" will rise up in the South; and the COM
mercial credit that England has for so many
years lavished upon the North will be diverted to
that quarter. There is nothing whatever pro-
duced or manufactured in the North but what
can be cultiuted or wrought in the South ; but it
would puzzle the peopieofNew England to grow
cotton or rice in their cold climate. =
In questioning the credit of a concern it is
customary to look at the habits Of the individual
I~nz1oing SO in this ease we are a little
chary of such States as Pennsylvania, Michigan
and Indiana. but we need not go over their past
conduct. The present credit of some of the
States is not very good at home. The Illinois
war loan has been withdrawn, there being hardly
any bidders for it. The Indiana war loan has
been taken at a very low rate, and the Pennsyl-
vania war loan, announced by the State authori-
ties as all taken at par, is believed to be a mere
sham.
We are not aware that the new firm of the
!" Confederate States" propose borrowing any
money from us they seem to be in a comfortable
condition as to financial matters, their crops of
all kinds are represented as being excellent, and
their labor has not been interfered with. Their
army, Differed with the most accomplished men
Of the Federal service. is composed Of individuals
who, between the months of May and November,
have generally had very little to attend to, and
the wealthy portion Of whom have. on all former
occasions, spent their time and their money dnr-
ing the sulnne season, at Northern cities and
watering places. proverbially the most extrava-
giant on the face of the globe. Bat by the turn
Of matters This year, this usual expenditure is
lost TO the North and gained to the South, and it
is stimated that between the rise in the price of
cotton, caused by the fear concerning next sea-
son $ crop not reaching market, and the economy
OF the South, their whole expenses for the war
will be met. The Southerners, not having been
9 !. commercial people, will lose nothing. BY bad
debts or investments. as their property is not
OF the same character aS that of their anfapO-