The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-29

inferior qualty that 1t is OF little value, and can
only be worked to advantage by large admxture
of the American staple.
From the London Times august A.
THE COSTS OF THE AMERICAN WAR.
Every Englishman knows, by the experience of
his own country, where the shoe would begin to
pinch the American belligerens. In that country,
as elsewhere, any number of men can be procured
to tight, after some fashion, in any cause, good or
bad II they are only well paid, well fed, well
clothed, well housed and moderately well COM
manded, with some prospect, If not of booty, at
least ot whole skin. So it becomes questi on of
money. confidence in money alone has always
proved iaIse; but money there must be, and there
Is 10 country In which it is more necessary than in
the United States, where wages are high and work
is abundant. war will cost there almost as much
as 1t did here, for if the work is nearer home, and
the area OF the war somewhat less tn an the whole
surface of this terraqueOus globe still for that verv
reason, there is much interruption of the ordinary
pursuits Of life. In the first place. all bonds Of
debtor and creditor, whether public or private and
all the relations of business in cotton and other
cultivation, at an end. The State governments
themselves set the example of reputation bv re-
fusing to cash bonds, or coupons, which be
traced to the possession OF the other party in the
struggle Searching interrOgatories are put, and
must be answered on oath, before State will pay
interest which may find its way to hostile hands
Meanwhile commerce is interrupted by blockades and
privateers, and works commenced in the depth OF
peace are stopped by the withdrawal of hands and
resources, and not less by general dimunition of
confidence III the prospects of the country. At
Union, and suppOses tax to be levied on all the
States. 1t is obliged, however, to condescend
to fact, and calculate the tainty that only
half the States will respond to the call.
So the Congress Of Washington is looking the
difficulty, so they say there, Square in the face;'
not so Square" however, they will day
in the authorization of loans any amount indeed,
| at this moment Government has large powers for
the issue of treasury notes for three years. and has
| found the market we presume, unfavorable for the
| he ona ic bouu IN
| ind proper basis for loans in an augmented and
well paid revenue. This involves taxation, and
unfortunately, taxation appears to be a point on
which the Eastern and Western States of the Fed
eral Union are almost much at variance as both
are with the Southern Confederacy. The Western
States have particular objection to taxes; and
| when We read the budget which the Congr ess
seems finally TO have decided on one feels tn at such
an objection may be expressed only in good cen
tences the floor of Congress, but also in not
less formidable manner far West. Besides a direct
tax of $50, 0,000,0 600 apportoned among the States,
and expected from emily half, the new budget pro-
poses tax upon carriages, varying from one dol
| lar to fifty; tax upon watches, excise duty
spirtuOus liquors OF five cents gallon, and on fer
| mented liquors of sixty cents barrel; and gen.
| era tax upon incomes, the rate of which, well
| the incomes liable, is not yet decided. Meanwhile
the Morrill, tariff is untouched except by the impo-
sitOn OF additional duties. Every item in this bud
get suggests a financial war, difficult if not so
sanguinary, as the war in the open field.
But there is another question which presents it
/
State, the yield of tax, or the final success of
a cause; and that is the number and frequency of
similar calls. If we to Judge from the immense
figures on paper paraded by the Northerners, this
! is a that may take rank with any of ours
with the European war, which cost us from first to
| last more than thousand millions of money, or
| the Russian war, which cost us hundred millions
| in two years. If the government of Washington
is obliged to ask for hundred million dollars to-
day, when and how will it have to repeat that
demand; aud how many such demands will it have
! to make this year, and for how many years? Every
such demand will compete in the market with the
| bonds OF the last, and our old folks remember
with what celebrity promise to paw G5 year be-
came worth not so much as ESQ. Prudent people
do not like buying stock at its present price when
they know that twenty thirty millions
more will soon be thrown on the market for what
it will fetch Nor is this the only apprehension to
damp the courage Of the lender. Already, while
this is still in its very cradle, the bankers of
the seaboard States suggesting, in the form of
Treasury bonds, very large increase Of the paper
currency. How long would this be convertibe2
We may safely predict that II the war lasts as long
as it now threatens to last both sides will be driven
to the pitiahlc expedien of a deprecated pa
| per currency as the mother country was in SINH
| lar extremity. No doubt there enthusiasts in
the United States who will lend money and buy
Treasury bonds for three ten years, all the more
freely because they feel deeply the social and rel-
| gous aspects of the quarrel. There may, too, for
! aught we know, be abolitionists and philanthro-
pists in this country who will buy American notes
falling market, and prefer to give good price
for them rather than bad one, because they care
more for the credit of the Federal cause than they
do for the amount of their fortune. We can
not think, however, there many such people
as largely to affect the quotation of American se'
curites in our market.
FIRE RISK IN ENGLAND.
, The increased rates rendered necessary for the
support of Insurance Companies in England, by
reason of the very heavy losses sustained by them
from the destruction Of property in the great fire
has occasioned considerable complaint among pro
perty holders. The London Times city article con-
tains communication on the subject, from v5hich
we extract the following:
The general result, then. of the alterations
made is that the future improved rate of insurance
for the docks and uptown warehouses will be As Cd.
per cent, instead of 3s Cd. per cent, which was
the rate before the great fire; the addition there
fore will be, say 80 per cent. In the case of the
6rst-cass whGrve5 the future improved rate will be
Is per cent instead of As. Sd. per cent, before the
fre addition of, say 55 per cent.
In this country OF free inquiry and free competi
ti0n future experience must determine whether the
alterations now announced are disproportionate to
the reasonable requirements of the case, and are
not justified by q calamity wh ich in the course OF
few hours has inflicted direct money loss of one
million sterling upon the insurance companies;
about half a similar sum upon private persons; and
has placed in imminent jeopardy of destruction a
large quarter of this metropolis.
f In the meantime however, the fire Offices may
y fairly point out that they have fully sustained
their reputation for ample resources and prompts
tude of settlement in the face of a most severe
visitation. There certainly is no other city IN thu
world in which collection of private Trading AS
o socatons could come forward with million sterl
ing almost at a moments notice, and probably Their
is no other country in the world in which the claim
n arising would be adjusted with much promptl
tude and with manifest disposition to give Il
the policy holder the benefit OF liberal reading
n his contract
e The irritation, inevitable, perhaps, from s.
sharp and sudden a conflict of large interests, wi
n ! " be IlunQ
= all, something due to the adequate protection
e | Of the many millions of capital embar ked in tn
| Fire Insurance Companies in London, and it wi
a be admitted by-and-by that there has been sma
= amount of justification for those who during tn
# last few weeks have been willing to give the fire
offices credit for desire to pursue reasonabl
C policy under circumstances of most unusual an
s. trying nature
t From, The Ne,o York Ersning Post
|, DEATH OF CATHARINE HAYES.
The latest foreign dispatches bring us intel
gence of the death of the celebrated singer, Catt
l. arine Haves. She vas born in Limerick, ireland
e in the wear 1920. Her parents were poor, and he
l. childhood passed in severe privatlons. AT tn
g age of twelve, however, her fine soprano voice be
Is gan to deveope itself, and for hours at time sh
u was accustomed to entertain little groups OF he
: playmates bv singing Irish ballads, which she ha
+ learned without any teacher save genius and men
i ory.
:: First a highly accomplished lady of LimericE
'f and then the Bishop himself became her arden
a patron The latter was always her steady friend
He gave freouent reunions a his palace for the dis
play of her voice, and instituted subscrlpuo
So among his influential acquaintances, which resulte
S, in sum sufficient to place her in the family an
le under the instruction Of Signor Sapio, renowne
It Italian music teacher in Dublin Here she remain
10 ed for three years, practising without STINT an
D; occasionally singing in public, until her celeorlt
"a enabled her to ask guineas for an appear ancs
y In 1889, having heard Mario and Gris in Dubiir
she became so fascinated with the lyric stage, tha
ot she Immediately set out for Paris, and put ne
training into the hands of Emanuel Garcia, tn
E. master of Milibran and Jenny Lind. In lo4l SD
J. repaired to Milan to complete her dramatic cutur
ID under Ronion and in lS45 made her debut In "Pu
ritani" at the opera house of Marseilles.
IN Her next engagement was as prlma donnG at l.
a Scala in Milan. Here she first appeared as Linds
n and was called twelve times before the curtain
1916 she went to Vienna, and next year to Nenlc
and thenceforth made a sort of triumphal progre
" through the Italian cities.
In lS49 London enthusiastically affirmed TOR n'
IN the verdict of the Continent. At Coyent Garae
st she recognized from the stage her old oeneacto
ne the Rishop of Limerick, and hurrylng TO ms DO
he after the performance fell upon her Knees an9 WI
ut tears thanked him for all the success she mad eve
u enjoyed. =, , - Amanda o,d Fte
MS Tho brilliant seasons here, which most New orI
et crs remember starred with excellent acceptant
of through the country, and finally visited those III
al irresistible sons of California who, at the close
d. each evening used toss their nuggets to- her
ht the stage. She afterwards visited Australia al
r. British India, everywhere meeting sustained su
r. CESS In 1857 she was married to Mr. William !
ur BUSHNELL of NewYork.
at Miss Hayes's finest operatc roles were Lucia an
he Linda but her strong point was always IN her ov
native ballads, "Kathleen Mavourneen and
is like, where her memory must long stand unrivf